How to Start a Home-Based Jewelry Making Business: *Turn your passion into profit *Develop a smart business plan *Set market-appropriate prices ... on the Internet (Home-Based Business Series) by Maire Loughran

Author:Maire Loughran [Loughran, Maire]
Language: eng
Format: epub
Publisher: Globe Pequot - A
Published: 2009-07-14T04:00:00+00:00

■ It forces you to keep tuned into all aspects of the business—not just the ones you enjoy.

To effectively budget you have to do some planning. You started this planning in chapter 4 with the preparation of the business plan. Planning and research is a constant task for any business. This applies to both your long- and short-term objectives.

Usually short-term objectives are to make a profit. Long-term, the sky is the limit. Think about what you enjoy doing and where you want to be in five years, and ten. Then update your business plan and budgets periodically to track your results.

The obvious effect of a budget should be to inspire and motivate you. As you hit budgeted figures, you’ll naturally be eager to beat those projections. It’s kind of hard to get motivated if you are never exactly sure how your business is doing. It’s important for a home-based business to prepare two types of budgets: profit and loss, and cash.

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