Home-Based Business Start-Up Costs – How to Keep Them Under Control
You're an entrepreneur! You've made the decision to work from home and it's time to get your office or shop set up.
You have taken care of the legalities, you know who your target market is, you have an exceptional product or service and you're ready to get it out there.
This is a very exciting time and you want everything to be perfect and appealing, including your workspace.
You buy a new desk, computer, printer/copier/fax/ scanner, chair, calculator, office supplies, file cabinets, bookshelves, and decorative accessories to make your office attractive.
You may be spending a great deal of time in your workspace and it is important that it be comfortable and ergonomically designed.
Although comfort and functionality are important, be mindful when furnishing and equipping your workplace.
Be aware of what is absolutely necessary and what is a nice-to-have.
Some of today's business giants started by selling out of their garages.
It was not glamorous in the beginning, but it was necessary to start their businesses on a solid foundation.
Now, some of these successful entrepreneurs work out of magnificent skyscrapers, have mansions in New England and drive vintage sports cars.
These smart businessmen and women realized that everything didn't have to be perfect or aesthetic when they started.
Some new home-based business owners feel it is necessary to buy state-of-the-art equipment, sign up for all of the prominent subscriptions and memberships, stock their shelves with loads of inventory, have expensive art on the walls, and create an air of wealth and success in order to impress prospective clients.
This kind of thinking can put you out of the race before you even start running!
I remember when I was a consultant for a MLM company. I thought I had to carry every product available to impress my customers.
A startling realization for me was that my biggest show in sales was when I had the fewest number of pieces on display.
The customers were able to see the quality in each product and did not have to see every piece in order to make a buying decision.
When I decided to terminate my business, I had a closet full of products. I sold quite a few items to another consultant, but still had shelves stocked with unopened product.
For about five years, I didn't have to buy a birthday, wedding or Christmas present because I had a massive amount of untouched gifts in my home office.
When I decided to start my coaching business, I was older and wiser, and grateful I made many of my mistakes at an earlier age. I learned from them and knew not to repeat them.
I started small. I had a computer, an old, but reliable printer, a 15-year old calculator and desk, and a comfy office chair.
All I needed was a quality phone capable of handling multiple lines and a headset.
For the first twelve months of my business, these items were more than sufficient.
As my business grew and profits increased enough to support additional spending, I upgraded my computer and printer and made improvements in my office.
When starting your new home-based business, understand that your first year can be financially demanding.
Until you have a steady, reliable source of income, it is wise to avoid excessive spending and unnecessary purchases.
Be honest with yourself when making purchases for your business.
Yes, you need a good quality printer with fax/copy and scanning capabilities, but do you need the one that is designed for high volume, large scale copying?
If you're not in the copying business, a lower volume, lower priced multi-media product will more than serve you.
When starting your business, sit down and determine what you absolutely need to get things going and what the costs will be.
What will your monthly operating expenses be? For example:
- internet access - bank charges - phone/fax lines - auto responder and shopping cart (if online business), - printer cartridges/office supplies - advertising, etc.
Then determine when you expect to start bringing in sales. How much will you need to earn every month to cover your operating expenses?
Not until your basic monthly expenses are covered and a surplus of funds is created should you begin to purchase the nice-to haves.
Be frugal during your first year as a home-based business owner. Monitor and understand where your money is coming from and where it is going.
Keep a watchful eye, maintain strict control and pace your spending according to your profits.
By creating structure and remaining vigilant in your spending, you will build a solid foundation for your business.
Build a strong foundation, be financially responsible on an ongoing basis and the sky will be the limit!
Laurie Hayes is a Life Strategy/Small Business Coach and founder of Where the Heart Is Life Coaching.
Laurie works with home-based business owners who face the distinct challenges presented when working from home. She is the author of numerous articles and a bi-weekly newsletter, "The Heart of Living."
To subscribe to her free newsletter and learn more about coaching, visit http://www.wheretheheartis-lifecoaching.com
Related Articles:
Buying and Selling With Online Auctions
Trying to be help your buyers find your auctions can be a truly daunting task. Most people only search eBay by title, not by description, and that means that you only have those 55 characters of the title to cover all the possible search terms. That is not easy. In this email, I will give you a few pointers. Do not bother with eBay clinches. There are plenty of eBay auction titles that say things like Super rare camera wow look low price. These are stupid things to put in your title, as no one is going to search for them.
