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How to Make a Good Living Running Your Own Business: A low-cost way to start a business you can live off by Robin Bennett

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2. Making Money

In which we start making money

Basic Strategies

  • Having a perfect grasp of your cash flow for at least the next 12 months is essential. Check your bank statement, your income and your expenses at least once every three days. Never let anything become a nasty surprise.
  • The simplest and possibly most effective start-up strategy is to keep the overheads lower than your immediate competition and you’ll be able to win business purely by undercutting them.
  • Keep the business flexible in terms of structure and what it sells or what services it offers (within reason, of course).
  • Always have a back-up plan for when you aren’t making much money at the start, i.e. a second job or income stream you can fall back on at short notice. ...

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