Starting a business can be a great way to improve your financial future, but it can also be a gateway to personal financial disaster. Business owners often think that if they borrow money for their business, it won’t matter if the business fails because it’s not a personal debt—but many small business loans are personally guaranteed. In addition, small business owners are generally personally liable for judgements and debts to suppliers.
Because there’s a lot riding on the success of your business, you have to take it seriously and that means creating a business budget.
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