'We got stung a couple of times. It very nearly broke us' - 11 small business owners on the financial lesson they learnt the hard way

Entrepreneurs across Ireland reflect on their financial missteps, emphasizing the importance of proper budgeting and clear financial boundaries. Laura Nolan Horgan, founder of LNH Edit and former creative director at Fran and Jane, highlights the need for separating personal and business finances to prevent cash flow complications. She shares insights on the necessity of thorough budgeting when launching a startup, noting how underestimating initial costs can lead to significant challenges in sustaining a new business. These reflections serve as important lessons for both new and experienced entrepreneurs alike.

"Thinking back on my time with Fran and Jane, I wish I had set clear financial boundaries sooner. It’s important to separate personal finances from business to avoid cash flow issues."

"The biggest mistake I made when starting LNH Edit was underestimating initial costs. I learned that budgeting meticulously for every aspect is crucial for sustainable growth."

Read at Independent