Eps 1589: How To Start A Business With Only Mint
— The too lazy to register an account podcast
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Host
Jonathan Ruiz
Podcast Content
In this post, Mint walks you through the main steps that any budding entrepreneur needs to follow to start. There is a lot more you can do within Mint, but these rudimentary steps will help get you started.
BTW, if you are looking for more resources and support to start your business, take a look at this course which walks you through this. Depending on what your business becomes, you are going to need tools to get the job done. Once you have got an idea, have researched it and outlined your vision, and put together a solid business plan, you need to begin thinking about legal obstacles associated with starting a business.
In addition to whatever industry-specific legal restrictions there are to keep an eye on, there are legal requirements any business must meet at first in order to get started. How well you can expect your business to do on the marketplace will be part of determining whether or not your business idea is viable. Based on all this, you may have trouble coming up with a great business idea, especially when you realize your startup will have to constantly pivot and iterate. It is important to keep in mind that the startup you set out to create at the beginning is not going to look like the business you run in five or 10 years.
To build a successful company, you have to invest in the company and ensure it has the necessary fundamentals for success. Starting a business might seem like a lot of fun, but you are going to need to put in some serious work - and some smart work - before you enjoy the fruits of your labor. Starting a company will take a lot of hours, and a seemingly never-ending amount of focus.
With bills to pay and financial obligations to maintain, for many people, at the end of the day, simply there is not enough money left over for starting a company. For whatever reason, people like to come up with excuses as to why they did not start the business they wanted to, or did not start one in the first place. One of the best ways to find financial freedom is by starting a small business.
In addition to having a great idea that people will actually want to get involved in, you are going to need a solid plan to get your business off the ground. In your business plan, you will include things like your business idea, results from market research, and how you plan to execute your idea. Mint does the best job at Mint to break down your spending by month.
Once your income is setup in Mint, begin adding categories for expenses just like your income. In your Budget section, you will see that Mint has already started placing your items in certain categories for you. To begin tracking your money and creating your Mint budget, you will need to connect to your checking, savings, credit card, and investment accounts. If you are using Mint for your personal spending, you will need to open a different email account for your business accounts.
This is the easiest way to keep your business account separate from your personal Mint account. I am a big fan of Work, and I like how solid Mint is for shared accounts. You can also add off-line accounts and properties .
This is the payments from my personal accounts I changed from transfers to Cash Spending to savings, which is a custom category that I created within my Financial category. For me, since my accounts are managed by the two best FICOs that I hired who are linked to them, those deposits are automatically marked as income. I want deposits in my company account hidden away, and moved among their accounts, so they are counted as income.
I used Quicken and Microsoft Money for personal and business income management, and was fairly meticulous. I wanted to cherry-pick the business expenses that I wanted to put into my personal budget because my spending was fairly uncontrolled in those categories. You will want to identify how you receive your income , how often you get paid , and how much. More complex accounting software is likely needed as your business grows, but for small businesses, I suggest giving Mint a shot.
Or, if you need a quick, free budgeting tool, and are fine with a few ads, Mint has been the go-to budgeting resource for countless people like me. If you would like to keep up-to-date on all of the stock market, personal finance, economic, and banking news and analysis, Mints business news app is your one-stop shop. Stock market news, todays Sensex, todays Nifty, BSE, NSE News, and more is available in Mint Market News App. Mint solutions allow users to better track and manage their personal finances.
Personally, I have been using Mint for nearly ten years now, and I still do not encounter any issues regarding safety and security. If we are going to figure out a way to make corporate accounts a little less terrible, we have got to find a program that is simple and enjoyable to navigate. Once you get beyond the first few months, and hopefully start turning a profit, it is time to get a handle on where your company is going to be going forward.