If you’re seeing yourself in the red, there are some things that you can do today to fix this problem. You’re going to find with a little hard work and motivation that anything is going to be possible.
Look at your cash flow – where is the problem?
Take a close look at your cash flow. Where is the problem at? You’re going to know right away where the problem potentially is. Are you paying your employees too much money? Do you have enough customers? Are you getting bad press? Find that problem and write down a solution to each and every one.
You may have to raise your prices
No one likes to raise your prices but when you get into the red, you’re going to have to do everything to stay in business. If you don’t do something like this, the worst thing that is going to happen is that you’re simply going to have to shut down the doors.
How is the money flowing in?
As a self employed worker, you may find that one week you’re going to get a load of cash, while the other week, you get next to nothing. Try and work on a plan where you’re going to find that money is going to come in constantly. Whether you have to work on a subscription plan, or maybe you have to push harder on the advertising front.
Are you doing everything the competitors are doing?
Look at your most successful competitors. Even if they are online, you can always ask questions, or dig deeper into their organization. Are you doing everything that they are doing? If not, why not? You’re going to want to blow your competitors out of the water!
Don’t work without money
I’ve seen this all the time. You do the work, you get no money and they never pay up. Try and require a deposit to start up work so that you don’t get stiffed. You NEVER want to start up a project without seeing a penny. It’s always best that you get your money first.
If you find that months after months that you’re not making money, you’re going to have to re-analyze everything. You never want to dig yourself too deep. You should already know where the problem lies. Work hard, never give up, and try to keep your chin up!