Starting your own home business

Keeping afloat during the first few months...

For most people starting new home businesses, the issue of finances can be a tough one, especially as it takes an average of 6 months to one year for the money to start coming in.

Can you last it? Consider some of these tips:

1. Make a clear budget, listing your home and work expenses realistically
2. Consider these expenses when taking out a loan and working out your needed capital.
3. Determine how long you can realistically survive without an income.
4. Skip on the unnecessary expenses like visits to the cinema, new clothes, restaurants and take-aways, holidays and other purchases which can wait.
5. Live simply, get basic expenses as low as possible, get the support of the entire family.