So, you’re starting (or have already started) a new business! Pretty exciting stuff! After all, small businesses make the world go ’round. Entrepreneurship is an exciting and challenging venture that, among other things, requires careful planning and financial preparation at every stage.
We know you already understand the importance of saving up for initial expenses and creating a solid financial foundation. So, let’s explore the journey of starting a new business and, specifically, how Envie can be a valuable tool to help you save for success!
The Path to Entrepreneurship
Starting a new business involves a series of steps and considerations. From developing a business plan to securing funding, each aspect requires some sort of financial investment. Here’s a breakdown of the key stages:
- Research and Planning: Thorough research and meticulous planning are essential to set the stage for your business’s success. This phase involves market analysis, identifying your target audience, and crafting a robust business strategy.
- Initial Expenses: Launching a business incurs various upfront costs, including permits and licenses, equipment and supplies, marketing materials, and legal fees. These initial expenses can quickly add up, making it crucial to have a financial plan in place.
- Funding and Capital: Securing adequate funding is often a challenge for new entrepreneurs. Whether you rely on personal savings, loans, investments, or crowdfunding, having sufficient capital is vital to turn your vision into a reality.
- Growth and Sustainability: Once your business is up and running, you’ll focus on growth and sustainability. This involves ongoing expenses, such as marketing, inventory, employee salaries, and operational costs. Effective financial management is key to sustaining and expanding your business.
Envie: Your Savings Ally for Business Success
Envie is not just about personal savings; it can also be used to help aspiring entrepreneurs save for their business endeavors! According to a study conducted by the Small Business Administration (SBA), entrepreneurs who saved at least 30% of their initial capital were 2.5 times more likely to succeed in their first five years of business.
Here’s how Envie can assist you in successfully launching and growing your dream business:
- Goal-Oriented Savings: Envie allows you to set specific savings goals tailored to your business needs. Whether you’re saving for initial expenses or long-term growth, Envie helps you track your progress and stay motivated. Breaking down your business goals into achievable milestones ensures that you’re on the right track.
- Consistent Savings Habits: Envie encourages consistent savings habits by facilitating small, daily deposits towards your savings. These small contributions add up over time, helping you accumulate the necessary funds to support your business. We always hear “you have to spend money to make money,” and no matter what your new company’s expenses, plan, or goals are – there’s no denying that good money habits are anything but helpful here.
- Customized Goals: Whether you start a $350 Challenge, a $5050 Challenge, or anything in between, you can also customize your Challenge’s name to help keep your eyes on the prize. Are you saving up for inventory, supplies, licenses or fees, a website, advertising, emergency fund, or… the list the goes on. (As an entrepreneur, you already know there’s no shortage of things that pop up that cost money!)
- Easier Planning: Each of Envie’s savings Challenges are set up to help you accomplish whatever savings goal you choose in 100 days. So, you know that in 100 days (as long as you play each day!) you’ll have what you need for your new business. This makes planning for expenses, launches, etc. so much more manageable.
- Simple & Quick: You’re a busy person. There’s a lot that goes into starting a new business, and that’s just by itself – not to mention any other obligations you have – like making sure your kids are happy and healthy or working at your current job. Envie helps out by taking the time and guesswork out of saving because once you choose your 100-day Challenge, it takes fewer than 30 seconds to play each day.
It’s important to note that starting a business with a limited budget is possible, and many successful entrepreneurs have launched their ventures with minimal funds. By leveraging Envie’s goal-oriented savings approach and consistent savings habits, you can make steady progress toward your financial goals, regardless of the initial amount needed.
Starting a new business is an exhilarating journey that requires careful financial planning and preparation. With Envie as your savings ally, you can build a solid financial foundation, save for initial expenses, and increase your chances of business success.
Set specific savings goals, cultivate consistent savings habits, and leverage the supportive Envie community for guidance and inspiration. Join the ranks of successful entrepreneurs who are embracing the power of saving with Envie. Team Envie is cheering you on!