Determining a Shoestring Budget
Can I start a business on a shoestring budget? This is usually the concern of people contemplating starting a home business. But first, we may need to establish what you consider to be a shoestring budget. This could mean different things to different people. When you begin to understand the value of the investment you are making, this “shoestring budget” increases.
I’m sure you’ve heard the saying, “You have to spend money to make money”. So, in other words, you can’t expect a million dollar return off a one hundred dollar investment. Now I’m not saying it can’t be done, but if it was that easy to do, why would anyone be doing anything else? And understand there are no “get rich quick” programs out there, even though many claim to be!!
But people also have the misconception that they will have to risk thousands of their own hard earned dollars at the very start, plus a large monthly investment to keep a business running. Others fear if their business fails, they will lose everything or go bankrupt. Do you fit in one of these categories? Do the fears of failure keep you from reaching out for your dream of starting your own business?
Invest In Your Future
You have to understand from the very beginning that if they choose to own your own business as a way to becoming wealthy, you must invest in your business. If you start your business and are not willing to invest in products, advertising, training, leads, etc., don’t even bother to start. A home business is not a good fit for you!!
But if you have the money and time to invest in your future, or if you are willing to give up some things, dining out, the additional cable channels, or whatever it is that you spend your paycheck on now, that you could get along without, then you could absolutely start a business on a shoestring.
Home Business Benefits
Soon you will begin to see the additional tax deductions you can claim with your home business. The percentage of your mortgage interest, phone, internet hook-up, “business” dinners, business trips, just to name a few. You will begin to understand the value of a home business. And this does not even include the sales you will soon generate from running an effective business from home.
Take a step back, evaluate your financial situation, your work ethic, the commitment you’re willing to make, and then decide if you have what it takes to succeed when and if you decide to start a business on a shoestring budget.