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Loans: Should I include owners' salaries in my startup budget for loan application?
MB
MB
Mindy Barker, Chief Future Officer - CFO Services answered:

You should include the new job on your resume. Honesty is essential as you begin a relationship with a potential investor or lender. Be realistic with yourself and with the lender regarding your time commitment. Starting a new job and a new company at the same time seems overwhelming.

The projections should be realistic. At some point the business will grow and you will need to work there full time or hire someone to work full time to run it. Make sure you do include that costs as well.

I have seen a number of mistakes with entrepreneurs working on a business and not handling projections and/or compensation correctly. Please feel free to set up a call if you would like to discuss further.

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