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Business Basics Part I: Budget
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Business Basics Part I: Budget

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  • 1. Business Basics Part I
    Budget
  • 2. You need to take a look at your personal budget before you can explore the various options available to finance your business.
    Knowing what your personal budget is will give you an idea of how much cash you need to continue on with your current lifestyle.
    To get an idea of how much money that is, let’s list all of our monthly expenses and see what the total is.
    The following list are some expenses you may incur each month. Keep in mind that everyone is different, so use this list only as a starting point:
    Personal Budget
  • 3. Rent/Mortgage
    Property Taxes
    Utilities
    Phone/Cell Phone
    Internet
    House Insurance
    Health Insurance
    Car Insurance
    Groceries
    Household Supplies
    Eating Out
    Hobbies/Activities
    Movies, Theater, Etc.
    Gas
    Clothing
    Gifts
    Pet Care
    Newspaper/Magazine Subscriptions
    Other Expenses
    Monthly Expenses
  • 4. After totaling all of your monthly expenses, you know have an idea of what your current budget is.
    Now you want to adjust that budget to reflect how your spending habits will change after you’ve started your business.
    Are there any expenses that can be reduced to help you save money? Will you be driving as far you currently are?
    Some expenses may actually increase after you start your business. Will you retain your health insurance? Will you need to start paying for childcare if your employer currently provides it?
    Make a list to reflect all the possible changes to your budget.
    Current Budget

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