finance

Saving Up: How to Fund Your Own Small Business When No One Else Will

Whether you need $200, or $2 million to start your new business, the question of who’s going to pay for it might be tough to answer. But if you’re like most bootstrapping entrepreneurs, you don’t have unlimited funds to throw at your new venture; you either need to stick to a super low budget, or… Read More »

The ONE Big Priority that Will Make or Break You as an Entrepreneur

A guest post by Michael Knouse Every entrepreneur I know goes through the proverbial rough patch where their income hasn’t quite caught up with their six figure dreams. And throughout this two-year period (on average) where you’re giving it everything you’ve got, you begin to wonder if you’re going to make it. You’ve done everything you… Read More »

How To Set Payment Policies that Make Your Clients Love You More

Do you feel like you’re always chasing clients down for payment? Do you feel guilty asking for money up front before you start a new project? Do you start projects in good faith after being promised “the cheque is in the mail”…only to get halfway through the work without ever receiving a penny? In last… Read More »

Beat the Summer Business Slowdown

For many entrepreneurs, the warm weather brings the dreaded summer business slowdown. Their clients are all on holidays, projects get put on hold, the phone stops ringing.  There are some things that you can do to mitigate this. Having a sound business plan will help you prepare for the seasonality of your business and help… Read More »

Business Plans for Online Businesses

Entrepreneurs often ask if they really need a business plan for online businesses. Well, only if they expect this business to succeed! Anyone with an internet connection and an idea can start an online business, but most people don’t. It’s not because they don’t have good ideas or ambition – it is because they don’t… Read More »

COGS for Service Businesses – Not Really Zero!

When figuring out your pricing and your margins, knowing your Cost of Goods Sold (COGS) is vital. But what if you are selling services, not goods? There are still COGS for service businesses, but they are not so tangible. In a previous blog post, I explained the concept of COGS. In doing so, I used… Read More »

Keep the Cash Flowing – Billing Strategies for Service Businesses

A really hard part of being an entrepreneur is collecting money. Your billing strategies can make this job much easier for you and create better cash flow for your organization. Nobody likes to have to chase down clients for payment after the project is complete. If a client finds themselves unable to pay at the… Read More »

Future Sales Projections – Put Your Past to Work for You

When it comes to predicting future sales, the average entrepreneur with a small business doesn’t need a crystal ball – just really good record keeping. When writing (or revisiting) a business plan, the basis of any good sales projection is good information.  While no one can totally predict exactly what will happen in the future,… Read More »

Business Expansion: Grow Better, Not Larger

Expanding? What’s wrong with the business you’ve already got? Entrepreneurs are bold- they are brave enough to start businesses in uncertain times, they throw convention out the window, quit perfectly good “jobs” and define themselves by the way they are changing the world through their products and services. Sometimes, though, entrepreneurs bite off more than they can… Read More »