What financial advice would you give to other small business owners, especially in the context of today's economic challenges?

[deucher]

I started my small online business less than 5 years ago, and a lot has changed in that time, and if you asked me for advice, I think I would be able to suggest something, and what personal advice could you give to a beginner in the modern realities of the economy

 

[Grant]

Wait to start a business. Right now things are rough. It might be a good idea to put things on hold if you have yet to start a new business. Maybe once this recession ends, we'll be able to establish businesses without worry.

But if you're set on going now, take it slow and don't rush it. Pay attention to the market, and follow trends that benefit your business. Make sure you have a plan outlined for the first year at least.

 

[Good-Person]

I started my small online business less than 5 years ago, and a lot has changed in that time, and if you asked me for advice, I think I would be able to suggest something, and what personal advice could you give to a beginner in the modern realities of the economy

As of now, there are many challenges that are faced by many different kinds of people. When it comes to running a business, it is very important for a person to make sure that they utilise their resources in the best way. Apart from that, they need to create suitable business strategies as well.

 

[Heatman]

The biggest downside of most businesses is unnecessary high expenses that increases their cost of production which affects the profit-making.

The advice that I'm going to give to any small business owner is to try as much as possible to cut down drastically on their cost of production and unnecessary expenses because that is what is going to hinder the progress of the business right from the beginning.

 

[Good-Person]

The biggest downside of most businesses is unnecessary high expenses that increases their cost of production which affects the profit-making.

The advice that I'm going to give to any small business owner is to try as much as possible to cut down drastically on their cost of production and unnecessary expenses because that is what is going to hinder the progress of the business right from the beginning.

Indeed, expenses are increasing at an alarming rate. In the past, inflation used to grow in a gradual manner. However, now it is growing at an unexpected way. This may have a huge impact. So, I would advise businesses to save money as much as they can.

 

[Heatman]

Indeed, expenses are increasing at an alarming rate. In the past, inflation used to grow in a gradual manner. However, now it is growing at an unexpected way. This may have a huge impact. So, I would advise businesses to save money as much as they can.

Yeah, that's very correct. Whenever a small business is making small sales because they started newly, it is always going to be in the best interest to save as much as possible and reinvest that money back into the business. This will make them to be standard and stable to take on expenses that wouldn't hurt the business.

 

[Good-Person]

Yeah, that's very correct. Whenever a small business is making small sales because they started newly, it is always going to be in the best interest to save as much as possible and reinvest that money back into the business. This will make them to be standard and stable to take on expenses that wouldn't hurt the business.

Unfortunately, saving money as of now is not that easy due to inflation. In the past, saving was much harder as well. However, it was not that hard as it is now. I think people should invest money rather than saving it.

 

[Heatman]

Unfortunately, saving money as of now is not that easy due to inflation. In the past, saving was much harder as well. However, it was not that hard as it is now. I think people should invest money rather than saving it.

I wouldn't say that saving money now as a business owner is impossible but what I can say is that the amount or percentage someone used to save years ago is no longer going to be possible. This is because with high rate of inflation, everything have become costly.

 

[Good-Person]

I wouldn't say that saving money now as a business owner is impossible but what I can say is that the amount or percentage someone used to save years ago is no longer going to be possible. This is because with high rate of inflation, everything have become costly.

I do not think that a wise businessman would be saving money instead of investing it. So, as a freelancer myself, I would always advise people to invest money rather than saving it. This is what I have to advise people as of now. Inflation will eat up economy and money will have no value at all.