A very important factor in any business is how you manage risk yet it is a factor that is often ignored by home businesses.
You have to realise that any time you start a business, you are taking the risk that the business might fail. What experienced people do is shield themselves from risk at every opportunity, to make sure that they can keep a business going for months on the brink of disaster, and wind it down gracefully if it really has to go under.
You need to have a plan for what youre going to do if your business looks like its going bankrupt. Are you going to borrow more money, if you can? Sell your car? Raise prices? Get rid of staff? Done right, you should have a good package of rescue measures that really do have a chance of rescuing the business.
Borrowing.
If you need to borrow more to keep your business afloat, take great pains to avoid looking desperate. Act like your business is moderately successful but needs more investment, and youre far more likely to succeed in getting more funding.
Bye-Bye Staff.
This is a bad idea, but not always a terrible one. In a home business, you presumably only take on staff because you...
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