STAPLES BizTIPs: Make your money work for you

By Small Business Expert Roger Pierce, BizLaunch

Some say money makes the world go around. While that statement is debatable, it’s certainly true for a small business.

While you may love your business so much you’d work for free, it’s really money that will keep it alive. You’ll have to make plenty of money decisions as an entrepreneur, such as:

What assets to buy. Invest in things that make you money, such as equipment, machinery or technology. A fancy new leather office chair may look good behind your desk, but a faster printer will more likely contribute to profits.

Taking on overheads. Renting office space or leasing a new vehicle can so easily be justified as necessary business expenses. However, smart small business owners don’t spend it until they’ve earned it. Keep overhead costs low during your early years to give your small business a chance to get on its feet.

Paying yourself first. It’s too easy to shovel all of your personal money into your hungry new small business. Set aside ten percent of your personal draw each month for your own future.

Establishing a cash cushion. As an employee, you wisely set aside three month’s salary in case you lost your job. Small business owners must also establish a cash float to help weather rainy days.

You can learn more about this and other how-to topics in a free STAPLES BizLaunch Webinar. To find one near you, please visit http://www.staples.ca/bizlaunch today.






ROGER PIERCE is passionate about helping entrepreneurs achieve success. Co-founder of Canada’s largest small business training company, BizLaunch.ca, he’s launched eleven small businesses of his own and personally experienced what he calls “the good, the bad and the ugly” sides of entrepreneurship.

BizLaunch advises thousands of Canadian startups through its popular how-to seminars and webinars delivered with partners such as STAPLES.