Creating A Business Budget
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Before starting a home business you must focus on startup costs and how much money you will need annually to keep operating. Having a budget that you adhere to is a way of keeping track of your income and expenditures and your business success.

The first thing you need to do is have money set aside for startup costs. No matter how great your budget, you’re going to need extra money upfront in order not to spend more money during the first year of operating your home business than you really want to. So you must have money saved or you can take out a small business loan that you can pay back as soon as you have started to make money, or you may have some other funding source you can use.

When creating your budget you must allow for product expenditures, materials and salaries if you have employees, including yourself. The amount must be reasonable. For example, don’t set your salary at a level that you can’t live on, because then the home business idea just isn’t going to be feasible.

Now, you must determine how much money you need to make in order to meet these costs, so that you can set a reasonable price per unit or service and decide on the number of products or services you plan to offer each year.

Once you have the dollar amounts set up for your yearly budget, you have to decide how you want to proceed. Will you sell products all year long or have seasonal offerings or both? For seasonal products you must plan to have them available at least three to four months ahead of time in order to ensure that you have customers. Then you can adjust your budget accordingly.

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