Tips For Buying A Used Car At A Used Car Auction
Are you interested in buying a used car from an auto auction or a used car auction? If you are, have you ever done so before? Unfortunately, when it comes to buying a used car from a used car auto auction, there are many first time bidders who end up making costly mistakes. To prevent yourself from being one of those used car auction bidders, you will want to continue reading on, as a few helpful used car auction tips are touched on below.
Real Estate Auction Action - Buying A Home At Auction
Due in part to the popularity of the U. S.
Online Auctions: 5 Ways Your Business Can Benefit From Online Auctions
Online auctions are now the new gold rush on the internet.It seems as if everyone is talking about online auctions.
Car Buying At Car Auctions
There are several avenues in which you can buy a car. One of the places you can purchase a vehicle is through a car auction. Even with car auctions you have a couple of different places to choose from depending on where you live. For instance if you live in a smaller town you probably have one or two places to choose from for private car auctions. If you live in a larger city not only will you have the private car auctions but you will also have the police auctions. We will discuss both types of auctions in this article as well as some of the things to be wary of.
The Pros And Cons Of Buying A Used Car From An Auto Auction
Are you in the market for a new used car? If you are, have you ever thought about attending an auto auction? Each year, a relatively large number of individuals walk away with a quality used car from an auto auction and now you may want to think about doing the same.
Ebay Auctions- Some Tips To Get You Started With Ebay Auctions
Ebay auctions can be a great way to get started in ecommerce or expand your income. There are a few things that you need to know to help you get started.
Ebay Selling- Related Info for online auctions tips
As you search for Ebay Selling related information or other information about auction software review or local auction site, take your time to view the below article. It will provide you with a really refreshing insight into the Ebay Selling information that you need. After going through it, you will also be better informed about information in some way related to Ebay Selling, such as endowment auction or even used car auctions.
Tips for Buying Cars in Auto Auctions
Auto auctions can be great place to buy and sell cars. By buying at an auto auction, you can get a car for cheaper than you can get at the local used car dealer?s yard.
RainWorx Auction Software Expands Sales for Independent Online Auction Websites
RainWorx Software released version 6.0 of their popular auction website application rwAuction Pro. RainWorx Auction Pro allows businesses to create an independent auction website with Standard and Reverse Auctions, Classifieds, RFQ, or Fixed Price Sales. Version 6.0 includes a completely rewritten invoice system for managing transactions between payers and payees for all users including website owner sales.
Buying A Used Car: Why You Should Attend A Used Car Auction
Are you in the market for a used car? If you are, have you ever thought about attending a used car auction? Although used car auctions are a great way to get affordable vehicles, it is as if they are a well-kept secret. It is time that you familiarize yourself with this well-kept secret, as it a great way for you to save money.
Save Money By Buying A Used Car At A Car Auction
Save your money by opting for auction cars
Sometimes it is very difficult to find a second hand used car in a good condition Well, if you are searching for a cheap car, it is advisable to take a look at the car auctions organized by police and government bodies
Ebay Auction Software: Automated Gold Mining For Auctions On Ebay And Elsewhere Using Software
You may already know how to grab great bargains on eBay and other auction websites because the titles are misspelled. In fact, you may spend a great deal of time hunting around for them, one by one. You may even know of a website or two that offers you a free list of these misspelt auction listings. Do you ever wonder if you're missing out on a bunch of them, just because it's too tedious to plow through them all by hand?
eBay Motors : Buy or Sell a Car on eBay
Are you having trouble finding a great deal on a car in your local area? Well, join the club. Using Online Bidding at eBay Motors can be the perfect answer you've been looking for.
Live Online Auction With Car Auctions Software
There are many software packages to sustain online auction, fully functional car auction software necessary to start very professional online car auction web site. Some providers are offering client/server network based computer systems, software and hardware, to operate and control every aspect of car auctions. Every system is provided with custom installation and training to make the package a really useful car auctions software. Car auction software is designed for small or large car auctions, providing a complete auction management system.
