B- Budget

Have a budget. Do your costings and estimates. This will give you an idea of what you will need. Prepare a temporary spreadsheet of forecast expenditures either per week, per month or per year. Hardwares, softwares, registration fees, company fees, tax, websites/domain costs, utility bills, manpower/labour, time, accessories, advertisements, stationeries, etc etc. All these budgeting are dependent on what you are planing to do.

Now match your costings with your current income and expected incomes. Do your calculations to know whether it’s a supplus or deficit. Keep it as a template and keep reviewing as you go along.

You can group your expenses into different categories but I find costs based on duration easier to work with. These are grouped into running costs, one-off costs, short term costs, long term costs, immediate costs, high priority costs, low priority costs,

Remember: cost your plans and plan your costs.

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Next: C- Courage & Confidence

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