Solopreneurs: Is your business costing you money?
You had a vision and you made it your mission to bring your vision to reality. Soloprenuers fill a unique void for their target market. To do that, in a lot of cases, you have to focus on all areas of developing your business at the same time. The areas of the business where you lack knowledge or experience are the areas you most likely pay the least attention. This is where your business can cost you money.
Your business costs you money when your expenses are greater than your income. Do you know if your expenses are greater than your income? If you lack the know how to find out, then add people to your team who can help you.
JoAnne Berg of Wise Bread identifies 6 Common Money Mistakes Small Business Owners Make in her article on the American Express Open Forum. She explains:
1. Pricing Strategy
2. Accounting for Cost of Goods Sold
3. Credit and Collections
4. Budgetary Controls
5. Necessary Business Infrastructure
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