The #1 Priority for any business whether home based or brick and mortar is Cash Flow!
The biggest concern with any business is cash flow.
At all times you have to be marketing, selling and
fulfilling the service of your home business.
You need a minimum cash flow every month just to cover your business
expenses and living expenses.
You can start by looking at your own bank account and
see what are your expenses to live every month.
Then do an analysis of the expenses needed in order to do your business
(by doing a business plan).
Add all the expenses together and that will be the income minimum
you need to make just to cover your expenses.
In most businesses you don’t make a profit which is income above
what you need for expenses for a few months or more.
So, you need to have some startup funding (whether savings or family support etc.) in the first year.
At all times, it is cash flow which can make a business profitable or a loss.
At all times as an owner you have to have three hats on:
The Marketer Cat
The Marketer Hat where you go out and make people aware of your business. Okay, yes, I am not a cat but doesn’t he look like a marketer cat! 🙂
The Seller Cat
The Seller Hat where you close the sale when you have someone asking about your business. This is where you are serious and know what you want to say just like the Seller Cat.
The Business Cat
The Business Hat where you fulfill the promise of the sale that you made
whether to fulfill a service or produce a product. The Business Cat is professional at all times in fullfilling the promise!
My husband and I have had a home based business for 20 years.
Just like any business, we have to have cash flow.
In one day, you can be meeting a potential client to fulfill a service
by a deadline while fulfilling another promised service
in the 8 hour time period
and responding to enquires with quotes over the internet.
At all times, you have to be a marketer, salesperson and service provider.
That is common to any business, homebased or otherwise,
if you don’t have the cashflow needed for your business,
you will get into serious trouble.
#1 Priority for Any Business is Creating the Cash Flow!
For more go to http://boahb.com on how to start run and grow a home business!