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Re: Managing a developing, young businessI started my bussiness in 1988.My first accountant was a WWII veteran who gave me 2 pieces of advice.First he said get a line of credit.Second,if someone pays you cash,stick it in your pocket! If you've been running your bussiness as a hobby,you can still take a write off on equipment you already own because the depreciation starts when you place it in service,not when you buy it. One mistake that I have seen many people who start a bussiness make is this: They start off and have a good year or 2 and see the money rolling in so they go buy a boat or a motorcycle.And then things slow down and they don't have any money to pay their bills and go under.Always keep a cushion in your bussiness checking account or put some in a money market account to cover unexpected expenses like vehicle or equipment repairs and for those times when work slows down. The other piece of advice I will give you is to provide good service.I remember reading when I first went into bussiness that,if you do a good job,that customer will tell 3 other people.But if you do a lousy job,the customer will tell 9 other people. It is easier and cheaper to keep a customer you already have than to get a new one.So give 110% everytime.
Re: Managing a developing, young business
I started my bussiness in 1988.My first accountant was a WWII veteran who gave me 2 pieces of advice.First he said get a line of credit.Second,if someone pays you cash,stick it in your pocket! If you've been running your bussiness as a hobby,you can still take a write off on equipment you already own because the depreciation starts when you place it in service,not when you buy it. One mistake that I have seen many people who start a bussiness make is this: They start off and have a good year or 2 and see the money rolling in so they go buy a boat or a motorcycle.And then things slow down and they don't have any money to pay their bills and go under.Always keep a cushion in your bussiness checking account or put some in a money market account to cover unexpected expenses like vehicle or equipment repairs and for those times when work slows down. The other piece of advice I will give you is to provide good service.I remember reading when I first went into bussiness that,if you do a good job,that customer will tell 3 other people.But if you do a lousy job,the customer will tell 9 other people. It is easier and cheaper to keep a customer you already have than to get a new one.So give 110% everytime.
