If your outgo exceeds your income,then your upkeep will be your downfall.
Running a profitable new business requires adequate cash flowand that operating expenses consistently be met. Once you'vesettled on a business idea and have completed adequate preliminaryresearch, the time has come to develop your first estimated annualbudget.
Even the most conscientious person who tries to budget for anentire year may underestimate or overlook a variety of everydayexpenses. Budgeting problems can result from miscalculations,overspending, or, quite simply, growing too fast. Before jumpingin, keep in mind that the budget for your first year must includeboth one-time start-up costs and ongoing monthly expenses.
Cyber Monday Subscription Sale - Unlock this subscriber exclusive article and more for 50% off.
Access all Entrepreneur content with no ads, unlock discounts, and get exclusive advice only available to our subscribers. Plus, our magazine delivered straight to your door.
Get 50% off an annual subscription today. Just use code SAVE50 at checkout.
Entrepreneur Editors' Picks
Online Scams Are More Sophisticated Than Ever. Here's How to Shop Safely on Black Friday and Cyber Monday, According to a Cyber Intelligence Expert.
This Guy Saved Barbie From Cultural Extinction. He Did It by Asking One Big Question.
The Top 5 Hot Franchise Categories for 2023, According to One Industry Expert
Why Can't We Resist Black Friday and Cyber Monday? A Behavioral Economist Explains the Psychological Forces That Make Sales Irresistible.
I Couldn't Sleep. I Obsessed Over My Failures. Then I Found the Weirdest Cure.
This Pitch Scored a $250,000 Investment — But It Almost Didn't Happen
Employees Were Demanded to Go Home. Here's How We Invite Them to Come Back.