Handle your operation with the language of numbers

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IJNet has not too long ago launched its Media Entrepreneurship Toolkit to assist journalists make their very own initiatives financially sustainable.

My contribution was an introduction to a number of the fundamentals of accounting and budgeting.

A number of the key factors to remember:

  • There are some free on-line budgeting and accounting software program packages that may set up your monetary info for you.
  • If you’re simply beginning out, make an inventory of all of the month-to-month bills you assume you would possibly incur.
  • Contemplate the chance that you simply would possibly use cheap or free digital instruments at the start to maintain prices down. 
  • Be sure to understand how a lot you might be spending every month. That is referred to as the burn fee. In the event you do not herald any extra money, what number of months do you have got earlier than you run out of money?
  • Digital promoting is unlikely to provide a lot income for a small startup. Contemplate sponsorships, native promoting, donations, and different sources. 

There’s nothing to be afraid of. Even English majors can learn to do the fundamentals.

Versión en español

Different articles within the Toolkit are by Jeremy Caplan, Director of Instructing and Studying at CUNY’s Newmark Graduate College of Journalism in New York Metropolis:

What to do in case your startup fails
5 methods journalism startups can interact an viewers
7 challenges to beat in launching a startup
Qualities of profitable entrepreneurs