“Are You Eating Up Your Profits in your home business ? No I am not referring to the regularly perceived ‘home based business’. I am referring to your HOME business. Few people realize your home business is just like a regular store front business. Your home must make a profit to keep it’s doors open. If homes were managed under the same basic business rules as a storefront business, there would be less foreclosures.
Your decisions regarding what, where and how you eat, eats away at your profit. When was the last time you figured the cost of all the drive through fast food meals, or restaurant meals during a 30 day period ? Or the cost of all the ‘carry outs’ simply because you didn’t feel like cooking ? Have you ever stopped and looked at your grocery ticket to see how many expensive frozen and pre-packed food items came into your kitchen instead of you preparing meals from scratch ? Big ticket profit eaters to look for on a grocery receipt are the over-priced non-food items because they were convenient ?
As the family business CEO, you have those things to consider plus many more if you are to keep the family home business secure. It’s all on your shoulders to educate yourself of money saving trends, to be flexible yet solid enough to handle all unexpected cost. You not only must meet current responsibilities like any business but you must also have money left over for future growth such as investments for college, new home, or that super big event coming up.
You have to figure out a budget that will take you through the slow season. Which in your home business might be a seasonal change in income or a seasonal change in expenses. The expense of school is a seasonal change. There is an additional outlay for new clothes, school supplies, fees, etc. Today, there are many employment cutbacks in hours, and benefits, some temporary, some permanent.
You also have to contend with seasonal expenses of taxes, insurance, car maintenance and even house maintenance. Things that rarely get written down on the budget sheet but occur every year such as yearly check up on the A/C, snow removal, and gutter or chimney cleaning. Your home business profitability depends upon how efficiently you plan for all of these seasonal expenses, plus all those that we don’t have on a regular schedule. Who planned on that trip to the emergency room ? Who planned on the terrible storm that hasn’t occurred for the past forty years but came through taking half of the roof off ?
A home business just like any store front business on Main Street, there must be a preventive maintenance plan in place. A family should have an emergency fund. Get with trained experienced counselors at Spectrum Resources to help you structure a personalized plan for your family business. You will be glad you did !
Call (863) 967-0660 or email: SpectrumResources@tampabay.rr.com Tax exempt donations to help us help others with financial literacy are always appreciated and can be mailed to: SRDC 2014 Brentwood Dr. Auburndale, FL. 33823 or use the online processor: www.Checkman.com/pay4it/1295 Remember to visit our other blogs for more lessons in attaining self sufficiency. http://MoneySavingTips.PolkVoice.com and http://SpectrumResources.wordpress.com and come back to http://FinancialEducationAndOptions.blogspot.com
Your decisions regarding what, where and how you eat, eats away at your profit. When was the last time you figured the cost of all the drive through fast food meals, or restaurant meals during a 30 day period ? Or the cost of all the ‘carry outs’ simply because you didn’t feel like cooking ? Have you ever stopped and looked at your grocery ticket to see how many expensive frozen and pre-packed food items came into your kitchen instead of you preparing meals from scratch ? Big ticket profit eaters to look for on a grocery receipt are the over-priced non-food items because they were convenient ?
As the family business CEO, you have those things to consider plus many more if you are to keep the family home business secure. It’s all on your shoulders to educate yourself of money saving trends, to be flexible yet solid enough to handle all unexpected cost. You not only must meet current responsibilities like any business but you must also have money left over for future growth such as investments for college, new home, or that super big event coming up.
You have to figure out a budget that will take you through the slow season. Which in your home business might be a seasonal change in income or a seasonal change in expenses. The expense of school is a seasonal change. There is an additional outlay for new clothes, school supplies, fees, etc. Today, there are many employment cutbacks in hours, and benefits, some temporary, some permanent.
You also have to contend with seasonal expenses of taxes, insurance, car maintenance and even house maintenance. Things that rarely get written down on the budget sheet but occur every year such as yearly check up on the A/C, snow removal, and gutter or chimney cleaning. Your home business profitability depends upon how efficiently you plan for all of these seasonal expenses, plus all those that we don’t have on a regular schedule. Who planned on that trip to the emergency room ? Who planned on the terrible storm that hasn’t occurred for the past forty years but came through taking half of the roof off ?
A home business just like any store front business on Main Street, there must be a preventive maintenance plan in place. A family should have an emergency fund. Get with trained experienced counselors at Spectrum Resources to help you structure a personalized plan for your family business. You will be glad you did !
Call (863) 967-0660 or email: SpectrumResources@tampabay.rr.com Tax exempt donations to help us help others with financial literacy are always appreciated and can be mailed to: SRDC 2014 Brentwood Dr. Auburndale, FL. 33823 or use the online processor: www.Checkman.com/pay4it/1295 Remember to visit our other blogs for more lessons in attaining self sufficiency. http://MoneySavingTips.PolkVoice.com and http://SpectrumResources.wordpress.com and come back to http://FinancialEducationAndOptions.blogspot.com
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