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90000 How Much Should You Budget for Home Repairs? 90001 90002 Consider these 4 questions to set up a home maintenance fund. 90003 90002 Buying a home might be one of the most exciting times in your life. It’s full of possibilities, but it’s also full of a whirlwind of paperwork and financial hurdles. One of those hurdles that can easily get lost in the shuffle of mortgage documents and closing costs: saving money for emergency home repairs. 90003 90002 «Homebuyers rarely consider how much it will cost to own, operate and maintain a house,» says Ilyce Glink, author of «100 Questions Every First-Time Home Buyer Should Ask» and publisher of ThinkGlink.com, a personal finance and real estate educational website. «They’re very interested in looking at how much mortgage, taxes and insurance will cost, but if a homebuyer is on the edge of affordability, buying a bigger house with higher maintenance and upkeep could push him or her over the edge financially.» 90003 90002 90009 90003 90002 In order to avoid this scenario, consider setting up a home maintenance and repair fund. But how much should you budget for home repairs, and how will budgeting for unexpected home repairs make your life easier as a homeowner? Consider the answers to the following four commonly asked questions: 90003 90013 1.How can a home maintenance fund help you? 90014 90002 Budgeting for unexpected home repairs helps to ensure that you have enough money to keep your home safe and in good working order. No one wants to deal with a leaky roof or a toilet that does not flush. 90003 90002 For Lisa, who blogs only under her first name at Mad Money Monster, it literally took a lightning strike to encourage her to save money for emergency home repairs. 90003 90002 «I realized I needed to save for home repairs when lightning struck our neighbor’s tree on our fence line,» she says.»Unfortunately, it split and fell into my side yard. Interestingly, if a tree falls onto your property, regardless of where the roots live, you’re responsible. » 90003 90002 Luckily, Lisa explains, not only did the tree miss her newly installed fence by a few feet, but her neighbor agreed to pay for the cleanup, so mother nature’s havoc did not cost her anything. Had that not been the case, she says she was probably looking at $ 1,000 or more in cleanup and repairs. 90003 90002 «From that point on, I decided to dedicate a $ 100 per month for repairs in a separate bank account in order to be prepared for the unexpected,» she says.90003 90002 Good thing, because when an ice storm hit a few years later, causing major damage to about 20 pine trees on her property and leaving her yard a mess of downed branches, she says she was able to tap these funds to pay for the $ 800 required to clean things up. 90003 90002 «The best part about having that home maintenance or repair fund is that I’ve eliminated the stress and worry that I dealt with before having one,» she says. «Even though I’m only saving $ 100 each month, that $ 100 adds up quickly and has come in handy more than once.»90003 90013 2. How much should you budget for unexpected home repairs? 90014 90002 There are a couple of rules of thumb that can help guide you when budgeting for unexpected home repairs. 90003 90002 According to the one percent rule, you should set aside at least one percent of your home’s value every year for home maintenance. For a $ 360,000 house, this works out to $ 3,600 per year, or $ 300 per month. 90003 90002 Another good rule of thumb is «saving 10 percent of the total cost of your property taxes, mortgage and insurance payments,» Glink says.»This is probably the minimum amount you should plan for.» 90003 90002 Using this logic, if you make a combined tax, mortgage and insurance payment of $ 2,000 per month, you should set aside another $ 200 for home repairs and maintenance. 90003 90039 90002 «The best part about having that home maintenance or repair fund is that I’ve eliminated the stress and worry that I dealt with before having one.» 90003 — Lisa, blogger at Mad Money Monster 90042 90013 3.When should you consider saving more? 90014 90002 If you’re determining how much you should budget for home repairs, consider the age of your home. If you have an older property, Glink says you may want to set aside a larger amount than the rules of thumb dictate, particularly if you know there are repairs looming on the horizon. 90003 90002 However, if you have a newer home, do not think that you get a temporary pass from saving money for emergency home repairs. It’s true that homes generally do not need as many repairs in their first five years, Glink says.But that does not hold true for 90048 all 90049 new homes, and new homes are not immune to accidents and weather damage that homeowners insurance may not cover. 90003 90002 «My house was brand new when I bought it, so I was not too concerned about having major issues,» Lisa says, «but the tree was a wake-up call.» 90003 90013 4. Where should you save money for emergency home repairs? 90014 90002 The best place to save money for emergency home repairs is in a savings vehicle that’s relatively liquid.90003 90002 «You’re going to need to get at this cash quickly and easily when something happens,» Glink says. «Do not tie it up into long-term bonds just because you think you’ll earn a little more in interest. Find an FDIC-insured bank account that pays the best rate of interest you can find. » 90003 90002 Sunny skies are the right time to save for a rainy day. 90003 90002 Start an emergency fund with no minimum balance. 