By Lori Drzewiecki: The Method to My Madness
Thank you for coming back, my last blog was Deadlines. If you missed it, be sure to check it out.
On to Cost.
The cost of being an entrepreneur is varied. The time cost and the financial cost are the two main costs that come to mind. Time cost, is addressed a bit in the previous blog. In my case I created my own website, I will get into more of the details of the building of the site in other blogs, which I severely underestimated both the time and financial costs. This blog post will be more about the actual financial cost and the lessons I learned along the way.
Just as with the deadlines, breaking the budget needs to be expected. This lesson is best understood early to avoid frustration and even panic. Although, one might argue that having a solid plan ahead of time will avoid additional costs the truth is there are many areas of any business that cost money. Unfortunately, items don’t always work the way you expected and before you know it you are throwing good money after bad. This may seem like an obvious concept, but this like many concepts might get lost along the way, especially if you don’t consciously acknowledge it and even plan on it ahead of time.
Whether you are building your business on a shoestring like I have, or you have unlimited resources managing the costs of a business from the beginning is essential. A few things to remember to add to your list of expenses, coming from my journey only.
- The type of website you need. – we will discuss this soon
- Website registration – this is basically your ownership of your website
- Website hosting – getting your website live and seen.
- Creating your website – do it yourself or professional
- Getting help – next blog – from doing it yourself to outsourcing
- Marketing your business – another blog on its way. Create your list of tools
- Employment – planning ahead for employment expenses will help with goal setting
- Time investment
Time is money, this is one that I actually try not to think about too much. Since I built my website/business on a shoe string, and had no clue how to create it I spent a lot of time learning how to build it. This is a double edge sword to say the very least. If you plan to build your site yourself following the rest of my blogs could help you avoid some of the pitfalls I went through. At the very least you may feel better knowing you are not the only one with the obstacles you face.
Managing the cost is difficult. Have a realist idea of what you can and want to spend. Managing your budget will help manage your stress. Remember if you are doing it yourself and it is taking longer than you want it doesn’t mean you shouldn’t have done it yourself. No one can take a learning experience or your education away from you. The more you know about your own business the better off you and your business will be, I will touch on this again in another blog.
Thanks for reading, Next one will be – Getting Help
Lori – The Method to My Madness
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