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1. DON’T Choose the Service Model
2. DON’T Borrow on Depreciating Assets (and for the love… don’t borrow on expenses!)
3. DON’T Skimp on Bookkeeping
4. DON’T Quit Your Day Job Until You can Reliably Replace Your Income
5. DON’T Drown in Inventory
6. DON’T Accept a Negative Cashflow Statement
7. DON’T Accept a Negative Balance Sheet
8. DON’T Chase Good Money after Bad
9. DON’T Spend More Money than You’ve Already Made
10. DON’T Become a Slave to the Business
BONUS. DON’T Mix your Personal and Business Money
Music By:
Big Head Todd
PodShow PodSafe Music Network
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hey man
can you post on how you made the choices in passive income. candy isnt something that springs to mind
dude is this blog dead or is there another one where you pos tnow
Great blog!
Would be interested in reading more . . . any plans for a follow up post?
Katie
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Company Formation
Man…you couldn’t have used a better example (Big Head Todd/music). I’m currently in the process of meandering the road to live my passion out via music. I also started a blog last year and have been trying to convince the world that this is possible since our team has managed to quit 9-5′s and take control of our lives by blogging and doing music. Definitely supporting numbers 3 and 10 as top don’ts. Just added this site to my blogroll. Good job. I’ll be sure to come back periodically to check out your informative posts.
“Don’t skimp on bookkeeping” – one of my biggest mistakes! Im just now turning things over to my accountant that I should have long ago. And the funny thing – I’m not missing the money!
4. DON’T Quit Your Day Job Until You can Reliably Replace Your Income
That’s the one that most stuck up. I wont quit my day job until my onlin earnings is twice (or more) of my salary from my day job.
I agree! You should NEVER quit your job until you have found something to get an income from!
- Jack Leak