Have you set up a budget for your online business yet? You do need one, you know.
Budgeting for your business will help keep your expenses within reason, and tell you if you are making financial
progress.
How do you create a business budget? Pretty much the same way you would for your household budget.
First, determine what your income is. You say your business hasn't generated an income yet? Then, you'll have to decide how much you can take from your personal income to invest in your business.
Decide on the expense categories that you think you'll need for your particular business. For instance, web hosting, advertising and education.
Take the amount of money that you decided you would have for your "income" and apportion it to the various expense categories you created. Make educated guesses if you need to. It will be easier to determine what the expense amounts
and categories are as your business actually starts to generate income and expenses.
Follow your budget and adjust it monthly to reflect the changes your business goes through.
A word about your business income: Reinvest. Reinvest all the profits of your business back into your business.
Believe me - your business will grow much faster if you do.
Expenses. There is no way you can run a business without having expenses. But there are ways to keep your expenses down by "shopping around" and making sure your online purchases are really necessary to your business.
Here are some things to watch out for:
Paid newsletters. Why should you pay for newsletter subscriptions when there are thousands on the Internet that you can get for nothing.
eBooks. Make sure that the ebooks that you purchase are ones that you will really read and use as a resource. You don't want to have an eBook collection...you want to have a
"resource" library.
Paid membership sites. I honestly don't believe that the sites that you have to pay to get into have any more
"secrets" than other sites on the Internet. By doing a search on Google.com, you can find the information you need on any subject.
There is one more thing that will ruin any budget. Doing nothing! You can plan, and plan, and plan. But if, at some point, you don't start following that plan, you will lose money.
Set up your budget, follow it, and adjust it as necessary. Focus on increasing your profit, not only your income. That is where your success will come from.
About the Author
Jude Wright has been marketing on the Internet for three
years. Her speciality is providing information to new
affiliate marketers who want to become a success online.
She has a free online newsletter, About Affiliates Ezine,
which was rated A1 by Best Ezines. Subscribe at:
http://www.aboutaffiliates.com/subscribe.htm