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4 Major Things to Budget For When Starting a New Business

Written by Grace Nasralla

There are some priorities that a small business startup cannot overlook if they are seeking a successful venture. One major requirement is investment. It is very impulsive to think that one can start a business without having the willingness to invest money and time. And yes, the investment has to be a combination of these two components. Here are some tips to help female entrepreneurs in the startup stage of their business:

1. Time Investment is crucial.

A business start-up will need at least 85% to 95% of time investment during its initial start-up stages, and the remaining time left should be invested in sleep; in order to be able to focus on the required work the next day. It will be difficult to maintain the capitalizing of much time for the business at first, but staying focused on business goals and the ultimate business vision will sustain a small business start up until its foundations are solid enough for some reduced time investing.

During these initial stages of starting a business, prioritizing is very important. What should be addressed first? What could be of highest priority to a new start-up?

a. Researching trends, planning, strategizing, learning about competitors, identifying vision, mission, objectives and goals.

b. Exploring ways to create awareness and increase visibility for the business. Best way to invest time when creating visibility is by attending networking and community events. The small business owner gets to share information about the business, and meet good leads that may bring in referrals who in turn may become customers one day.

2. Money Investment is a precondition to starting a business.

Creating a one year budget for the start-up will help avoid a chaotic start that will definitely reduce the life time of the business. What are of highest priority when allocating money for a startup business?

a. Invest in getting a good business Mentor, or a business coach. With this money the business gets to have a business plan sketched out and marketing strategy to work with. (If the business owner can spend the extra bucks to get both a Marketing Strategist and a Business Mentor that would make it work even better for the business as the help will get provided from both experts in two different industries).

b. Invest in advertising. Finding the right advertising partners will make a difference in the amount of visibility the business will get. Note that it is not worth the efforts and money when spending on advertising if the commitment to continue with that is a short term commitment. It will have to be a commitment for at least one year to make it work for a business start-up. Who can be a good advertising partner?

If you are located in North Mississauga, SNAPD North Mississauga Newspaper would be a good option. OSBN®, HUDDLESPACE, Google, Facebook, Instagram, Kijiji, and Craigslist are all amazing advertising partners for a small business start-up as their pricing is set for the small business.

c. Invest in bookkeeping. Get a qualified bookkeeper that uses latest technology to help you keep organized books so when taxation time comes the business is ready to file pristine reporting to CRA.

d. Invest in technology. I am not talking about the evident here. Creating a website, having business email, ordering business cards online — these are the evident for today’s business start-up. I am talking here about setting up electronic payments, subscribing to an inventory tracking systems, and customer support systems. These kinds of investing will help the business stay organized and have the ability to measure performance at year end.

 

With these guidelines a small business owner will have foundations that are strongholds against the different winds that may face a new business.


Mompreneur Grace Nasralla of Huddlepsace OSBN in Mississauga, OntarioGrace Kusta Nasralla is an Elite+ Mompreneur member, the owner of e-presence Consultants Inc. and the founder of Ontario Small Business Network ([email protected]) and HUDDLESPACE by OSBN®. She has a Bachelor degree in Communication Arts and an Honours Diploma in Business Administration and Accounting. 

She has been a Microsoft Certified Trainer (MCT) since 2009 and is a member of Microsoft Partners Network. Grace originally comes from Lebanon, a small country in the Middle East. However, in the GTA, she established her career path in the Canadian non-profit and corporate world for over 26 years where she equipped herself with invaluable experience that prepared her to start her own business in 2005. Grace is now the co-owner and Operations Executive for HUDDLESPACE by OSBN® a workspace provider for small and medium sized businesses.  Grace was able to interrelate OSBN® marketing initiatives to strengthen HUDDLESPACE position in the marketplace.

 


 

featured image courtesy of shutterstock.com

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