I cannot emphasize enough the importance of getting trained in business before you venture forward.
There is a lot one needs to know about how to run a business before you begin. I'm not just talking about the basics. I'm referring to the nitty gritty. And I mean.....Everthing! ie. Costing, profit making, management etc.
Many have a laid back attitude that makes them treat their businesses like a personal spending account.
If you have ever wondered why your business isn't growing, it's probably because you haven't separated yourself from your business.
As a Business trainer once told me... "You are not your business. Your business should be able to function with or without you."
Place yourself on a salary and stick to it. Do your production costing meticulously, and manage your profits sensibly.
Some of the expenses you must account for can run into a lot and leave you in the negative. some to note are..
Bank fees and interest
Equipment or Equipment rental.
Profit is the most important source of finance for a business. Reinvesting it back into the business or company will present you with better growth opportunities.
So think and spend wisely.
Until next time....