Do you have any assets that you can bring into your business? This could be a computer or mobile phone. These will become assets of the business and the value of these assets will form part of the capital that you contribute in setting up your business.
When you bring these assets into your business, you need to ascertain their value or worth in dollar terms. A fair market value is used. This is a value based on what someone would reasonably pay for the assets. You can look at advertisements for similar items to find a value or a second-hand dealer could provide an appraisal.
Bringing these assets into your business will assist you with your cashflow.
Paul is looking around his house to identify what he might already own that he could bring into his business. So far he has identified his laptop computer and mobile phone. What other common household objects might Paul own that he could use as an asset and bring into his business?
Post your ideas to the Comments area below and read other learners posts to identify assists you may own, that previously you did not consider as a business asset.
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