| How many times have you heard a successful | | | | accordingly. |
| business owner state they created a million dollar | | | | 3. Utilize multiple transactions with every sale- The key |
| business with only $500? Have you ever wondered | | | | to any successful business is passive income. Passive |
| why is it that some businesses are successful while | | | | income is income received on a regular basis with little |
| others aren't and they are selling the same service or | | | | effort required to maintain it. Passive income can be |
| product? Simple, they have constant cash flow that | | | | achieved through a variety of continuation programs |
| allows them to sustain during the slow times of | | | | such as affiliate marketing, coaching programs, |
| business. | | | | memberships, and automated billing. This will allow you |
| Starting or investing in a business for the first time can | | | | to increase your cash flow without doing any additional |
| be an emotional milestone moment for most | | | | work. |
| entrepreneurs. The thought process that leads people | | | | 4. Barter your services - Realizing the value and the |
| to start a business can sometimes deter them from | | | | benefits your product or service offer will allow you to |
| taking the correct steps in building a business that will | | | | barter your services easily. Why would you pay |
| work for them versus them working for their business. | | | | monetary value for a service or a product that you |
| The decision to start a business in this country is driven | | | | need in order to run your business successfully when |
| by two major characteristic traits that all entrepreneurs | | | | you can exchange your service/ product for equal |
| have which are hunger and confidence. These traits | | | | value. Hence, the term trading dollars for dollars. All |
| must be present in order to endure the ups and downs | | | | successful business owners exchange products |
| that all businesses will encounter during the financial | | | | services for other products/services vs. money |
| lifecycle. Most business owners invest their entire | | | | changing hands. This reserves both parties cash flow |
| savings, 401K, IRA, and max out personal credit cards | | | | and it provides you with a service/ product you need |
| to build a business only to learn they spent more than | | | | as well as a working relationship with a new colleague. |
| they earned. | | | | This will also help your business because now you |
| So to help you to stop trading hours for dollars I will | | | | have one additional person that will promote your |
| provide you with the 7 cash flow secrets that will aid in | | | | service/product on your behalf. |
| boosting your bottom line profits and allow you to | | | | 5. Create a promotion- Everyone loves to feel like |
| transition from working in your business to your | | | | they are special and they are getting a better deal |
| business working for you. | | | | then the next person. Create a promotion that will |
| 1. Determine how much your time is worth per hour - | | | | attract new customers to utilize your product/service |
| This will allow you to realize if you are charging how | | | | that normally wouldn't or old customers that stopped. |
| much your products or services are really worth. | | | | Offer the product/service at a discount rate for a |
| Starting off as an entrepreneur, you are sometimes | | | | limited time only, or offer a discount for first time users, |
| skeptic in charging what you're worth because you | | | | or add value to the current product/service by |
| undervalue yourself because you feel the consumer | | | | rendering an additional service or product that you |
| won't pay the price since you are a new business | | | | normally wouldn't. This will attract new customers as |
| owner. By not realizing your worth you will find yourself | | | | well as old customers. A great time to utilize |
| working for little or nothing. Set your prices and remain | | | | promotions is during off season when your business |
| firm. If you change your price every time someone | | | | decreases such as holidays or during a launch of a |
| attempts to negotiate, you will never get paid your | | | | new product/service or even a grand opening. This will |
| actual worth and you will always find yourself trading | | | | create buzz about your product/service and attract |
| hours for dollars and being in the red. Now, keep in | | | | old and new clients. |
| mind when determining your hourly rate what benefits | | | | 6. Offer discounts for prepaid services- If you have a |
| and value does your product/service offer that will | | | | consumer that is interested in utilizing your services |
| make a consumer pay what you're asking is it | | | | products why not offer them a discount for prepaying |
| convenience, durability, reliability, peace of mind, time | | | | for services in advances. This will provide you with an |
| saving, cost saving, etc. Once you derive at this | | | | additional cash flow for months to come and provide |
| number multiply it by 2,080. There are 2,080 working | | | | them with cost savings. This creates a win-win |
| hours in a years time, based on a 40 hour work week. | | | | situation for both parties involved. |
| This will calculate your annual salary. | | | | 7. Hire an accountant or bookkeeper- I know, I can |
| 2. Create a budget- By creating a budget this will | | | | hear you say now I can't afford to hire an accountant |
| provide you with awareness of how much money | | | | or bookkeeper but to be honest you can't afford not |
| you've made and how much you are actually spending | | | | to. Being a business owner has a lot of tax |
| and on what. It is difficult to determine rather or not | | | | advantages as well as penalties that you may not be |
| you are operating a successful venture if you have no | | | | aware such as the best corporate entity for your |
| way to track your sales and expenses. This will also | | | | business, payroll and self employment taxes, quarterly |
| allow you to see where you're spending a vast | | | | tax payments, write offs, etc. By hiring an accountant |
| amount of money at and if it's providing you with a | | | | or bookkeeper you are turning a portion of your |
| return on your investment. Once you have a budget in | | | | responsibilities over to them to ensure that your |
| place, allocate funds accordingly to each category and | | | | accounting needs are taken care of and at the end of |
| stick with the amount of money you determined. Don't | | | | the year you're not surprised to learn that you owe the |
| allow anything or anyone to exceed the allocated | | | | IRS thousands of dollars or you have to undergo audit |
| funds you distributed to each department because this | | | | all alone without any knowledge of the tax law. Like I |
| will defeat the purpose of your budget and you will not | | | | said earlier, what product/service do you offer that |
| know what area you're underfunding and overfunding. | | | | you can possibly barter for your accountant or |
| Evaluate your budget bi monthly to rearrange funds | | | | bookkeeper? |