Starting anything can be quite a challenge, even starting to walk as an infant; at the time it seems like such a big deal; it's hard to imagine being able to run when each step takes so much effort.
When starting up a business, the first thing that needs to get started is the wheels turning within one's brains, formulating plans and targets including budget.
One of the biggest mistakes a startup business can fall into is starting too big without the budget.
One's mind can become so filled with a huge vision of success that all seems so attractive and plausible which can lead a business startup into starting up before it should get started.
You wanted to start big with a small budget. You didn't have the capital laid out for contingencies and low turnovers. You got caught up in the vision without having a reality check.
Money is not the only thing that counts, having patience can not only count but save us from disaster.
It may take a while to save up before starting a new business. You want to start now but need to wait a year spent strictly saving into a savings bank account that's off limit to luxuries like going on holiday.
You hate your job and want to resign; you want to be your own boss but it may take a year or two years of saving.
Do you want to take a chance of taking out a bank loan on a business that has no guarantee of success?
The thing about bank loans is that repayments can enslave you into the very job you want to free yourself from. Each month a direct debit will debit your account with x amount which is fine if the business loan results in a successful business but suppose if the business fails?
Desperation can cut short on patience. You want out now; you don't want to 9-5; you want to be your own boss; you want to be a millionaire.
How many people get to be millionaires when they 9-5? Business owners are normally the people who are most likely to be millionaires which is why you want to become a business owner.
But budget matters, to ensure that you have the funds to carry on trading despite business mishaps or a lack of marketing results. Your planned advertising campaign didn't pan out as expected but you had budgeted to have money to explore other avenues.
You hadn't put all your eggs in one basket; you had budgeted based upon being paranoid and saved double the mount of money needed to start up your business because it's unchartered territory and you decided to play it safe.
Budget plan consultants
In terms of budget planning; there are loads of companies out there that offer assistance; you can Google it. Don't go in blind and hope that things will work out for the best.
So many business owners have been there and done it and discovered what works and what doesn't work.
You can avoid pouring money down the drain by seeking advice from business consultants who may give you a reality check.
- Preparing a business plan and budget
- Calculating startup costs
- How to estimate startup costs
- Business Startup Costs: It's In The Details