Startup Preparation
I really would want to start a startup. Problem is financially.
According to most people you ask, you have to have a contingency fund of up to 6month’s worth of living expenses. in my case the absolute minimum i could possibly work with is 22k a month.
This is 132K.
Once I’ve acquired and saved that much, I’ll be ready.
Something to think about.
And by golly you have to register your business as much as possible. it’s just a bunch of documents. QC hall if you live in QC makes it a painless process. For the micro-entrepreneur /self-employed types, you can register your business to your name as a sole proprietorship. For anyone you hire, you’ll have to get their SSS and pay for their contributions. The tax is something you should outsource to someone who can handle the paperwork. The basics of it is you have to have a way to record your expenses and your profits. The expenses is to show how much cash you burn, while your profits is to pay the amount of Value-Added tax to the services or goods you’ve sold.
If you need more information I suggest looking for Summit Media’s Entrepreneur guidebooks to starting a business.
I’m estimating I should be able to save that amount within 3-5 years.