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Article Title:
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Ebusiness 101, Part 5: Creating a Realistic Budget
Article Description:
====================
Your first three years of business are critical to your success �
or failure. Not only do start-up businesses have heavy one-time,
up-front expenses, but they're also tight on cash and funding.
So your first task is to create a realistic budget. This acts as
your blueprint for success.
Additional Article Information:
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336 Words; formatted to 65 Characters per Line
Distribution Date and Time: 2006-09-29 10:48:00
Written By: Ramon Sanchez
Copyright: 2006, All Rights Reserved
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Ebusiness 101, Part 5: Creating a Realistic Budget
Copyright (c) 2006 Vasrue.com, All Rights Reserved
Written by: Ramon Sanchez
http://www.Vasrue.com
Your first three years of business are critical to your success �
or failure. Not only do start-up businesses have heavy one-time,
up-front expenses, but they're also tight on cash and funding.
So your first task is to create a realistic budget. This acts as
your blueprint for success.
Your preliminary budget outlines expected and conservative income
figures. Start with broad expense categories like utilities and
income, breaking these out into more detailed line items like
Utilities: telephone, Utilities: gas, Income: paperbacks, Income:
hardbacks, and so forth. Expenses are typically easier to project
than income. But income grows more and more predictable as time
goes by. For this reason, review and adjust your budget quarterly
and annually based on new data. (We'll talk more about this in
the final installment of this series).
Differentiate your one-time expenses (business license, legal
fees, signage, sales literature, and so forth) from your ongoing
expenses (leasing, utilities and insurance). Project figures out
a full three years with growth dependent on market research or
educated estimation. Add an extra 25 percent to all expenses to
cover unforeseen or emergency events.
Survive on as little capital investment as possible during your
first few years to ensure survival until you reach profitability.
Buy and budget only those items necessary to generate revenue.
Organize your budget into fixed and variable expenses. Your fixed
costs are those which remain stagnant from month to month,
including your building lease, utilities, advertising and
insurance, while your variable expenses are typically dependent
on sales, like commissions, inventory and shipping.
Avoid optional or unnecessary purchases. Nearly every penny you
save goes into your pocket. So don't give in to temptation by
spending $1,000 on a new desk. Buy only what's necessary to
generate revenue and allocate money toward items receiving the
strongest ROI. You can always upgrade down the road once your
businesses is better established and income is more predictable.
The leaner your organization, the better. Stay tuned for Part
Six: Finding Funding in this ten part series.
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