Kim T. Gordon: Marketing
How To Budget For Success
If you're like many start-up homebased business owners, you haven't budgeted enough for marketing expenses. Our homebased expert reveals why you can't ignore this crucial element to success.
By Kim T. Gordon
In her book due out this month, Bringing Home The
Business (Perigee), our "S.O.S." columnist Kim T.
Gordon reveals 30 "truths" every homebased business owner
must know, from marketing your business to living and working under
the same roof. This exclusive excerpt discusses a particularly
important part of entrepreneurship: start-up marketing capital.
Truth: Most homebased business owners use their own money to
get started and often undercapitalize critical areas like
marketing.
Imagine your same business, but in a different location--a
leased office space. What would your rent be? What would you do to
win business? Anything you're not doing now? The only real
difference between your homebased business and any other small
business is location. But because many people consider home a safe
haven, it's easy to become comfortable and complacent. You
forget to run your homebased business like any other, with
established budgets for key programs, including marketing.
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The SBA tells us that two of the principal reasons for
small-business failure are undercapitalization and lack of
effective marketing programs. That's not surprising, because
the two go hand in hand. You should be willing to spend at least
$5,500 to set up a bare-bones home office. That includes a computer
with a modem, a backup zip drive, a monitor, a printer, a fax
machine a telephone, plus basic furnishings. You'll need a desk
and filing cabinet, plus a comfortable, ergonomic chair and a lamp
or two. Any additional software and equipment will add to this
basic cost.
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