Personal Finance Resources

Money, money, money, money, money everywhere. 

Personal Finance for small businesses who have not started

Personal Credit

An important question you may ask yourself when considering whether to start a business is “Do I need good personal credit to start a business?” You can start a business without good credit, but you will likely face challenges in securing any business credit. For some business startups, business credit will be essential and having good personal credit will enable you to scale and grow your business more quickly and with less risk. Creditors (vendors and banks) will use your personal credit history in determining the terms of any credit they offer the business. But over time, you can put separation between your personal credit and your business credit. At the end of the day, the same general principles of smart credit management in personal finance apply to business finance.

Personal Credit Resource Guides

Additional Resources

Link 1

Link 2

Link 3

Personal Cash Flow Statement

A personal cash flow statement (also called a personal budget, household budget, or personal spending plan) simply tracks a person’s money coming in and money going out. Though a personal cash flow statement can be used to help an individual or family spend less and save more, it is essentially a planning and tracking tool that helps ensure you are spending money responsibly (i.e. not spending more than they can afford). It is all about being intentional with the ways you spend money, and ensures that you save money for future goals and figure out exactly how long it will take you to reach those goals. A personal budget also helps you be more confident in spending money on the things you want and know exactly how much you can spend without having to take away from other, more vital areas of spending. If you are considering whether to start a business, it is highly recommended to first develop a personal cash flow statement to determine how much net earnings you will need from the business to support your household budget.

Personal Cash Flow Resource Guides

Additional Resources

link 1

link 2

link 3

Personal Balance Sheet

A personal balance sheet is a document used to analyze an individual’s current financial position, enabling them to track their net worth and set financial goals. The document details the assets (the value of what you currently own) and liabilities (the value of what you currently owe) of an individual at a specific point in time and typically consists of two columns, with assets listed on the left and liabilities on the right. If you are considering whether to start a business, it is highly recommended to first develop a personal balance sheet.  This statement is often reviewed by lenders and creditors when the business owner applies for business credit or a business loan.

Personal Balance Sheet Resource Guides

Additional Resources

link 1

link 2

link 3

Make an Appointment with an SBDC Counselor

Your SBDC counselor will help you with one on one financial guidance for your small business.

Scroll to Top