Well, the answer is YES! But you need to be in the know. Now what do I mean by that?
If you’re eager to earn extra money from home, you need to understand the rules of marketing. The same rules of marketing apply offline and online. Once you understand that, you will be already ahead of a vast percentage of the industry. But this knowledge alone is not going to push you forward.
There is great potential, but it will take a lot of hard work and sweat to see any kind of return. So let’s get one thing clear here. Don’t expect to make thousands in your pajamas, if you’re lazy, or without proper direction. It just won’t happen sorry guys!
Apparently, the most common cause of failure is QUITTING, just when success is within reach. Too many people jump around between too many ideas, hoping to see fast payoffs.
So please bear in mind that the key to success lies with you finding a tested system. This is the reason for this book. Stick with it and you will make a good investment for life.
Budgeting System for your New Home Business
I know this is probably not your favorite topic, but you’ll be surprised how simple it is to set such a system up. A simple budgeting system for your online business will assist you to project and keep track of your cash flow. A basic budget for your business should list both incoming monies and expenses. Its normal at the start of a business to have some one-time costs that you need to pay to set up shop. Running the business will require other expenses that you should be able to anticipate. For the good health of your business, you must plan how to pay these expenses, using your startup investment and the income that your business generates.
Appraisal of Expenses and Earnings
Budgeting requires that you estimate your expenses, and then compare your appraisal against your actual expenses. Calculate your initial costs first. These may include licenses, business cards, flyers, brochures, internet connection, equipment dedicated to providing your service or making your product. You should include your estimated annual costs in your budget, such as renewing a business license, marketing campaigns, local taxes, insurance. All these items, if required are costs that most businesses pay only once per year.
So, your business budget should appraise your monthly or quarterly earnings. Depending on if you have startup funds or you must generate income immediately, you will also need to draw up a plan for meeting expenses on a monthly or quarterly basis. The difference between your projected income and all of your expenses is your business profit.
Design a Simple Budget Spreadsheet
This doesn’t need to be anything complicated. You can use a spreadsheet like Excel or use the free Open Office suite, which will let you get started without spending money. The most useful budget for a business is easy to use. Try setting up your budgeting system by using a template that has been designed for the spreadsheet program that you chose. A Cash Flow template is a great way to see an overview of the profit the business is making.
Spreadsheets are very flexible, and you can use the information in your initial cash flow budget to build other worksheets that will help you analyze your business finances. For example, in Excel you can create additional worksheets like ‘a Break Even Analysis’ and ‘Quarterly Self-Employment Tax estimates’. These and others are useful to help your comprehension of your projected budget totals and your actual experience. Its worthwhile to link these worksheets to your basic budget. This is because, when the actual data becomes available, as opposed to just estimates, you can adjust your business budget accordingly.
Adjust Your Budget with Your Business Plan
Your business plan is a guide for you when you set up your business budget. Always try to keep it handy so that you can be sure that you have included the costs for marketing, promotion, supplies and equipment etc. Your business plan can be utilized to map out the growth of your business.
When you work closely with your business plan and your budget, you will be more sensitive to taking advantage of opportunities that will help your business grow, without thinking how they might affect your bottom line. Actually, you will be more in control of matters pertaining to the business and able to make better decision in regards to it. I hope you are still with me, Let me now explain to you the first business opportunity.