90003 Start Saving 90063 Online 90064 Savings 90002 Discover Bank, Member FDIC 90003 90002 Budgeting for unexpected home repairs and saving that money in a high-interest online savings account has a lot of benefits.You’ll earn interest on your funds while they are parked in your account, and with an FDIC-insured bank, your account will be insured up to the maximum allowed by law if the bank fails. Another online savings account benefit is that you can easily withdraw money when a home emergency pops up. 90068 1 90069 90003 90002 «I have a separate online savings account where these funds live,» Lisa says. 90003 90002 Keeping your home repair and maintenance fund in a separate account can help you save money for emergency home repairs by making it more difficult to dip into the funds for an expense not related to its intended purpose.90003 90002 90076 90003 90013 Time to save money for emergency home repairs 90014 90002 Homeownership is a big responsibility with equally big costs. Most people think that the bulk of their costs come with the home down payment and closing, but unexpected home repairs can haunt you years later. As long as you determine how much you should budget for home repairs and come up with a game plan to save, you can enjoy your home stress-free-no scrambling when an unexpected home repair creeps up.90003 90002 90068 1 90069 Federal law limits certain types of withdrawals and transfers from savings and money market accounts to a combined total of 6 per calendar month per account. There are no limits on ATM withdrawals or official checks mailed to you. To get an account with an unlimited number of transactions, consider opening a Discover Cashback Debit account. If you go over these limitations on more than an occasional basis, your account may be closed. See Section 11 of the Deposit Account Agreement for more details.90003 90002 Discover Bank, Member FDIC 90003 90002 Related Article 90003 .90000 DIY Bathroom Remodel: A Step-By-Step Guide 90001 90002 A bathroom makeover is an easy way to spruce up your home. But before you start taking measurements for an open shower, you should take the time to plan out your bathroom renovation step-by-step so you know exactly what you’re getting into. 90003 90004 How Much Does a Bathroom Remodel Cost? 90005 90002 According to Angie’s List, the average total cost of a bathroom remodel is between $ 10,000 — $ 15,000, with labor costs taking up at least 20% of the budget.By going the do-it-yourself remodeling route, you can expect to save as much as a few thousand dollars. 90003 90002 Curious about how to remodel a bathroom yourself? Take a look at our step-by-step guide to figure out the best way to tackle your bathroom remodel. 90003 90004 Prep for Your DIY Bathroom Remodel 90005 90012 Establish Your Bathroom Makeover Design 90013 90002 Before you do any bathroom remodeling yourself, you should settle on a new design that fits your vision, as well as your skill set.There are so many different ways to approach a bathroom makeover, ranging from swapping out the vanity to gutting the space and starting over from scratch. 90003 90002 Here are a few design elements you absolutely need to nail down before you start your bathroom renovation: 90003 90018 90019 90020 Color scheme: 90021 Are you a fan of blue hues? Or perhaps shades of gray fit the rest of your decor? Know ahead of time to make sure your new bathroom tiles do not clash with your choice of paint.90022 90019 90020 New fixtures: 90021 Will you replace or remodel your shower / tub? Are you installing a new sink? Replacing one or both of these fixtures will add to your project time and budget. 90022 90019 90020 Storage spaces: 90021 Where will you keep your towels and toiletries post-remodel? If you’re removing a closet to expand the room, make sure you have shelving or cabinets to make up for the lost storage space in your bathroom. 90022 90019 90020 Location of utilities: 90021 Do you know where the electrical wiring and plumbing pipes are located? Make sure you have accurate measurements for each of these so you do not end up needing expensive repairs.90022 90035 90002 90037 90003 90012 Gather Your Remodeling Tools and Supplies 90013.90000 A Step by Step Guide to Starting a Business 90001 Shutterstock / FlamingoImages 90002 90003 You want to make sure you prepare thoroughly before starting a business, but realize that things will almost certainly go awry. To run a successful business, you must adapt to changing situations. 90004 90003 Conducting in-depth market research on your field and the demographics of your potential clientele is an important part of crafting a business plan.This involves running surveys, holding focus groups, and researching SEO and public data. 90004 90003 Before you start selling your product or service, you need to build up your brand and get a following of people who are ready to jump when you open your doors for business. 90004 90009 90010 Talk to any entrepreneur or small business owner and you’ll quickly learn that starting a business requires a lot of work. An idea does not become a business without effort. 90011 90010 Some budding entrepreneurs understand the effort necessary to create a business, but they might not be familiar with the many steps required to launch a business venture.If you’re willing to put in the effort to build a business, you’re going to want to know the steps needed to reach your goals. 90011 90010 Tasks like naming the business and creating a logo are obvious, but what about the less-heralded, equally important steps? Whether it’s determining your business structure or crafting a detailed marketing strategy, the workload can quickly pile up. Rather than spinning your wheels and guessing at where to start, follow this 10-step checklist to transform your business from a lightbulb above your head to a real entity.90011 90010 90017 In this article … 90018 90011 90010 90017 1. Refine your idea. 90018 90011 90010 90017 2. Write a business plan. 90018 90011 90010 90017 3. Assess your finances. 90018 90011 90010 90017 4. Determine your legal business structure. 90018 90011 90010 90017 5. Register with the government and IRS. 90018 90011 90010 90017 6. Purchase an insurance policy. 90018 90011 90010 90017 7. Build your team. 90018 90011 90010 90017 8.Choose your vendors. 90018 90011 90010 90017 9. Brand yourself and advertise. 90018 90011 90010 90017 10. Grow your business. 