Securing Your Busines's Finances Through Multiple Revenue Resources
Cash-flow problems. Down times. Entrepreneur.com's Ideas & Inspiration Expert shows you how you can avoid these fiscal nightmares by broadening your offerings with multiple revenue sources.
Anyone who owns a homebased business knows that money tends to come in the door in cycles. When you're experiencing an up cycle, life is great. You're able to pay all your bills on time, run a new ad, even put some money away. But when the cycle turns, keeping your financial ship afloat can be difficult. This is especially true in the first few years of a new business venture, when you don't know what your business cycle even looks like.
The danger in not knowing your business cycle is that at any given time, your homebased business could take a turn for the worse and, if you're not prepared, your business could go under. Then what? You'd be in a worse position than where you started since you'll not only need to find a job and pay your normal bills, but you'll need to pay off your newfound business debts as well.
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