Cash flow and profit are not the same. Both times Jhony went into business were out of necessity because the two businesses he was working in were not properly managing their finances. The first one ran out of money and couldn’t meet payroll, and the second one was not profitable due to overspending. Starting out on the right foot with a solid business plan is key. Then, you have to go back and review that business plan regularly. Are your expenses more or less than you originally planned? Is your income on target? If not, what needs to change? This might sound basic to some, but for folks who have never owned a business, this is uncharted territory.

There are many local resources for help with business planning and budgeting. You can reach out to the following organizations for help.

We cover many current and relevant topics. A few include:

◈The importance of being open-minded about your options
◈Franchising in retirement
◈Understanding your finances as a business owner