1. An overview 

Before a new business starts making money and giving you extra cash, you may need to find other ways to make profits. If your business makes a profit, you might want to put that money back into it to help it grow. 
This time of change can be a lot easier to handle if you plan and get the right help. A financial planner or business financial planner can help you deal with these problems in more depth. 
This book tells you how to keep your new business going in the beginning. You can use it to figure out your profits and wants, cut back on spending, invest your money, and get more money. 

2. Make a plan for your own money needs 

You will need to make an accurate prediction of how much money you will need. A personal budget is a list of all the money you will need to pay for your living expenses from your business or other sources. It should tell you how much you can spend each month on things like rent, food, and cleaning the house. 
You can figure out how much money you need to take from the business by recording how much you spend on yourself. 
Now you can figure out how much monthly cash you will need. That's how much you need to live on during your first year of trading. Please adjust the monthly amount by multiplying it by 12, and consider making changes to accommodate one-time expenses such as vacations or car taxes. 
You should be honest with yourself. Check with ITD or Employment Exchange to see if you can get tax credits or perks. If not, you may need to find other money or borrow money. Most financial experts say that you should save enough money for three months in case something goes wrong. 
Some costs, like your rent or mortgage, are likely to stay the same from month to month. Other costs, on the other hand, may change. You should keep a close eye on the places where you can save money, like trips and fun. The first year of business is very important, so you might have to make a financial sacrifice to stay in business. 

3. How much money do you think your company will make? 

Make a list of how much money you think your business will make and how much profit you want to make. 
Here's how to do it: 
• Guess how much money you made from sales 
• Guess how much you spent 
Finding the difference between how much money you need and how much you want to take out of the business; figuring out how much you want to pay yourself and your employees; and 
This will leave you with the amount you might need to get from somewhere else. 
Gains and cash flow 
It might not be simple to figure out how much money your new business will make in its first year. It's more important to focus on controlling cash flow than making money. 
Profit is the difference between how much money your business makes and how much it spends over a length of time, usually a year. 
Cash flow shows how much money is coming into and going out of your business. It only talks about real payments of money, not what you owe your creditors or debtors. Cash is what keeps the business going and pays the bills. 
These are the main things that spend money: 
• wages and salaries 
rent and rates are examples of overhead costs. Plant and equipment are examples of capital expenditures. Stock and raw materials are examples of operating capital. 
When you sell something on credit, you don't get paid until you get paid. When it comes to cash flow, a store that buys things on credit and gets paid in cash is very lucky. Companies that sell things on the Internet can also make money. 
Many companies depend on bank overdrafts and quickly hit their borrowing limits. Pay close attention to your cash flow and try not to need a loan as much as possible. 

4. Save money 

Going from one service or loan provider to another may help you lower the amount of money you pay each month. You should talk to a financial advisor or your bank if you already have personal bills, like credit card or personal loan debt. You might also be able to lower your costs this way. 
When you switch energy companies, many of them will give you good deals. Pay close attention to what is being offered. One way you might be able to save money is by getting both your gas and energy from the same company. 
You can try to spend less on things you need every day. You could, for instance, sell your car and buy one that costs less to run, or you could take the bus or train. Another option is to wait to update personal items like your laptop or cell phone until it is needed. 
To find places to save money, you could set up simple cost control tools for the whole business. You could cut costs that aren't necessary or are too high by, for example, not heating your building at night or shopping around for goods and services that are cheaper. "Green" habits, like turning computers off when not in use, can also help you save money and lower your carbon footprint. For example, you could rent things or buy used ones. You might be able to save money if you run your business from home. 

5. Other ways to make money 

You can get the money you need for the first few months of your business in several ways. To secure the necessary funds, you might consider saving; it's advisable to have enough set aside for three months of emergencies. 
• Start your own business while keeping your current job and running it in your spare time. 
• Get money out of a current asset, like when you trade in your car for a cheaper one. 
• To make money, sell things you don't want. For things you don't need or want, you can sell them at fairs, online, or in person. 
• Ask your family and friends for money. Usually people who take money from family or friends DO NOT pay as much interest. But keep in mind that if you can't pay back on time, bad feelings may arise. 
• Try to get money from a low-cost fund run by your city or town's community group. 
• Sell bills that people owe you to a third party to get a loan against future income. 
• Ask your bank for a loan or debt. Don't forget that you may have to pay back the loan or debt with a high interest rate. 
• To pay for fixed assets like cars or tools, use leasing or hire-buy. 
• Try to get money from outside sources in exchange for a piece of your business. 
• Get a second job or work part-time. This will help you make money, but you should make sure it doesn't get in the way of running your business. 

6. Make a plan for your money

In preparing a financial plan, please gather all relevant financial details, such as estimates, overhead costs, and expenses. 
Making a budget, or a plan for how you will spend and save your money, is the first thing you need to do. 
You should:
• Make budgets that show how much you want to make in sales and profits, as well as how much it will cost you to do so. 
• Guess how much money you'll make. 
• Make monthly or weekly cash flow forecasts that look ahead one year (and should be updated consistently). You can correctly guess costs like rent; make sure you have enough cash on hand to pay each bill on time. 
You should stick to your budget so you don't spend too much or not have enough money for things you need. To make a budget, you need to keep effortless but accurate records. You will need to record where your money goes and where it comes from. 

7. Look for help 

Help is something that almost all businesses need at some point, especially in the beginning. 
Many places can help, such as: 
• start-up programmes 
• programmes for young entrepreneurs 
• programmes for small and medium-sized businesses (SMEs) 
• programmes for women entrepreneurs, such as Women into Business and every-woman 
• plans from financial experts from minority groups for first-time home buyers 
Keep in mind that the tax experts and financial advisors will charge you for their help and information. 
Even though it costs extra to hire an accountant, it is a good idea. 

Startup India is an initiative to help young people succeed in business. The Ministry offers advice, opportunities, and financial assistance.
The Startup India initiative aims to encourage young people aged between 18 and 30 to start up their businesses.
If you're planning to start an entrepreneur journey, talk to our adviser about the self-employed support package provided by ProMunim of India through our central office. This package is aimed at people who have been unemployed and eager to start their entrepreneurial journey.

You may also be entitled to various incentives in case your business is recognized by Start Up India by DPIIT. 

Know more about tax exemption and other benefits by calling the Helpline at 1800-266-1294.

If your business is unable to file taxes it owes to the Tax Department, contact the ProMunim of India. We will help you to file your tax returns.

Read our help guide and support available for your start-up.