FORUM WORKSHOP
Forum Workshop
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ADVERTISING
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• Again, you have to spend money to produce future revenue and it is hard to know how much
A is enough. So set a budget – either a fixed
U
G amount or a percentage of projected/actual
U sales as discussed previously.
S
T Thatʼs my list. You can add to it if you have
Y
2 other “necessities.” If you have monthly figures,
0 multiply them by twelve. Thatʼs the minimum
1
4 youʼll need to start a business. If, after the first
year in business, you arenʼt generating enough
income to pay these bills, something is seriously wrong. The first place to look is at your
salary. Are you taking more money home than
the business can afford to pay you? Now that
you have a yearʼs worth of actual figures,
reevaluate. How close were your estimates to
your actual costs of doing business? They
should be very close. If not, which projections
were inaccurate and what can you change to
try to make the business more profitable?
continued..
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