After reading numerous books and training materials you have made the decision on starting your first home business. First, remember we are in a global recession so pay close attention to your money as you start marketing your business. I'm going to share with you some tips on how to manage your home business finances.
1. If it's free-grab it! Always take advantage of free give aways first. If you can get on to sites where you can advertise for free use these to save money on your advertising budget. Always take the trial periods before signing up for the service offered. That way you can save a month of expense you would have incurred otherwise before deciding if the product offered is suitable for your business.
2. Share your website with all your email buddies and on social networking sites. This can work in your favour particularly if your friends and associates can provide you with some feed back on your site before using more expensive marketing tools.
3. Keep tabs on your spending online. This can add over time and before you know it you've spent money that you really need later on to expand your business reach. Record all the cash you've spent on you credit cards or other wise.
4. Always prepare an advertising budget. E.g if you plan on spending $100 each month on ads etc. make sure you allocate appropriately to each campaign you are working on. This allows you to track how much you are spending on each campaign and and to see which ones are profitable.
5. Always prepare a monthly statement of income and expenses to see if your business is profitable. You may have to spend more initially to get started but over time your profits should be more than your expenses. If you have not even break even within a given time frame you should consider moving on.
Happy tracking!
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