Business Round Table
Get a Personal Survival Budget
by Sean North Business
Sean North 
Business
When I think about the reasons that many people give me for going into
business most say, it is a desire to increase their income and to enjoy a better
standard of life.
But how many really understand what this really means?
Do you appreciate all of your existing commitments?
Do you know how much you need to make week in week out, to meet your existing
needs, never mind to improve your standard of living?
I see too many new and small businesses where no real thought as been given
to these vital and pressing matters. Not only do you need to know how much cash
you require to survive, the business needs to know how much you require so that
informed pricing descisions, ect, can be based soundly and solidly in fact not
fiction.
The only person to lose out if these descisions are not made correctly and
properly is you.
So Audit yourself and set your survival budget at the start of your
business planning proccess
Jun 19th 2011 05:42
BusinessWhen I think about the reasons that many people give me for going into
business most say, it is a desire to increase their income and to enjoy a better
standard of life.
But how many really understand what this really means?
Do you appreciate all of your existing commitments?
Do you know how much you need to make week in week out, to meet your existing
needs, never mind to improve your standard of living?
I see too many new and small businesses where no real thought as been given
to these vital and pressing matters. Not only do you need to know how much cash
you require to survive, the business needs to know how much you require so that
informed pricing descisions, ect, can be based soundly and solidly in fact not
fiction.
The only person to lose out if these descisions are not made correctly and
properly is you.
So Audit yourself and set your survival budget at the start of your
business planning proccess
Jun 19th 2011 05:42
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Comments
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Sean North
BusinessThanks Cheryl, yes it is unfortunate that people going into business often neglect these costs , however more and more or not even doing a financial projection or plan full stop especially for online business Jun 19th 2011 13:26 |
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Corey Blackmur
 Blackmur GlobalNice to the point post Sean; and you're right - more often than not people jump in with both feet before understanding the complete picture. I have found that most people don't plan their life, or create it as such, but more often than not they let it just happen; for these types of people - they are really never going to understand the concept of business because they don't hardly understand the concept of every day life... Jun 23rd 2011 01:57 |
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Muriel & Graham Legg
Make your website mobile friendlyI will never know why the majority of people offline who go into business will make a business plan but online the majority don't. Jun 23rd 2011 16:05 |
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Paula van Dun
 Social Marketing works.Great post. I learned the hard way that you also need a post in the financial plan for unexpected expenses. A while ago i was in trouble because I had to buy a complete new PC system for which I had no budget when my old PC crashed. I took a lot of juggling to pay some bills after that. It is a good thing to reinvest in your business or upgrades and i will continue to do so but will make sure i have money for unexpected expenses at all time in future. Dec 3rd 2011 10:45 |
Great advice Sean. Most people never think about the fact that they not only need to earn enough to cover their business expenses, they need enough to cover their personal expenses also.
Jun 19th 2011 07:01