1 Watch several episodes of Kitchen Nightmares on YouTube. 2 Focus on Value and Quality not quanity.  3 Put your investment funds into your businesses.  4 Keep a financial foundation to carry you through downmarkets. 5 A personally owned business that only puts food on your table is not a business, enterprise, of an asset   It's a job! 

If you seek guidance let me know. Pamela  

Robert, please learn about Business Money. I have been in business for over 25 years, owned 7 businesses, sold 3, and closed one. I wish I had learned all business money has to offer before I needed it. If interested, I can DM you some resources. Self-development is a big thing in business ownership.

Establish a good relationship with an accountant and banker, and possibly a lawyer. Network, network, network. Locally check out your chamber of commerce and online post here on Alignable. Best wishes!

Negotiate with your suppliers "early "on"; be caredful how you spend your marketing budget. 

Consider joining both a chamber of commerce and networking group (i.e. BNI or Letip) locally.

{put your business cards in strategic places- banks,

credit unions, gyms,local dry cleaner.)

Put a Business Plan together with the aid of an

SBA or Score consultant.  Best of luck!

For someone just starting out in their entrepreneurial career, the following financial advice can be game-changing:

1). Create a Detailed Business Plan: Outline your business goals, strategies, and financial projections. A well-thought-out plan helps secure funding and provides a roadmap for sustainable growth.


2. Manage Cash Flow Wisely: Cash flow is the lifeblood of any business. Keep a close eye on your income and expenses, and maintain a buffer for unexpected costs. Use financial tools or software to track and forecast cash flow regularly.


3. Separate Personal and Business Finances: Open a dedicated business bank account and credit card. This separation simplifies accounting, tax preparation, and helps build business credit.


4. Prioritize Networking and Mentorship: Connect with other entrepreneurs and seek out mentors. Their advice and experience can provide invaluable insights, help avoid common pitfalls, and open doors to new opportunities.


5. Invest in Professional Advice: Hire a good accountant and legal advisor. They can help with tax planning, compliance, and setting up the right business structure, saving you money and legal trouble in the long run.


6. Focus on Value and Customer Feedback: Ensure your product or service provides real value and listen to customer feedback. Happy customers are the best advertisement and can lead to repeat business and referrals.


Implementing these strategies can significantly enhance your business’s financial health and increase your chances of long-term success.

You've received incredible advice here! I want to add just one thing: always treat people with respect and never look down on anyone. Focus on being helpful rather than seeking help (though it's great to ask for experienced advice, as you've done here). Success, wealth, and longevity will follow when you embrace this mindset. Congratulations on taking this bold step—it's challenging, but absolutely worth it.

Maintain good business credit.  It will drastically impact your ability to borrow and establish bank lines of credit.

The best time to get a line of credit is when you don't need a line of credit.
Don't go cheap on insurance. Replacement coverage is not much more in premium.  Consider Business Interruption Insurance (the town's dump truck comes through your front window and the entire building needs to be demolished - your business is closed for 18 months for the rebuild).
Join associations (local and national) with businesses in your sector.
Don't ignore the impact of negative social media.  "Yelp" nonsense can seriously impact your business.
Don't ignore the positive impacts of social media that you control.
Local Local Local
Build relationships with your neighboring businesses.
Be open to new ideas.
Be kind.

My best to you!

Surround yourself with those who have expertise you might not have.  Also consider you can only do so much, so have a team you can trust that has your back.

Definitely get a good accountant and a financial person you can trust. It's a tough business but with the right help you can do amazing things.