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TOEmpower

A Mind for Winners

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What Every Start-up Ought to Know about Budgeting

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Crafting a business plan, marketing and branding services, hiring an accountant, renting office space and equipment, purchasing essential technology are a few of the considerations you will have to make before you get your business up and going.

Investing only in the expenses necessary to maintain a smooth and financially efficient organization will go a long way in helping you to manage the budget.

Necessities for Start-up Niches

A start-up can be quite expensive, depending on the necessities of your niche. In addition to office space, a new business will need many things in order to operate smoothly. This include:

  • Office furniture and equipment: Price, $1000-2500
  • Printer and photocopier: Price, $800-1500.00
  • Desktop computers and monitors: $500-1000.00
  • Website building and software: $1000-2000
  • Answering machine and service $1500-2000 annually
  • Accounting software: $ 200-300.00
  • Payment processing software: $100-200.00

Although these prices might be on the expensive side, the estimated cost of your start-up expenses will go far beyond these estimated prices.  Nevertheless, you must go with what fits your budget at the time of opening your business.  As your organization increases in revenue, you can expand your budget to include more top of the line resources and equipment.

Warning: Avoid buying overly cheap services and equipment for your business. Quality does matter if you desire to be somewhat competitive in winning over customers and presenting quality products and services.  Don’t settle for inadequate and cheap technological equipment. Moreover, don’t put the fate of your business in the hands of a mistake-driven outsourcing service.

Remember your customers. Your purpose for coming into existence as a business is to please them with valuable products and services.

You may get away with investing in some cheap furniture and chairs. You may also get away with purchasing cheap office materials such notebooks, ink pens, and stamp pads etc.  However, avoid thinking that going cheap will save you tons of money. Many times the opposite is true. You will eventually end up paying out more than you bargain for.  Cheap equipment will constantly break down and need repairs.

Choosing Quality while Spending less

Without blowing the top off your budget, invest only in items and equipment that will give your business in an atmosphere of progressiveness. Getting good quality equipment doesn’t have to be expensive at all if you take the time to shop around for discounts and other favorable deals. You can get quality printers and office software for half the price if you are determined to find such offers.

Budgeting effectively is the key. Hire a good accountant and you will not have to worry about overspending.  Organizations that have control of their cash flow experience a higher sense of morale than those who don’t know where the money is going.

 

 

 

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