A budget is a budget, whether you’re managing your personal finances or your business. And every budget has two parts — the money that’s coming in and the money you’re spending. Your goal is to keep them in balance, or, better yet, have more income than you have expenses.

Business income is what you collect from your clients or customers. It’s usually called revenue.

Business expenses get divided into two categories:

• what it costs to get your business up and running, called start-up costs
• what it costs to keep your business going, called operating expenses