From the course: Small Business Secrets

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Operating on a shoestring budget

Operating on a shoestring budget

From the course: Small Business Secrets

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Operating on a shoestring budget

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Part of the challenge of being a small business owner is not having all of the money you wish you had. You have to operate from time to time when money is tight. That's not necessarily a bad thing. It's just a challenge and we can deal with that challenge by implementing a few simple strategies. First of all, let's talk about trade. Many small businesses operate on trade. They trade their services to someone else in exchange for things that their business needs. Now, that may seem like a good way to get things that you need for your business when money's tight and it's actually something that I recommend business owners avoid. This is because cash is king in a business. We need cash to pay our own employees, we need cash to pay rent and other expenses. And also, when you trade, it becomes a bit of a sales cop out. Instead of really selling your services, you just trade it. Now, I recommend that you operate your business on a cash basis to begin with. Next, let's talk about how you pay…

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