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]]>When you are going to startup, you will need a startup budget. There are many templates out there but the one I use is these budgettemplates, which I have modified myself.
This is a version I used for my first online store. The numbers are fictional but I tried to make them a little realistic.
This budget is not only for when you startup a company. This is also, for when you need to start a new project, even in your private life.
I think multiplying first year’s budget with five to seven and then later years with two to three gives a good overview.
Again, it does depend on how many expenses are connected to your type of company.
After doing a startup budget, you should do an operating budget for the first three years. It will give you a goal and an overview of the company. Read more about it why and how on X2Writers blog.
Sincerely,
Hafsa Farooq
Freelance Copywriter
Digital Marketer
P.S. Want to get to know me personally? Follow me on Instagram @HafsaFarooqX2
P.P.S. Here is the link to my budget templates. Get to it, now!
No strings attached!
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]]>You might wonder, why I wrote those two scenarios.
If you do not know what I mean, you should read my post:
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]]>I cannot even blame them because they do not have the same mentality.
They do not understand the concept of building a business from the ground and up.
They think it should be easy.
They think success is supposed to come instantly.
They think normal is good.
Well it does not.
It takes time and a lot of work.
This is one of the many things that drives me.
To make them understand.
To make them realize.
It motivates me to work even harder and prove them wrong.
It is all right, if everyone do not understand you.
Even if nobody does.
Just keep going until you get in goal.
Make a difference.
An impact.
– Hafsa
P.S. Even if you are alone, just keep going and make it.
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Student-entrepreneur
About three years ago I was sitting in one of my professors office. He asked me why I had taken the education marketing management. I told him it was because I wasn’t ready to be an entrepreneur and I thought I would become ready by finishing this education. He then asked “Why don’t you just start now? You can always close it later if it doesn’t work out.” – Since I couldn’t answer that, I went home and started to work on my idea.
It wasn’t easy but I managed to start my company and I managed to get through with my education. I had the support of my study group and the business academic, ZIBAT started an environment for entrepreneurs, Drivhuset.
You can read my four reasons to choose ZIBAT here.
Study group
My study group was formed before the conversation with my professor I believe. We did have a drop out from the group but we ended up being five. It was a great group because we each have our different fields which we are great at. We all took the top-up professional bachelor in international sales and marketing and here we got a new member and she was just what we needed. The group consisted of Azmat, Christian, Maria, Nikolas, me and later Line. – Some of the other students even asked to be in our group but we had to say no because we would be to many.
Working as a team we have all been trough some things and we were there for each other. We understood the others needs and gave some space if one needed it. – We made it every time and were always getting the better results compared to the other groups. Nevertheless was it a great experience working with these people and I wish the best for them.
Education
After getting a good understanding of the basics in business high school I went straight to ZIBAT to study marketing management, where the focus was at Business-to-Consumer-market and the company itself. I learned a lot of the background of the companies and about the different types. How to strategize and forecast about the different initiatives.
At the PBA in international sales and marketing, the focus was on the Business-to-Business-market at the international level. I learned to measure sales and relationships, how to manage these and what tools to use in the different types of companies. I learned to go a step deeper and to know which tool to use.
Education doesn’t just end there. It is a constant process you have to go through otherwise you will be left in the dark. A person constantly has to look for new sources and new knowledge. Why it is so important to be up-to-date with the newest knowledge and trends in ones field is simply because the business world is moving in an amazing speed. There are so many new and better ways to do things that you constantly have to keep up and that is why I take a lots of courses. If I don’t have time to go out and take them I will take them online. I also read a lot of articles and I have learned to sort the better articles from the bad ones. Which is also very important to learn because it has become so easy to write and some people just write something they have found from a very untrustworthy source.
Under the time of my PBA I also started longer Successful negotiation course online from the University of Michigan. I like to negotiate and since I have to negotiate a lot with my suppliers I took this course. I got great tools to different kinds of negotiations and I also learned about how to make a great lean-contract.
Experience
Before starting my own company I had worked for my father as a secretary. I had to help with the accounting, keep in contact with his business relationships and do other small work. Later I became a Mystery shopper, where I got an eye for detail. I learned a little acting and wrote reports after every visit. I worked for two different companies and when I later decided to quit I was headhunted by the first company. In the mean time I had tried to be a telemarketer and that was not something I found very interesting, so when my former workplace wanted me, I went back to work as a mystery shopper.
Then I started my own company X2Nails alone. This challenged me in great ways and I had to learn a lot of new things. I have gotten a broad experience. I have to take care of the logistics, the economic, marketing, sales, design, product development, business development, negotiations, knowledge about the relevant laws and so much more. I even got to try being a boss. I had an intern in three months and today I have two. It’s has been a great learning process for me and it still is. It’s amazing how much I have developed myself by becoming an entrepreneur and I still get amazed how much i sometimes can and know. – That is also why I have started this blog so I can share out of my knowledge.
