Unforeseen costs can be detrimental to a startup. Hereâs how to prepare:
Create an Emergency Fund: Set aside a portion of your profits into an emergency fund to be used for unexpected expenses. Insurance: Invest in appropriate insurance policies to mitigate risks related to property, liability, and other unforeseen events. Regular Financial Review: Conduct regular financial reviews to identify potential risks and areas that require attention. Diversify Revenue Streams: Having multiple sources of income can cushion the impact of unexpected expenses.