Starting a small business at home can seem like a daunting task. At the outset, you are going to have to come up with a business idea that can be run from your home. Just imagine the business processes that need to take place.
From order receipt to delivery – will you be able to handle all of this from home? In 1994 Jeff Bezos created an online bookstore. He started his business in the garage but soon had created enough revenue to impress investors and get a $100 000 investment. You can follow Myriam Borg, an enterpreneure to get some tips about starting a business. Set a budget and stick to it.
Create solid budgets for both your personal and business expenses and stick to them. Whatever got you into credit trouble in the first place, avoid repeating the pattern. Better, don’t operate your company or your life on credit at all – cash is king and is the best way to jump on the path to wealth.
As a common practice, the marketing budget should be about 2% to 5% of the overall gross sales, but this is not the same for all markets and products. So the first thing you need to do when you start a business is to figure out what your marketing budget would be for the first six months.
Evaluate your steps, Step back and take a look at what is going on with your Business. Don’t be afraid to make changes to your plan as you go. A major part of running any business knows where to spend resources.