Do you have a plan for funding your business if something goes wrong? A plan for times when there’s a lull in your business or you have to file for bankruptcy?
We’ve said it before, but we’ll say it again – knowing your numbers, income vs expense, income vs debt, is crucial when running a successful business. It’s easy to feel overwhelmed, scared, or worried when thinking about checking your numbers, but a lot of businesses fail for one simple reason – they ran out of money before they could “crack the code” on success.
Knowing and frequently reviewing your income, expense, and debt numbers will let you make better, more informed decisions in the long run. You can plan for lulls in business and pay off debt even during the down periods if you know where your business stands financially.
And, it’s okay to do a little side-hustling if you need to in order to stay in the green!
Today, I want to share with you some valuable information and tips on why it’s so important to know your numbers, give you some ideas on how to generate income even when your business has hit a dry season, and provide tips on how you can keep track of your income, debt, and other business expenses.
Today’s Topics Cover:
- Low-risk and high-risk things you can do to fund your business
- What “self-insurance” means
- Side-hustling is okay!
- Business credit and why you need to get it before you need to use it.
- Having a back-up for your back-up plan.
- Things to consider using your Amazon loan on
- Factoring in your business debt into the cost of your products
- Looking closely at your debt to income ratio
- Getting your accountant’s or bookkeeper’s advice
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