Savings Pattern for a Startup Business

Discussion in 'Starting a Business' started by beysmalan, Jul 19, 2013.

  1. beysmalan

    beysmalan
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    Greetings my dear fellows,

    I have recently started a startup company to provide web solutions in a locale.

    We started with 0 budget and we are going pretty well. The startup is owned and managed by me and my partner. No one else is associated. We do all the works and we share the incentives.

    Currently we are working virtually. We earn pretty much from this business. However none of us is still fully dependent on this company. We still take it as somewhat a part-time work.

    We would like to physically set-this business up. We have issues in saving money. Currently we have 1 bank account (a current account) and there is no money left as we take it for our personal use.

    Can someone recommend me a best way to save some of our income for future investment (to setup the business physically) and share some amount of income at the same time as well. Somewhat like a salary.

    Do we need another bank account or what? What are the things or ways by which we can achieve this? Do we need somewhat a plan or anything?

    Thank you
     
  2. Rocky

    Rocky
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    It totally depends on you both. If you are serious about your future venture then you need to plan for it and work on that plan.

    Decide about when do you want to have the physical business and how much capital would be required for it.

    Based on this start saving a sum from your income and divide what's left. You can get a savings account for this if you want.
     
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  3. singhabhishek251

    singhabhishek251
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    As you said that none of you are completely dependent on this start-up, then it would be great not to withdraw money that you are getting from this work, if you want to set-up it physically sooner and if you want to make it later, then you may save 50% in a joint account and divide rest.
     
  4. alicemenezes

    alicemenezes
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    Start a recurring deposit account. I hadn't done it for a long time after I started working and had absolutely no savings. Start one for whatever small amount you can and you will soon have savings.
     
  5. AnushaJain

    AnushaJain
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    I just have to say one small thing that if you have to save something don't compete with your partner on the spending capacity.Spend how much you need,but never think that if he had spent let take an example 2000 bucks ,so you have to also spent atleast this much or more.Don't over show yourself in terms of money,if you will have control on your senses ,you will definitely have lot of bucks remaining in your account as the saving at the end of the month...
     

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