A Penny Saved . . .
and you've taken your first step to starting a business.
You and your spouse both work, and you're barely making
it--how will you save money to start a business? We asked David
Bach, author of Smart Couples Finish Rich (Broadway Books),
to share some money-saving tips: - Take a close look at your
expenses. Keep track for a few months to see exactly
where the money goes. (A program like Quicken or Microsoft Money
can help.) Divide expenditures into fixed (every month) and
variable (change from month to month). "Go through it, almost
with a knife, and figure out what you can cut," Bach
says.
- Reduce spending. If one
person quits working to start the business, you'll only have
one income to work with. Practice living on that one income now.
Things like switching from "super cable" to basic cable
can save you from $50 to $80 per month. Clip coupons and buy
generic-simple changes add up.
- Open a dream account. Get a
separate money-market account for your business and set up an
automatic deposit for every payday-$50, $100, whatever you can
afford.
- Get your safety net. Before
you quit your day jobs, make sure you have health and disability
insurance in place. You'll need it out there on your own.
- Pay yourself first. The
moment you start your business, get a retirement plan like an SEP
or IRA. Says Bach, "The biggest mistake entrepreneurs make is
to put every dollar they make into their business-it's really
important that you pay yourself first." For more information
and to find out about Bach's free seminars, check out www.finishrich.com.
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What makes a good client gift?
What guidelines do you follow when buying gifts for your clients? Have you ever received an unusual or inappropriate gift?
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