One of the most important challenge for the new business owner to create a budget for the new company, so you can see expected income and expenses and cash needs.

It is commonly seen, that many new companies underestimate how much it costs to become operational and how long it’ll take to get there.

Indeed, the important key to success is managing costs at low point. Thanks for sharing your experience with us.

With best regards,

Amar Kumar

I had the skills as a web developer back then and I thought I knew how to start and run a profitable business. Unfortunatly I got burned on only my second ever client.

I spent 2 weeks designing and developing a hip-hop website and when it came to launch the client refused to pay me citing that “The Video upload Feature is not simple enough”. Lesson learned.

I now don’t start any jobs without a deposit of at least 40% these days. Ihave also learned to say No to those people expecting the best but only willing to pay the least, people I call Tyre-Kickers.

Some great and brilliant advice here Erik.
Phillip

Even though with abundant open-source resources and platforms, starting a business is made simpler. But, analyzing the areas where to invest, decides our success – in terms of ROI. Being a successful entrepreneur depends on how we are serious about marketing and investments in marketing campaigns. thanks for the heads-up, Erik.

When sales grow, the budget should grow parallelly. Otherwise, it’s nothing but we are limiting our growth ourselves. But, we must be strategic to single out where to invest and not to dissipate money. Measuring ROI and monitoring the analytics is crucial for any business and its growth.