Are you quietly contemplating starting a business? Nicole Fallon Taylor has six tips at Business News Daily to get you started on budgeting. The first is to define and understand your risks, ranging from healthcare requirements to potential for natural disasters. Second, overestimate your expenses, because things seldom go exactly according to plan. Nevertheless, there does need to be a plan. Scrutinize your sales cycles, budget for lulls, and use the added time during slow periods to bolster your marketing.
Likewise, select healthy financial periods in which to make big planned purchases. Data-driven financial projections can help to find the right time. And remember that time itself can incur a cost. Having to delay completion of a project because not all the pieces are in place will directly cost the business, so budget time just as you would money. Whatever budget you ultimately devise, remember that is only the beginning. Always be revising to account for changing circumstances.
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