90018 90011 90010 90011 90062 1. Refine your idea. 90063 90010 If you’re thinking about starting a business, you likely already have an idea of ​​what you want to sell, or at least the market you want to enter. Do a quick search for existing companies in your chosen industry. Learn what current brand leaders are doing and figure out how you can do it better.If you think your business can deliver something other companies do not (or deliver the same thing, only faster and cheaper), you’ve got a solid idea and are ready to create a business plan. 90011 90010 «In the words of Simon Sinek, ‘always start with why,'» Glenn Gutek, CEO of Awake Consulting and Coaching, told Business News Daily. «It is good to know why you are launching your business. In this process, it may be wise to differentiate between [whether] the business serves a personal why or a marketplace why.When your why is focused on meeting a need in the marketplace, the scope of your business will always be larger than a business that is designed to serve a personal need. «90011 90010 Another option is to open a franchise of an established company. The concept, brand following and business model are already in place; all you need is a good location and the means to fund your operation. 90011 90010 Regardless of which option you choose, it’s vital to understand the reasoning behind your idea.Stephanie Desaulniers, director of operations and women’s business programs at Covation Center, cautions entrepreneurs from writing a business plan or brainstorming a business name before nailing down the idea’s value. 90011 90010 «Many people think they have a great idea and jump into launching their business without thinking through who their customers will be, or why these people should want to buy from or hire them,» Desaulniers said. 90011 90010 «Second, you need to clarify why you want to work with these customers — do you have a passion for making people’s lives easier? Or enjoy creating art to bring color to their world? Identifying these answers helps clarify your mission.Third, you want to define how you will provide this value to your customers and how to communicate that value in a way that they are willing to pay. «90011 90010 During the ideation phase, you need to iron out the major details. If the idea is not something you’re passionate about or if there’s not a market for your creation, it might be time to brainstorm other ideas. 90011 90062 2. Write a business plan. 90063 90010 Once you have your idea in place, you need to ask yourself a few important questions: What is the purpose of your business? Who are you selling to? What are your end goals? How will you finance your startup costs? These questions can be answered in a well-written business plan.90011 90010 A lot of mistakes are made by new businesses rushing into things without pondering these aspects of the business. You need to find your target customer base. Who is going to buy your product or service? If you can not find evidence that there’s a demand for your idea, then what would be the point? 90011 90084 Conduct market research. 90085 90010 Conducting thorough market research on your field and demographics of potential clientele is an important part of crafting a business plan.This involves conducting surveys, holding focus groups, and researching SEO and public data. 90011 90010 Market research helps you understand your target customer — their needs, preferences and behavior — as well as your industry and competitors. The U.S. Small Business Administration (SBA) recommends gathering demographic information to better understand opportunities and limitations within your market. 90011 90010 The best small businesses have products or services that are differentiated from the competition.This has a significant impact on your competitive landscape and allows you to convey unique value to potential customers. A guide to conducting market research can be found on our sister site, business.com. 90011 90084 Consider an exit strategy. 90085 90010 It’s also a good idea to consider an exit strategy as you compile your business plan. Generating some idea of ​​how you’ll eventually exit the business forces you to look to the future. 90011 90010 «Too often, new entrepreneurs are so excited about their business and so sure everyone everywhere will be a customer that they give very little, if any, time to show the plan on leaving the business,» said Josh Tolley CEO of both Tribal Holdings and Kavana.90011 90010 «When you board an airplane, what is the first thing they show you? How to get off of it. When you go to a movie, what do they point out before the feature begins to play? Where the exits are. Your first week of kindergarten, they line up all the kids and teach them fire drills to exit the building. Too many times I have witnessed business leaders that do not have three or four pre-determined exit routes. This has led to lower company value and even destroyed family relationships.»90011 90010 A business plan helps you figure out where your company is going, how it will overcome any potential difficulties and what you need to sustain it. Check out our full guide to writing a business plan, and when you’re ready to put pen to paper, these free templates can help. 90011 90010 90017 [See related story: 90018 90017 The Best Business Plan Software 90018 90017] 90018 90011 90062 3. Assess your finances. 90063 90010 Starting any business has a price, so you need to determine how you’re going to cover those costs.Do you have the means to fund your startup, or will you need to borrow money? If you’re planning to leave your current job to focus on your business, do you have money put away to support yourself until you make a profit? It’s best to find out how much your startup costs will be. 90011 90010 Many startups fail because they run out of money before turning a profit. It’s never a bad idea to overestimate the amount of startup capital you need, as it can be a while before the business begins to bring in sustainable revenue.90011 90084 Perform a break-even analysis. 90085 90010 One way you can determine how much money you need is to perform a break-even analysis. This is an essential element of financial planning that helps business owners determine when their company, product or service will be profitable. 90011 90010 The formula is simple. 