Dreaming ‘big’ is not a bad idea, but we must remember who and where we are and to realize what our limitations may be if any. It’s simple – what is feasible and what isn’t. When creating your business plan, two critical resources are time and money.
Determining how much you can squeeze out of your budget for your business start-up, it is all too easy to consider using credit. (“funny money”). This would be a bad idea unless it is an emergency. This is so not just because you are paying interest on that money. You also have to pay the bill each month. This adds up quickly and often we can lose control – even with the best intentions.
Consider your income, versus your expenses to live. The balance would be what you have to use for your business or whatever. If your business is a top priority, you may be surprised how much ‘extra’ money you actually have if you are willing to make some sacrifices. Are new clothes critical right now? Are they more important than your business? If not, then don’t buy it right now. Is that movie the most important thing? What would happen if you didn’t see it right now?
Analyze what you would need to start up a business online. There will inevitably be advertising and marketing expenses associated with any business. Online they are much more reasonable than you likely would expect. Advertising is probably the first priority since you need to find customers. If you are going to make sales, that is the way to do it quicker.
The free ways can also work but require a lot of effort and more time than if you are able to pay for advertising. There are many ways to go online to find what you need, and while much cheaper than offline, there are still expenses.
There are usually maintenance fees such as your Internet connectivity, hosting, domains and membership fees if you are an affiliate or distributor. These costs are necessary. These are not something you want to skimp on as reliability is important.
Again you will find that all things online are much more inexpensive than in the offline world. You can claim tax deductions on the money you spend for your business including a percentage of your expenses to run your home if it is used for business. Consult your government’s tax website each year as the rules do change.
