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How do I set up a budget for my new business?
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Setting up a budget for your new business is an important step to ensure its success. First, define your start-up costs and list all expenses you will need to calculate your starting capital. Then consider the average monthly costs, such as rent and utilities, employee wages and benefits, insurance premiums, loan payments, taxes, legal and accounting fees, marketing costs, and any other expenses associated with running a business. You'll also need to set up a budget for your expected income, including sales, subscriptions, sponsorships, and other revenue sources. Finally, use a budgeting program or spreadsheet to track all of your budgets and expenses. By considering possible revenue and expenses ahead of time, you will be better prepared to manage your budget and make informed decisions while running your business.