90011 90002 90003 90017 Fixed Costs / (Average Price — Variable Costs) = Break-Even Point 90018 90004 90009 90010 Every entrepreneur should use this formula as a tool because it informs you about the minimum performance your business must achieve to avoid losing money.Furthermore, it helps you understand exactly where your profits come from, so you can set production goals accordingly. 90011 90010 Here are the three most common reasons to conduct a break-even analysis: 90011 90132 90003 90017 90018 90017 Determine profitability 90018. This is generally every business owner’s highest interest. 90017 Ask yourself 90018: How much revenue do I need to generate to cover all my expenses? Which products or services turn a profit and which ones are sold at a loss? 90004 90003 90017 90018 90017 Price a product or service 90018.When most people think about pricing, they consider how much their product costs to create and how competitors are pricing their products. 90017 Ask yourself 90018: What are the fixed rates, what are the variable costs, and what is the total cost? What is the cost of any physical goods and what is the cost of labor? 90004 90003 90017 90018 90017 Analyze the data. 90018 What volumes of goods or services do you have to sell to be profitable? 90017 Ask yourself 90018: How can I reduce my overall fixed costs? How can I reduce the variable costs per unit? How can I improve sales? 90004 90157 90084 Watch your expenses.90085 90010 Do not overspend when starting a business. Understand the types of purchases that make sense for your business and avoid overspending on fancy new equipment that will not help you reach your business goals. 90011 90010 «A lot of startups tend to spend money on unnecessary things,» said Jean Paldan, founder and CEO of Rare Form New Media. «We worked with a startup that had two employees but spent a huge amount on office space that would fit 20 people. They also leased a professional high-end printer that was more suited for a team of 100 (it had keycards to track who was printing what and when).Spend as little as possible when you start and only on the things that are essential for the business to grow and be a success. Luxuries can come when you’re established. «90011 90010 If you need financial assistance, a commercial loan through a bank is a good starting point, although these are often difficult to secure. If you are unable to take out a bank loan, you can apply for a small business loan through the Small Business Administration (SBA) or an alternative lender. 90017 [See related story: 90018 90017 Best Alternative Small Business Loans 90018 90017] 90018 90011 90010 Startups requiring significant funding upfront may want to bring on an investor.Investors can provide several million dollars or more to a fledgling company, with the expectation that the backers will have a hands-on role in running your business. 90011 90010 Alternatively, you could launch an equity crowdfunding campaign to raise smaller amounts of money from multiple backers. Crowdfunding has helped numerous companies in recent years, and there are dozens of reliable crowdfunding platforms designed for different types of businesses. 90011 90010 You can learn more about each of these capital sources and more in our guide to startup finance options.90011 90084 Choose the right business bank. 90085 90010 When choosing the right business bank, size matters. Marcus Anwar, co-founder of OhMy.Canada recommends smaller community banks because they are in tune with the local market conditions and will work with you based on your overall business profile and character. 90011 90010 «They’re unlike big banks that look at your credit score and will be more selective to loan money to small businesses,» Anwar said. «Not only that, but small banks want to build a personal relationship with you and ultimately help you if you run into problems and miss a payment.Another good thing about smaller banks is that decisions are made at the branch level, which can be much quicker than big banks where decisions are made at a higher level. «90011 90010 Anwar believes that when choosing a bank for your business, you should ask yourself these questions: 90011 90002 90003 What is important to me? 90004 90003 Do I want to build a close relationship with a bank that’s willing to help me in any ay possible? 90004 90003 Do I want to be just another bank account like big banks will view me as? 90004 90009 90010 Ultimately, choosing the right bank for your business comes down to the needs of your business.Writing down your banking needs can help narrow your focus to what you should be looking for. Schedule meetings with various banks and ask questions about how they work with small businesses to find the best bank for your business. 90017 [See related story: 90018 90017 Business Bank Account Checklist: Documents You’ll Need 90018 90017] 90018 90011 90010 90011 90010 90017 Editor’s note: Looking for a small business loan? Fill out the questionnaire below to have our vendor partners contact you about your needs.90018 90011 90062 4. Determine your legal business structure. 90063 90010 Before you can register your company, you need to decide what kind of entity it is. Your business structure legally affects everything from how you file your taxes to your personal liability if something goes wrong. 90011 90010 If you own the business entirely by yourself and plan to be responsible for all debts and obligations, you can register for a sole proprietorship. Be warned that this route can directly affect your personal credit.90011 90010 Alternatively, a partnership, as its name implies, means that two or more people are held personally liable as business owners. You do not have to go it alone if you can find a business partner with complementary skills to your own. It’s usually a good idea to add someone into the mix to help your business flourish. 90011 90010 If you want to separate your personal liability from your company’s liability, you may want to consider forming one of several types of corporations.This makes a business a separate entity apart from its owners, and, therefore, corporations can own property, assume liability, pay taxes, enter contracts, sue and be sued like any other individual. 