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Link Posted: 7/7/2019 3:09:40 PM EDT
[#1]
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Originally Posted By BozemanMT:
Cash is king, take care of your cash.  You can profitable and run out of cash.  
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Discussion ForumsJump to Quoted PostQuote History
Originally Posted By BozemanMT:
Cash is king, take care of your cash.  You can profitable and run out of cash.  
This! Cash flow is what determines whether your business fails or succeeds.

Charge enough.  Too many business's don't charge enough for their time and effort and slowly go out of business.  Also many people invest capital in equipment, but don't charge enough to buy new equipment when that equipment wears out.
Ever time I see a small businessman who is overworked, I tell him to raise his fees/hourly rate.
Link Posted: 7/16/2019 3:17:13 PM EDT
[#2]
Let's see how I'm doing. In the process of starting up a business.

Originally Posted By tax_monster:
Just a few thoughts to share for those of you who own a small business or are thinking of starting one, based on my [redacted] years of experience as a tax accountant:

1.  Buy some decent business cards.

2.  Get your own internet domain name.  
3.  Don't ask me for a deposit for a $400 job.
4. Don't use your home phone number for a regular business number.
5.  Get a business number - either land line or cell phone.  
5.  Don't tell me you don't have a fax machine.
6.  Depending on your business, write up a price list.
7.  Don't be afraid to make a collections call.  
8.  Don't worry about telling a customer to take a hike.
9.  If you have employees, don't get behind on payroll taxes.  
10.  Don't use your personal bank account for business. .
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1) Hmm... didn't think about it, but probably should... once I get #2 complete
2) This is absolutely going to happen and will be vital to my business- after the corporation is formed
3) N/A
4) I will probably use Google voice for this
5) Hmm, will I need one? I'd rather not bother. It feels like everything is e-mail now.
6) N/A
7) N/A
8) N/A - at least for now- may happen later
9) Noted
10) This will absolutely happen as soon as my corporation formation is complete
Link Posted: 4/8/2021 11:06:15 PM EDT
[Last Edit: Greenspan] [#3]
1. Know when to raise your prices.  If you run a particular gun Smith service for example and your return time is 8 months it means you need to raise your prices or train an apprentice to work under you.

2. Bank somewhere you are a big deal but will have room to grow
Link Posted: 5/3/2022 9:45:48 PM EDT
[#4]
Do what's morally right.

That's how my small independent business has flourished for over 40 years.

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