As you have probably already figured out, building a website and spend as you go with your time and money does not often lead to a very successful enterprise. In fact, this is true in all facets of your life when you take a bit of time to think about how you wish to be successful – love, business, goals, desires or whatever it is you wish to accomplish.

Great! Now you want me to plan out your love life?

Not Really. But I did get your attention, right?

What I am talking about is something that you have already done in your mind and perhaps even wrote a few ideas down, but you will want to put down on paper:  A simple but logical plan of action (or Business Plan) for your business.

Putting your ideas and goals and plans on paper serve a two-fold concept:

  • Gives you a complete plan to follow for the running of your business.
  • Gives you a written down plan in case you need to acquire financing for your business and present your ideas and plans to a firm or investors so as to grow your business.

Follow these simple guidelines for drawing up your Business Plan and just work your plan and adjust when necessary.

Give yourself a mission statement. This specifies what your company is about and what you wish to accomplish. You are your own cheerleader so read this statement each day before you get in the groove to motivate yourself.

Costs – Expenses – Time – Revenue

This is an area in which you are already dealing with – the bill comes in and you pay it when you have the money.

Short term solution for an ongoing enterprise. You see, you will have your fixed expenses and your variable expenses and you want to squeeze and utilize everything in your power to control the variable expenses.

Let’s explore fixed cost:

  • Internet
  • Web hosting service
  • Office space – in home or out of home

Variable cost:

  • Phone
  • Supplies
  • Utilities
  • Advertising
  • Equipment
  • Time

Now, I’m sure this doesn’t cover everything but it gives you the idea on what you are keeping track of, so as to run your business as successful as possible and base your decisions not only on what it costs but what the return will be as well.

By having everything written down, each month you can follow where you are spending money and what is coming in. This will give you information on what and how you need to proceed to make a profit.

It is pretty easy to manage some of the variable expenses. Here are some ideas that can make a difference in the long run:

  •  Get a good phone plan…
  • Only use the electricity that is needed, turn things off that aren’t in use…
  • Buy your supplies at a discount or in bulk…
  • Research Internet Plans – broadband, hosting, email etc
  • Keep track of receipts and purchases you can claim for through your business

…Common sense stuff but plan for these expenses and make sure you keep track of them so they do not get out of hand.

Buy or rent your equipment, depending on your situation and funds.

Budget for advising each month and stick to the budget.

They say time is money and in a way that is true but the time you spend to do things correctly is the money or profit that you are trying to accomplish. So, the more time you spend on free advertising mixed in with paid advertising will pay you dividends in the long run as long as you plan for it and follow your plan.

By following a plan each day, each week and each month – this will give you enough information to see how things in your business are running and where you need to make adjustments in a timely fashion to produce the desired results == PROFIT.

 

Written by Caroline Baxter
Caroline Baxter is a serial Entrepreneur, Business Start Up Coach, and recent bestselling author on Amazon. Having started her first business aged 24, she now has multiple businesses in property, the motor trade and online and offline business consultancy. Caroline is now starting a series of live training events to support entrepreneurs looking to plan launch and grow their business