90011 90010 One of the most common structures for small businesses, however, is the limited liability corporation. This hybrid structure has the legal protections of a corporation while allowing for the tax benefits of a partnership. 90011 90010 «Corporations, especially C-corporations, are especially suitable for new businesses that plan on ‘going public’ or seeking funding from venture capitalists in the near future,» said Deryck Jordan, managing attorney at Jordan Counsel.90011 90010 Ultimately, it is up to you to determine which type of entity is best for your current needs and future business goals. It’s important to learn about the various legal business structures that are available. If you’re struggling to make up your mind, it’s not a bad idea to discuss the decision with a business or legal adviser. 90011 90062 5. Register with the government and IRS. 90063 90010 To become an officially recognized business entity, you must register with the government.Corporations will need an «articles of incorporation» document, which includes your business name, business purpose, corporate structure, stock details and other information about your company. 90011 90010 Otherwise, you will need to register your business name, which can be your legal name, a fictitious «doing business as» (DBA) name (if you are the sole proprietor), or the name you’ve come up with for your company. You may also want to take steps to trademark your business name for extra legal protection.90011 90010 Most states require that you get a DBA. If you’re in a general partnership or a proprietorship operating under a fictitious name, you may need to apply for a DBA certificate. It’s best to contact or visit your local county clerk’s office and ask about specific requirements and fees. Generally, there is a registration fee involved. 90011 90010 After you register your business, you may need to get an Employer Identification Number (EIN) from the IRS. While this is not required for sole proprietorships with no employees, you may want to apply for one anyway to keep your personal and business taxes separate, or simply to save yourself the trouble later if you decide to hire someone.The IRS has provided a checklist to determine whether you will require an EIN to run your business. If you do need an EIN, you can register online for free. 90011 90010 You also will need to file certain forms to fulfill your federal and state income tax obligations. The forms you need are determined by your business structure. A complete list of the forms each type of entity will need can be found on SBA’s website. You will need to check your state’s website for information on state-specific and local tax obligations.90011 90010 «You might be tempted to wing it with a PayPal account and social media platform, but if you start with a proper foundation, your business will have fewer hiccups to worry about in the long run,» said Natalie Pierre-Louis, an attorney with NPL Consulting. 90011 90084 Obtain all required licenses and permits. 90085 90010 Some businesses may also require federal, state or local licenses and permits to operate. The best place to obtain a business license is at your local city hall.You can then use the SBA’s database to search for licensing requirements by state and business type. 90011 90010 Businesses and independent contractors in certain trades are required to carry professional licenses. One example of a professional business license is a commercial driver’s license (CDL). Individuals with a CDL are allowed to operate certain types of vehicles, such as buses, tank trucks and tractor-trailers. A CDL is divided into three classes: Class A, Class B and Class C. 90011 90010 You should also check with your city and state to find out if you need a seller’s permit that authorizes your business to collect sales tax from your customers.A seller’s permit goes by numerous names, including resale permit, resell permit, permit license, reseller permit, resale ID, state tax ID number, reseller number, reseller license permit or certificate of authority. 90011 90010 It’s important to note that these requirements and names vary from state to state. You can register for a seller’s permit through the state government website of the state (s) you’re doing business in. 90011 90010 Jordan says that not all businesses need to collect sales tax (or obtain a seller’s permit).»For example, New York sales tax generally is not required for the sale of most services (such as professional services, education, and capital improvements to real estate), medicine or food for home consumption,» Jordan said. «So, for example, if your business only sells medicine, you do not need a New York seller’s permit. But New York sales tax must be collected in conjunction with the sale of new tangible personal goods, utilities, telephone service, hotel stays, and food and beverages (in restaurants).»90011 90062 6. Purchase an insurance policy. 90063 90010 It might slip your mind as something you’ll «get around to» eventually, but purchasing the right insurance for your business is an important step that should happen before you officially launch. Dealing with incidents such as property damage, theft or even a customer lawsuit can be costly, and you need to be sure that you’re properly protected. 90011 90010 If your business will have employees, you will, at a minimum, need to purchase workers ‘compensation and unemployment insurance.You may also need other types of coverage depending on your location and industry, but most small businesses are advised to purchase general liability (GL) insurance, or a business owner’s policy. GL covers property damage, bodily injury and personal injury to yourself or a third party. 90011 90010 If your business provides a service, you may also want to consider professional liability insurance. It covers you if you do something wrong or neglect to do something you should have done while operating your business.Learn more about the types of insurance policies your business might need. 90011 90062 7. Build your team. 90063 90010 Unless you’re planning to be your only employee, you’re going to need to hire a great team to get your company off the ground. Joe Zawadzki, CEO and founder of MediaMath, said entrepreneurs need to give the «people» element of their businesses the same attention they give their products. 