When you are about to create a new product line and need to make significant purchase for a new product, it is good to have a budget in mind you are comfortable with not to go over unless it is important.
How to Budget for a New Product Line in your business?
Draft a spreadsheet for your product.
Have your product in a column
On rows add categories like:
Depreciable assets
Materials
Supplies
List under each row category list the materials you think you might need to purchase as you do your research.
Write them down as well as the price.
Have a sheet in the same workbook for supplier’s name and link and write them down
Have another sheet or tab in the workbook for actual expenses like in your budget. Record the cost of material or equipment you purchased to track the actual cost of starting your new product line against its budget for analysis. Alternatively, you could change the price on the budget sheet as you make purchases to reflect the actual cost.
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