I have started to give voluntarily speeches about my entrepreneurial journey and to inspire others. I was even one of the GEW ambassadors last year. Today I am a voluntary venture pilot for Mind Your Own Business, where I am with six others, helping 10 teenage boys startup their company.
To read more about my experiences and my projects you can check out my LinkedIn profile.
Now it’s time for a new chapter in my life. – I hope to learn a lot more and to make a positive impact!
I am a student for life.
– Hafsa
P.S. Sign up to my newsletter and get the most important updates to your mail-box.
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P.P.S. I’m actually looking for a part-time job in Denmark, in my field. You’re welcome to contact me if you have found my profile interesting.
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]]>Getting an awesome idea is just awesome but executing it and getting results, needs attention and work.
I’m differently better at getting ideas than executing them so it is important for me to go through a whole process so I know that I will be able to execute the idea as well as possible. In this post I will go through the seven step process I put together for myself.
1. Getting the idea
I usually get my ideas at strange moments and strange places but sometimes it also happens in a normal environment, like in the middle of a conversation or when I’m particularly trying to find an idea. Sometimes I will even dream them.
Ideas are different and they can be too early. They get categorized as: saving for later, execution right away, giving it away and in the trash.
2. Excitement
Getting a great idea is amazing and I get really excited. I work, walk, eat and sleep thinking about the idea. I will be forming it in my mind and as I find something unique about it I will write it down. This will probably take a week or so, depending on how complicated the idea is.
3. Testing
It’s important to test all ideas otherwise you can loose a lot of valuable time and money. First I will start bouncing the idea off my family and friends. Then I will do some research and find out if it already exist or if it needs some modifications, then I will do it.
After I have the idea in place I will ask the potential customer about their thoughts and critic of it. It usually gives a new perspective and helps form the product.
4. Evaluating
To evaluate I will use the Business model Canvas. See if it looks like it could be something.
If the idea passes I will try to make it as unique as possible and find the so called Blue Ocean, otherwise I will throw it in the trash. – Here it is very important to listen to your gut too. Learn to trust it because reaching your goals is not only hard work but your gut has to be with you too. May sound strange but if it doesn’t feel right, you wont be able to give 100%.
5. Working on it
This is were I will work on getting all the necessary agreements in place, the different key partners involved and prepare everything necessary to launch the product. This process doesn’t always go as planned. It can take extra time than expected and that is all right. Everything doesn’t always go as you plan.
6. Execution
Just let i go. Even if it isn’t perfect. Even if it’s not all done yet. Don’t wait for perfecting the product because when it hits the water you might have to change some things about it. If you keep waiting for the product to be ready, you will never be ready.
Don’t put all your energy in one blow. Test the water little by little and then when you have done the necessary modification you can let the ship go. Normally I will go through step four, five and six a couple of times to get the best result.
7. Getting results
When the product is done and ready you can for example use Google Analytics to get an overview of your results. If you have launched similar products before, you can compare the results and see what you did better or worse. By doing that you can better your next product launch.
– Hafsa
P.S. Be the first to receive my most important news from my entrepreneurial journey, subscribe to my newsletter.
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]]>Then they had me, so my parents had to start work. – Today my mother works in a kindergarten and my father is a taxi owner.
They are my motivation.
They showed my siblings and I that hard work pays off.
How I can see it pays off is not only the materialistic things but also in our upbringing. They have though us that not only education, helping others, appriciate what you have, always show kindness is all important, but having motivation to do your best at whatever you do, is your driver.
My parents motivation, are us. My siblings and I. – And they have literally done everything they could do to be where they are today. Giving that one percent extra everyday, being great parents and always do whatever has been best for us, no matter who they had to stand against. – And still, what my parents has done is nothing compared to what my grandfather has done for his family, friends, siblings, my grandmothers family and more.
That kind of motivation that drives them is what I want to drive me.
My motivation is to make a difference and I just started. – I am nowhere near what my grandfather and my parents have accomplished but with their support I am here today and I plan to work as hard as I can to make a difference.
Ask yourself
Do you need to reach a goal but are stuck? Then try to think about the following questions for a second.
Now think about this.
If you have answered the questions. Just keep going, until you reach your goals.
Importance of motivation
Being an entrepreneur I know how important it is to keep motivating yourself and how hard it can be sometimes. Either you give up or stay motivated, never compromise.
– Hafsa
For more motivation, follow my Instagram @HafsafarooqX2
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