As a highly successful Real Estate Investor for the last seventeen years, Chayo Briggs is the President of Briggs & Lay Pro Incorporated. Besides the multitude of real estate services Briggs is an effective motivational speaker and published author. The key to his success lies in life experience, by developing exceptional skills to create passive income Chayo can assist his clients in procuring their prosperous future; breaking the chains of financial distress.
Let's take a look at some of these tips -- some of which may surprise you.
Many small business ideas and concepts never get off the ground, or fail within a few years of launch, due to not having a solid financial base. Especially for Millennial entrepreneurs, trying to bootstrap a startup or business idea while juggling student debt and a full-time job, the importance of keeping an eye on your business finances cannot be overstated. With all of the articles talking about debt, social media, specific technology tools, and (of course) networking, it can be difficult to know just where, or even how, to start.
A few necessary steps can keep your business flourishing:
1. Know your fixed costs
For example; rent, utilities, and insurance -- you are going to end up paying these expenses regardless of how your business performs. Putting in some research and legwork upfront to identify which options.
Think about insurance
Make sure to set goals
Plan for contingencies
Focus on the bottom line
Building a business, developing creative products and services, and satisfying current and new potential customers is inevitably the focus of any entrepreneur. That said, it is essential to keep an eye on your bottom line for the following reason. The better your finances are, the more value you can deliver to your customers and the marketplace.
Entrepreneurship, and building a new business is not an easy task. It is indeed not for everyone, but if you have been bitten by the entrepreneurial bug, there are a host of resources available to assist you. On top of these significant resources and information that run the gamut for marketing, product development, and building an effective social media campaign, it is always important to remember that you are running a business (like any large conglomerate). Getting your money right is good for business, good for your bottom line, and good for the customer.