Cash is King
There is no statement as important as Cash is King for a business. Without a positive cash flow no business can survive for very long. When you are starting a home based business keep in mind the following top ten list to make sure you keep your cash as long as possible:
- Think Through Your Idea. Do not spend any money before you have thought through you idea. Read
- Determine your cash position. The unfortunate reality is that starting a legitimate business requires money. Someone has to pay for the business registration, license fees, and utilities and so on. The good news is you can do much of this yourself and in most cases for less than a few hundred dollars.
- Review your plan to determine what is a “must have, would like to have” and “wow – wouldn’t it be great if”. For example – do you absolutely need to have a web site to start? How long can you put off purchasing business cards, goods and services? Prioritize your needs.
- Review your needs for items that can be: bartered for, purchased used, or outsourced.
- Talk with friends and family to discuss if they can assist you. You might find an unused computer, a friend who develops or hosts web sites, a vacant building needing repair, consignment items, or even a partner.
- Start networking and then continue to network. Networking is time consuming but generally not expensive. There are numerous free networking internet sites and virtually all communities have local networking groups. Do your homework and do not be afraid to ask for help.
- Know Your Cash Position. Based upon the preceding information, you now know how much money is truly available and where you may go for help.
- Full or Part-time. Decide if you are going to pursue your opportunity full time or part-time. Keep in mind the less time you spend on your business the longer it will probably take to achieve a positive cash flow.
- Complete your planning.
- “Cash is King”. Start with passion and determination and never give up.