90011 90010 «Your product is built by people,» Zawadski said. «Identifying your founding team, understanding what gaps exist, and [determining] how and when you will address them should be top priority.Figuring out how the team will work together … is equally important. Defining roles and responsibility, division of labor, how to give feedback or how to work together when not everyone is in the same room will save you a lot of headaches down the line. «90011 90062 8. Choose your vendors. 90063 90010 Running a business can be overwhelming, and you and your team probably are not going to be able to do it all on your own. That’s where third-party vendors come in. Companies in every industry from HR to business phone systems exist to partner with you and help you run your business better.90011 90010 When you’re searching for B2B partners, you’ll have to choose carefully. These companies will have access to vital and potentially sensitive business data, so it’s critical to find someone you can trust. In our guide to choosing business partners, our expert sources recommend asking potential vendors about their experience in your industry, their track record with existing clients and what kind of growth they’ve helped other clients achieve. 90011 90010 Business News Daily offers reviews of the best vendors across a wide range of B2B product and service categories.Visit our Find a Solution section to find our recommendations. 90011 90062 9. Brand yourself and advertise. 90063 90010 Before you start selling your product or service, you need to build up your brand and get a following of people ready to jump when you open your literal or figurative doors for business. 90011 90010 Create a logo that can help people easily identify your brand, and be consistent in using it across all of your platforms, including your all-important company website.Use social media to spread the word about your new business, perhaps as a promotional tool to offer coupons and discounts to followers once you launch. 90017 [See related review: 90018 90017 Best Email Marketing Software and Services for 2020 90018] 90011 90010 Be sure to also keep these digital assets up to date with relevant, interesting content about your business and industry. According to Ruthann Bowen, client relations specialist at EastCamp Creative, too many startups have the wrong mindset about their websites.90011 90010 «The issue is they see their website as a cost, not an investment,» Bowen said. «In today’s digital age that’s a huge mistake. The small business owners who understand how critical it is to have a great online presence will have a leg up on starting out strong.» 90011 90010 Creating a marketing plan that goes beyond your launch is essential to building a clientele by continually getting the word out about your business. This process, especially in the beginning, is just as important as providing a quality product or service.90011 90084 Ask customers to opt-in to your marketing communications. 90085 90010 As you build your brand, ask your customers and potential customers for permission to communicate with them. The easiest way to do this is by using opt-in forms. These are «forms of consent» given by web users, authorizing you to contact them with further information about your business, according to Dan Edmonson, founder and CEO of Dronegenuity. 90011 90010 «These types of forms usually pertain to email communication and are often used in e-commerce to request permission to send newsletters, marketing material, product sales, etc.to customers, «Edmonson said.» Folks get so many throwaway emails and other messages these days, that by getting them to opt-in to your services in a transparent way, you begin to build trust with your customers. «90011 90010 Opt-in forms are a great starting point for building trust and respect with potential customers. However, it’s important to know that these forms are required by law. The CAN-SPAM Act of 2003 sets requirements for commercial email by the Federal Trade Commission. This law does not just apply to bulk email, it covers all commercial messages in which the law defines as «any electronic mail message the primary purpose of which is the commercial advertisement or promotion of a commercial product or service.»Each email in violation of this law is subject to fines of more than $ 40,000. 90011 90062 10. Grow your business. 90063 90010 Your launch and first sales are only the beginning of your task as an entrepreneur. To make a profit and stay afloat, you always need to be growing your business. It’s going to take time and effort, but you’ll get out of your business what you put into it. 90011 90010 Collaborating with more established brands in your industry is a great way to achieve growth.Reach out to other companies or even https://www.businessnewsdaily.com and ask for some promotion in exchange for a free product sample or service. Partner with a charity organization, and volunteer some of your time or products to get your name out there. To grow your business quickly, check out our business growth tips. 90011 90010 While these tips will help launch your business and get you set to grow, there’s never a perfect plan. You want to make sure you prepare thoroughly for starting a business, but things will almost certainly go awry.To run a successful business, you must adapt to changing situations. 