Oh,
what a beautiful day here in Baltimore!
This is the perfect day to start working out your budget for your
business. If you are like me, you hate
budgets, but it has to be done. So, get
your calculator, pencils, paper, and cold lemonade. While you’re doing that, I have some good
news. (snooze!).
Ok,
now, keep in mind your budget for your business is a process like everything
else. What we need to do today is make a
list of every expense we expect to have:
cost of filing business forms, utilities, inventory, office supplies,
office equipment, travel, promotions, liability insurance, checking account costs,
attorney counseling fees, financial planning, life insurance, health insurance, rent, car payment,
and anything else your business will need to operate. Some basic expenses should include: a desktop, file cabinet, calculator, ten-key
adding machine, social media re-occurring fees, attorney consultant fees, any
trade memberships costs, printer/copy
paper, ink, a printer unless you plan to use a retail copying center, file
cabinet, folders, pens, pencils, applicable software, such as one that keeps
track of your revenues and payroll for you, your tax liabilities, tangible
trade subscriptions, online subscriptions, and healthcare costs. This is just an example of what should be in
your budget and it must be tailored to YOUR business operating costs and needs.
Now,
this is an overwhelming undertaking I kid you not. I found that doing
one thing until it was done and then sticking it in a folder worked best for
me. I discovered along the way that many
business forms can be completed yourself by using online lawyer services offering
Forms. I recommend The Law Depot. Here’s how it works: for a nominal fee, you can download as many
business forms as necessary. This legal
service provides attorneys as well for ongoing consulting for a nominal fee. The Law Depot has attorneys in practically every
state in the United States; if not all. I
tried a couple of websites and this was the simplest and most functional form
generator. Lord, I hate to visit a website, sweat through completing all
the questions and information, and then
it doesn’t print or save or my pc keeps crashing … what is that about? Of course, I end up thinking somebody in
cyberspace is stealing my patent for cookies or something … gee whiz. So, your state department of taxation website informs you of all the forms necessary for your bussiness' category. SDAT in Maryland has many forms listed on its website.
Ok,
so while you are staring at the list, and thinking, “Oh, my gosh!” Calm down, calm down. I told you I had a surprise, too. Healthcare Reform will offer at
least 8 ways to save us money! beginning October! Did we
know what we were doing or what with all our advocating? (Snooze!).
Yes, indeed, the Affordable Care Act is
going to save us money on preventive-care, pre-existing conditions, covering
our young adults, and … alright, hold on to your seats … PRESCRIPTIONS!!! Rejoice!
We were so brilliant to BELIEVE because while it may not be much to some
folks, those saved dollars, balance, and wellness will lead us down that path to
small business owner and sustain us. By
the way, some of us may have a two-year goal of starting our business or just
want to work for others and gain independence which is fine, but we cannot break through that brick
wall known as minimum wage … ugh! Minimum Wage keeps perpetuating the stereotype
that we cannot do anything much or need much anyway so increasing minimum wages a few extra dollars is
no big deal! (heart be still ...). Meanwhile, those few dollars
keep us in poverty and we do have hopes of not being barred from the American Dream. Imagine, if more persons had more to spend, they would buy your product or service. That is sustainability. This is why President Obama wants to raise the minimum wage. This is the same thing former-President Reagan did and it improved the national economy. So, we must unite and
get all those harmful bricks knocked out and join the middle class! amen,
Amen? AMEN!
Ok,
where was I? Oh, I remember, we will
need a budget for our small business. We
can read about budgets on the SBA website, take webinars on the topic, work
with a mentor, or current software applications, etc. depending on your comfort
level. Whatever you decide, be sure you
understand your budget and your responsibilities. Take your time. Have a thorough understanding of your budget
and the TW and SSDI benefits after you have been operating after the nine
months. Be flexible on buying products or services that can do the job right. Can you use recycled paper and save some trees?
Next thing I want to add is that we always have these big ideas about our business
down to the carpet we want on the floor, etc.
I am reading about strategies for business success in the post-
recession era. It emphasizes starting
out small and being patient. Which
reminds me, did you know that the social media technology will change about
every six months? Will you utilize this
technology for your small business in any way?
(brrriing...). Your budget should reflect the cost of applicable software to keep up
and can your Smart Phone keep up, too?
Oh, Lord, what happened to the days where you just put up a yard sign
that read, “Home-made Lemonade for Sale!
.05 cents and the flock would come running. …(snooze!)
Ok,
let’s look at the Affordable Care Act and see how much we could save and then
think about how to best use those savings for our business. Then we can start explaining to our youth, “See,
I want you to inherit my business one day or start yours, but you
will need to be healthy and responsible because its hard work staying in the race to keep our nation strong! (sign here ... smile). Accepting
change is a gradual process. I
remember transitioning from visible to invisible but not wanting to end certain medications because I was just afraid to even though my doctor and
therapist were encouraging me that I did not need ithem ….uggh, the money I spent…but
now I’m free. YES!
See
ya soon,
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