Managing Startup Finances: The Fundamentals Entrepreneurs Need to Know

For Kiplinger Advisor Collective member Eric Kala, financial discipline, not just hard work, often separates successful businesses from unsuccessful ones.

A small business owner puts up an Open sign.
(Image credit: Getty Images)

At any given time, entrepreneurs are juggling many tasks, especially in the early days of launching a business. 

If you’re an entrepreneur in the startup phase of your journey, you’re busy bringing your idea to life and strategically planning to enter the market. But as you do so, it’s vital to establish the right financial structures for your venture. Managing startup finances is easier when you prioritize doing so at the beginning. What’s more, a 2023 survey by online loan marketplace company Lendio found that small business owners “are primarily facing challenges related to the economy (23%), inflation (21%) and other financial concerns (14%).” By getting a head start on your startup finances, you’ll be better prepared to navigate these challenges (such as the next recession) as they arise.  

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The information contained herein is provided for general information purposes only and should not be construed as investment, tax or legal advice, and does not constitute an attorney/client relationship. Past performance of any market results is no assurance of future performance. Always seek professional advice.

Kiplinger Advisor Collective

Kiplinger Advisor Collective is the premier criteria-based professional organization for personal finance advisors, managers, and executives.