Tuesday, August 11, 2009
Ice Cool Business
The trick to becoming self employed/owning your own successful business is to find a way to generate consistent cash flow. That is the bottom line. Don't get caught up in the sheer bliss of marketing strategies, networking, business paraphernalia, and promotional items. All of these things, wonderful as they may be, mean nothing if your company does not have a regular and sufficient income stream that is greater than company expenses. I for one love the little frills, bells and whistles that come with creating a business, but I have learned that all the frills and extras must make sense financially. It's not very cool to have really nice business cards and advertisements, yet the business is in the red 3 quarters in a row. Today, I am taking a different approach to business, almost sort of backwards. I am waiting until the company starts generating cash flow before I make big expenditures. Some things you do need from the gate and are non debatable investments, such as business licenses, patents, trademarks, copyrights, and even some marketing items such as business cards. But don't be like how I was and spend huge chunks of money on things that may or may not bring in additional income and not already have a sustainable cash spring to draw from in place. Pace yourself. Allocate some of your profits to marketing materials and other little goodies that enhance your business' brand. Truth be told, more time, money, and energy should be spent on honing your skill, craft, or service (what will generate income for your business) than on anything else. When you are good at what you do, getting business will not be an issue. You may even get companies that seek to market You. And that my friends is cool.