By Andrew Griffiths
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Extra resources for 101 Ways to Boost Your Business
Assuming that you have made it through the first year, the second year starts and you are a lot smarter. You have made a few mistakes, lost some money, done some great work and some that you might like to forget. Financially it’s still hard, but you can see light at the end of the tunnel. Towards the end of the second year you start to notice that there is always a little more money left in the bank account at the end of the week, and you seem to be getting more and more customers because word of mouth is starting to spread about just how wonderful your business is.
I was immediately inundated with bills as a result of the sale. They included accountant’s fees, state taxes, legal fees, and so on, totalling about $5000, which, of course, I didn’t have. Also, I had purchased the dive shop at the beginning of winter—the quietest time of year for this kind of business. Some of the equipment was old and needed to be replaced, and the level of stock was very low. All in all, I had got off to a pretty bad start. In many ways the business never really recovered, because I was always seriously short of money.
5. ............................ 6. ............................ 7. ............................ 8. ............................ 9. ............................ 10. ............................ 13 3 Financial booster tips Running a successful business really boils down to one critical point: making money. The booster tips in this section are aimed at identifying the areas where most of us make mistakes that can end up costing us money. ), the importance of having a good accountant and how to find one, the cost of expanding, and knowing how much you should be charging for your goods and services.