Intangible things can point to expertise of management and personnel.Ī start-up budget is different than an established business budget because initial activities, just as in any other endeavour, are always difficult. First are the personnel and management to keep the business operating smoothly next are the money, building, and resources for business. Finances, well-trained personnel, building and equipment for the daily operations are critical because without these resources, there will be no business to operate. The owner plans what to do and lists down the activities and finances needed to accomplish them. For a small business, the start-up budget is used to purchase buildings, equipment and the needed resources for products and services in business, including salaries for the personnel (Ristau, 2008).Ī start-up budget is actually a budget plan. Money is the lifeblood of this new organization that must be worked and planned for a smooth flow of operation until it earns to provide a return-of-investment for the owner. So your moves have to be properly planned in the roadmap, which has to be incorporated in the start-up budget. Any error or false move might multiply costs. Your business will hire people, purchase equipment, provide products and services, and so forth. So, how should an aspiring business owner do it? What are the approaches, content and steps in doing a roadmap?įirst, the business owner must know that he/she is dealing with money to be spent in the future, and any move and activity will need finances in order to be accomplished. Without a start-up budget, the new business owner is like walking in the dark.
Establishing a start-up budget is the first and most delicate part of starting a business, because this is what the owner should base his/her next moves that seem to be blurred from the beginning. With a roadmap – a start-up budget – you are seeing the problems/conflicts before they happen. A business owner must look beyond years, must be a visionary in order to be able to deal with something that seems to be unsolvable. When you build a roadmap, you are anticipating possible problems for a business that is still unclear, which means you are looking ahead.
This is the most delicate and complex for a starter, and it is the wisest move to make. Creating a start-up budget is building a roadmap for a project or business. Any new business must build its own roadmap, otherwise it is just like doing a project without a plan, and the results might be disastrous – it is as good as not doing business at all.
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