Budgeting software helps burgeoning new businesses

When using the accounting and tracking features of business budgeting software, the advantages of owning a company become clearer. Being the boss means being at the helm for important decision-making and the chance at boosting one's income once the business begins to grow. With its features to plan for common expenses like equipment and office rentals, accounting software makes the transition from having ideas on paper to getting a business underway easier.

According to a recent survey by web hosting provider 1 & 1 Internet, more than half of Americans are thinking about starting their own businesses. The survey of 1,301 Americans revealed that 53 percent said they "seriously considered" starting a new business. Many cited the reason for owning a business as being able to increase their household income.

Men, Southwest residents most likely to consider startups
The survey showed differences in region and gender for those wanting to begin a business venture. There was a gender divide between survey respondents with men being more likely to desire their own business than women.  Fifty-nine percent of men said they thought about starting a business versus 43 percent of women. Broken down by region, residents in the Southwestern United States were more likely to consider jump-starting a company.

Businesses expand earnings potential
For many, a business meant extra money to support households. Some 20 percent surveyed said they wanted to create projects in addition to their current job to increase household income. Interest in building a start-up depended on whether respondents projected a certain level of earnings from their business. The average earnings needed to motivate respondents into starting a company was $50,384 of gross income per year.

Reasons for starting a business
Besides earning more money, 24 percent of respondents cited the chance to be their own boss as a reason to form a business plan. The next biggest reason for survey takers was having a "passion for a hobby" (21 percent) while others said they desired a better family life or balance between their jobs and their personal lives (19 percent). Age was another factor in business ambition, with 67 percent of survey takers between the ages of 35 to 44 being more likely to say they wanted to initiate a business.

Internet driving small-business dreams
"The Internet makes it much easier today to start a business," Robert Hoffmann, CEO of 1&1 Internet, said. "Powerful website and the right tools to attract customers can often be the key needed to transform a business dream into a real life success."

Hoffmann described businesses using tools available online – such as search engine optimization and social media – to connect and engage with customers.

Easier to raise money for business
To help with startup funding, new rules have made it easier for small businesses to get off the ground, according to Wired Magazine. Recently, the Securities and Exchange Commission approved guidelines that will make it easier to raise money for startups by helping with advertising and seeking investment. The result is more startups attempting to receive funding through the Internet and will allow for more transparency in "general solicitation" investing for companies that are just beginning.

"Allowing information to flow more freely in this market will help all participants," Ryan Caldbeck, CEO of fundraising platform CircleUp, said, "enabling investors to discover new opportunities more efficiently and spend their time on diligence rather than networking, and allowing companies to share their story with more potential investors."

Prepare for small business budgeting
For those considering starting a small business, budgeting can be seen as a huge hurdle. However, budgeting software can ease the transition from only having ideas to designing a business. Budgeting and accounting software can not only record operating expenses, but can also track revenue streams to meet business owners' goals of higher income and let them see how their dreams are becoming reality.

2016-10-20T19:10:26+00:00