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lindagray

8. Learn how to manage money. Top 10 Tips to Becoming a Successful Online Entrepreneur.

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8. Learn how to manage money.
You're in business to make money, but there are many cases in which, when running a new online business, entrepreneurs hadn't fully planned out the financial aspects of their businesses and felt the sting of financial mismanagement. Be sure that you don't fall into that situation. Your coach can help with this as well, as they should have experience with business finances.

When money comes in, have a plan that allocates some to business reinvestment (raw materials, marketing, etc.) and some to yourself as a wage. Be aware of what taxes you'll have to pay at the end of the year, and make sure you have money set aside for that. Understand that when you're starting up you'll need to invest more toward expanding the business and less toward your pocket.

10xfactory.com

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