On The Money
Cash crunches happen to every homebased entrepreneur. How to cope? "You can tighten your belt without your hurting your customers, your professionalism or your efficiency," promises Kimberly Stans�ll, author of Bootstrapper's Success Secrets: 151 Tactics for Building Your Business on a Shoestring Budget (Career Press, $13.99, 800-CAREER-1). "[Because] homebased businesses have a veil of privacy, they can get by without things that would be necessary if the business were outside the home." Stans�ll's suggestions:
- Take on additional work. Get a part-time job or use a hobby to generate quick cash." As long as you continue to service your regular clients, they won't know you're running two or three businesses from home," Stans�ll says.
- Bring outsourced tasks in-house until the crisis passes. If you can't manage alone, convince your spouse, a parent or a friend to help. If you have children, give them tasks that can free you to concentrate on bringing in the bucks.
- Cut phone costs. Little extras add up. Do you really need call forwarding and three-way calling?
Kimberly Stansell , c/o Research Done Write!, 6308 W. 89th St., #306-BS, Los Angeles, CA 90045, (310) 568-8589
Lynn Colwell is a life coach and writer in the Seattle area.