90011 90010 «Be prepared to adjust,» said Stephanie Murray, CEO and founder of Fiddlestix Candy Co. «There’s a saying in the military that ‘no plan survives the first contact,’ meaning that you can have the best plan in the world, but as soon as it’s in action, things change, and you have to be ready and willing to adapt and problem-solve quickly. As an entrepreneur, your value lies in solving problems whether that is your product or service solving problems for other people or you solving problems within your organization.»90011 .90000 15 Ways to Make Sure You Stay on Budget 90001 90002 When it comes to building your own home from scratch or renovating an existing property, a key (arguably the most important) part of the project is making sure you stick to your budget. A contingency fund (of at least 10%) is a good idea, but if costs are allowed to run ahead of budget it can make occupation of the new home difficult and even force the homeowners to sell up as soon as the project is completed. 90003 90002 In order to avoid financial disasters occurring, here are some tips to take notice of and bear in mind at all times.90003 90006 1. Put Budget at the Top of Your Wishlist 90007 90002 Any wishlist presented to your chosen designer must have, at the very top of that list, exactly what the build budget is. It should be made clear from the outset that any plans drawn on your behalf must be capable of being built within and for that budget, if they are to be considered as fit for purpose. 90003 90002 Plans which demonstrably fail to adhere to this criteria should not be paid for and you should consider how to best proceed — if necessary, moving on to a designer who can more clearly show that they understand the budget’s importance.90003 90002 90003 90006 2. Choose Designers Who Understand Costs 90007 90002 Only work with designers who can demonstrate a thorough knowledge and understanding of costs. It’s all too easy to get carried away with esoteric and grandiose design concepts, which will have a knock-on effect on costs. Yet that does not mean that the self builder or renovator with budget restraints always has to put up with the boring or mundane designs. There are many ways of achieving that wow-factor without necessarily incurring significant extra costs.90003 90002 What one must avoid is the total disconnect between design and costs that can lead to a whole lot of work, plans and money ending up in the bin. If you suspect that your designer or architect is not paying attention to costs and the budget, then cut loose from them as quickly as possible. 90003 90006 3. Keep Budgeting Throughout the Project 90007 90002 The budget is not a one-off, fixed thing. You do not work out your budget and then simply trust that an evolving design, which may have seemed financially practical at the beginning, will continue to be so at its climax.90023 At each stage of its evolution, advice should be sought to make sure that the project is staying on budget 90024 — and if necessary a changed management process put in place to formalise its impact on the cost plan. 90003 90002 Things are going to change, even after what you may have thought were the final plans. Planners might insist on changes. Helpful interested parties may suggest alterations, many of which could make the building more attractive or more valuable. However, each time there is a change, it must always be related back to the original costs and the budget — if something goes up, then something else must come down.90003 90006 4. Always Add a Contingency 90007 90002 Top tip 90003 90002 On most sites a contingency of 10% is usually sufficient. On a sloping site, on bad ground or where there’s a basement, then 20% might be a better amount. 90003 90002 Something is bound to happen during the build that may throw your costs out. You need a contingency to take care of the unforeseens on site. Contrary to most perceptions, a contingency is not normally used up in one or two disasters, but is instead used in the gentle and general creep in prices as each trade progresses.90003 90002 If the ground is a bit soft you’ll have to dig deeper. Digging deeper means more time excavating. It means more soil away and it means more concrete in the foundations. A few more power points, underfloor central heating instead of radiators, a better kitchen or bathroom, that’s where the money goes. 90003 90006 5. Add Cost Savings to Your Contingency Fund 90007 90002 If you make a saving on one aspect of the build, do not always rush out to spend it in making the building bigger or by choosing more expensive external materials.Instead, save it and use it — if it’s still available in the later stages of the project then you have the option to spend this on better internal fittings such as kitchen units, sanitaryware and flooring, once the principal costs have been expended. 90003 90002 Having that money ‘in the kitty’ might also be of considerable help if something unforeseen goes over budget. The chances are that most cost differentials are likely to be against you rather than for you — so make sure you pocket the ones that come in under budget.90003 90006 6. Get Definitive Costs 90007 90002 You can not get definitive costs at the initial drawings stage. All you can do at that point is to rely on professional opinion, your own calculations with respect to the build cost calculator and, perhaps, the judgement of a friendly builder who’s prepared to give you a rough estimate based on their experience. 90003 90002 As soon as you’ve got dimensioned or scalable drawings, arrange for one of the estimating companies who work within the industry to prepare you a full costing breakdown, listing all of the costs for labour, plant and materials.This is invaluable. It will, of course, demonstrate to you that you are on budget. But it will also be a formidable tool in negotiating prices with labour, builders and suppliers. 90003 90002 An alternative would be to send the drawings off to a quantity surveyor, but that’s likely to be a much more expensive option and the resulting information might not be directly relevant to a self build or renovation project. 