From the course: Start a Business Online
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Legal and financial FAQs
- I get asked lots of questions about starting a business but one that I probably don't get often enough is what about governance compliance, legal responsibilities and even structuring your finances? People kind of think if they've sold something that made a little bit of profit maybe they're making money. I urge you to take responsibility and make sure you understand how money flows through your business. It's really, really important. Often people are doing what they call cash accounting which means they think that when the money actually hits their bank account that that's when profit occurs. It's not necessarily. So in many of the businesses that I work on with Shark Tank for instance, they're having to buy their stock way, way in advance. And they don't get paid by their retail customers for a very long time. They can be having to finance that stock for 60, 90, 120 days. And that can do them out of business. So they think they're making a profit but it's the cash that's gonna do…
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