Did you just started a new business? How is everything doing? Did you settled down all the dust? Is it everything going accordingly as you planned? Need any help or ideas to improve your business?
For those of you who just started a business, I hope you spent the time to brainstorm, plan and prepare your business blueprint. If not, that's alright, you might still have time to do it.
Don't let the months go by without doing anything, you must take control of the situation while is still in the beginning of the journey. If you need help or idea, please, drop me a line.
If everything is going according to the plan, that's great, but please, don't start living the dream life before your business business solidified in its path. The path is narrowed and hard to walk on it, don't think that it will easy.
Just a couple of weeks ago, while in Las Vegas on a business training, I met someone who shared that a friend his started a shoe business in California and that in the beginning he was making over $9,000 a month, but now over a year later, his friend was struggling to keep the business running and that he was already thinking in filing for bankruptcy.
Then I asked what happened, actually, I asked him if his friend was spending the business money with personal things and the answer was affirmative then, he asked me what they should do to save the business.
I gave a simple advice, I told that person that his friend should contract an accountant to look over the business financial and probably hire an outside manager to take control of the business.
The fact is that most people dream in being his or her own boss but, most people fail to commit themselves to work through the process of being a true entrepreneur.
To be an entrepreneur, one must understand and commit to work long hours to keep his or her business in operation. One must understand that cash flow is vital for the health of the business. One must keep the business financial separated from the personal financial. One must understand that before taking money from the business for personal needs, the money should be directed to cover the businesses obligations and re-investment for the continual progress and surviveness of the business.
It is really easy to lose track of things, especially if there's no business plan and goal set. Just because your business is bringing money in, it does not meaning that all that money is profit and, even less, that you have to take money aside to fulfill your personal needs.
A true entrepreneur must be driven by discipline and commitment, if you don't have that, you should not go into business for yourself, you will likely get yourself into a financial crisis.