90003 90006 7. Be Flexible 90007 90002 Nothing is sillier than pursuing plans for a building that you can not afford to build.If your constant re-evaluation of the costs and budget prove that this is the case, do not bury your head in the sand. Bite the bullet and call a halt. If your strictures about budget have been ignored by the architect or designer, then you should be quite within your rights not to pay for the work done. In which case all you’ll have lost is time. 90003 90002 If the costs have increased beyond the budget due to your demands and unsustainable aspirations then you are culpable in your own misfortune.To proceed without funds will only lead to heartache and frustration. Listen to the advice and start the design process again — the extra few thousand pounds now will save you much more later on. 90003 90006 8. Consider Project Management 90007 90002 The lure of project managing is easy to understand: you could end up saving up to 17% on your build costs if you take on the role yourself. That’s not even mentioning that you’re putting yourself in control of the project, which is itself a powerful motivation for some.However, any novice mistakes you may make will create delays and eat into the contingency you set aside in your budget. 90003 90002 If you can commit to the role — and feel like you have the skills to succeed at it — then you can certainly save money by taking it on. Equally, if you can not commit or are not confident in your skills, not taking on the role can also be a money-saving decision — leaving it in the hands of a professional project manager is money well-spent. 90003 90006 9. Should you DIY? 90007 90002 As well as deciding whether to project manage, have a similar conversation with yourself about your DIY skills.Do not just take on jobs for the sake of saving a penny or two if you lack the requisite ability — or the confidence — to finish the job to a standard you’d be happy to live with. 90003 90002 It is undeniably a false economy to tackle an aspect of your build yourself only to have it redone in the near future because your work was not up to scratch. Worse still is to end up spending money repairing or completely redoing something you’ve botched — the extra cost of the labour and materials being something that could have been easily avoided.90003 90002 But when it comes to the more straightforward aspects of a project that simply require a bit of legwork — for example, keeping the site tidy each night, basic landscaping and decorating — you should be able to use your involvement as a relatively easy way of reducing labour costs. 90003 90002 It is not unusual for extras to the original contract to cost 40% or more. If you do not watch out and you let things slide without checking prices, you could be in for a very nasty shock at the end of the project.90003 90002 Always insist on any extras, such as fitted wardrobes, more power points, garden walls etc., being properly costed and agreed in writing before they are enacted. When you then get the prices for the extras, relate them to your overall budget before commissioning them. If trades or a builder does things differently, just because they thought it would be better, without your prior agreement then you’re under no obligation to pay for them if they cost more. 90003 90006 11. Consider Subcontractors 90007 90002 If you had hoped to get a builder to do the whole job and the prices you’re getting prove to you that it is not going to be possible, then you might consider employing direct or subcontract labour for the various trades, thus cutting out the builder’s profit.It might involve you in more work and a greater responsibility on site, but if it gets you the home you want within your budget, then it’s well worth consideration. 90003 90002 On the other hand, if costs are still in excess of your budget, even when you’ve adopted this new build method, then the only thing to do is go back to the drawing board. 90003 90006 12. Phasing the Project 90007 90002 Having to go back to the drawing board at this point really goes to show that you have not paid the right attention to costs and budget.Nevertheless, in some cases, and especially if the project is intended as your long-term home, it might be possible to phase some of the work to fit in with your budget. 90003 90002 Detached garages can always be built later; the expensive kitchen can wait a few years while you get by on a cheaper alternative; ditto with bathrooms. You might want to consider splitting the project into weathertight and fit-out stages, meaning that you can approach the management of these stages differently too — perhaps using a main contractor for the first part and managing the finishing trades yourself.90003 90006 13. Buy in Bulk 90007 90002 Taking advantage of any economies of scale that are available to you is a great way of keeping spending on track. Skilfully using the same materials throughout the build — exterior and interior — can be one option. Buying materials such as bricks, roofing materials and interior products such as bathroom tiles and flooring, for instance, in bulk, could afford you a stronger buying position than picking smaller lots of multiple types. 90003 90002 If you are also able to store the materials securely on site, you can also save some money by having these delivered at the same time, avoiding having to pay for multiple deliveries.90003 90006 14. Buy Site Goods Rather Than Hire 90007 90002 The hiring of site goods — such as a site hut and toilet facilities — is often seen as a given during the build process, with funds earmarked for it in the budget from the earliest stages . But hire rates are sunk costs and it may make financial sense to buy the equipment up front, use it for the duration of the build and then sell it on afterwards. 90003 90002 You’ll often be able to recoup most of your money, and even if you end up making a small loss, it may still work out being less than you would have paid to hire them.Of course, this requires more initial expenditure, but it can add up to sizable savings when you come to sell the equipment. 90003 90006 15. Listen to Good Advice 90007 90002 As a novice self builder there’ll be a temptation to think that your project will be different from all the others that have come before it, and that you may be the only one who truly understands it. This, alas, is not true. One of the biggest mistakes a self builder can make is to ignore the good advice of the experts they are working alongside.90003 90002 Of course, establishing what constitutes good advice — and learning who gives it — is the real skill. 90003 .