Expectations when starting

by nimble_fox. Posted on Sep 10, 2020    1    5


Hello Reddit,

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Looking back when were planning your small business and forecasting revenue and net profit -

Did you meet your first year projections? What was your largest unexpected cost?

For me - we started in December, the hardest part was not expecting COVID and being unable to be in front of our customers.

thanks,


Comments

techprospace 2

I expected to be broke and poor for the first few years. once you find your process and your business takes off (if it does). Then you can worry about forecasting.

  nimble_fox 1

How do you budget if you aren't forecasting your rev? everyone does things different, just curious.

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thanks,

Zazenp 1

“Once I have this amount of profits, I’ll invest it in this aspect of my business to grow faster. Once I have this higher amount of profits, I’ll put it towards this other aspect to grow even faster.”

Very few businesses need specific and traditional budgets like what you’re suggesting. Starting lean and allowing the business to both prove the concept and stay agile to pivot when new opportunities present themselves is ideal.

techprospace 1

Do you have a stream of revenue in the first place? In the beginning I found myself spending money on getting things off first and finding those first clients then worry about forecasting. You can't forecast anything if your not making money first.

  nimble_fox 1

oh I understand now - yes I made the business with existing contracts and clients.