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How can we get idea that its sufficient bugdget to start a business? I would like to ask that how can we get ideas that this is sufficient budget to start a business? |
#2
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Re: How can we get idea that its sufficient bugdget to start a business? Hi, To get an idea of what budget is needed to start a business you will first need to understand your Capital costs (money required to purchase equipment, one time services, etc...) and Operational costs (money required to keep your business running). When you understand your costs you will need to understand the expected income for your new business (when the money is coming back into your company, in which estimated amounts, etc...). The minimal initial budget that you would need to run your new business would cover all the costs (operational + capital) minus the income over a period of time. My guess is that you would like to set up your business to be profitable after some time, so you would need to look at the ratio of your operational costs vs your income. A lot will depend on the planned profitability of your business and the money turnover. If you can get fast turnovers with good profitability than the budget for the business may only consist of initial capital costs and a few months (or even weeks) of operational costs. I hope this will help you an at least direct you in a better way to understand how you can define your budget for a new business. BR, Ante Parlov |
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