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Small Business: How and How much you can earn?

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Starting up a business is not an easy task. It requires investment in terms of finance and time. It also requires carrying out a research on the target market and also on the competition. The more the resources you have the more the chances your business will survive. This of course, is the case of big businesses and large corporation. What about the ordinary John who has little resources but have an idea that he is confident will grow into something big in the future?

We are going to look at how and how much you can earn with a small business. This article will try and answer the question many ask about starting small businesses.

Let’s start with how much money is required to start a small business.

You have an idea and you have identified the target market. You are planning on venturing into this market any time soon. But how much will it cost you to start your small business?

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Let’s look at the basic yet necessary expenses:

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If you are providing products to your clients, then you will need to have a stock. Let’s take an example of a small clothing line business. You will need materials that you can make into these clothes. Materials are going to cost you money, let’s say $5000. You will need sewing machines let’s say $1000, you will need transportation means and of course without forgetting you will need a business permit. Let’s say they both cost you $1500 a year. All these cost money. But there are those that you can limit such as rent in that you work from your home instead of renting a space. Later on when the business has picked you can get your working space.

You can also reduce the cost by using your own house as the storage with the aim of getting a storage unit later on. Instead of hiring help, you can ask your family members or friends to help out whenever they can.

With this era, having a website is advisable for any business owner. Getting a website done will cost you money from domain registration to web hosting. This can cost you around $50 a year.

In case you want to provide services, then you can start by yourself and as the business picks you can later on increase your team. You will still incur costs like fuel, phone calls, website etc.

Getting the word out about your business is also important. You can either tell your friends and ask them to spread the word or use the paid advertisement, let’s say you spend $100. You can also use both to maximize the chances of getting your business out there.

How much can you earn with your business?

The rate at which your business grows will determine the level of income. If you become aggressive enough to make people become aware about your business, then your business will grow rapidly. The question of how much you can earn determines on the output of your business. Let’s take the clothing line example. If you had decided to use your own house as storage and working space, thus eliminating the costs associated with them, you have the following expenses in your hands:

Materials: $5000
Sewing machine: $1000
Transportation and working permit: $1500
Advertising: $100
Website and domain name: $50

You can have a roughly expense of $7,650. If your gross income was let’s say $10,000 then you can register that you made a net profit of $ 2,350. That’s not bad if it was monthly profit.

Conclusion:

The above illustration was just an example. How and how much you can earn with your business can really depend on many things and the level of commitment you have on your business. Starting a business has its own challenges but getting through these challenges can determine the success of your business. How and how much you can earn with your small business solely rests on your shoulders.