When you’re a small business owner, every dollar counts. If you’re new to business, then chances are your revenue stream isn’t predictable yet. You could be making $10,000 one month and $1,000 the next. Often, the line between failure and success is razor-thin, and you need to maximize every possible bit of revenue to stay afloat.
Seasonality is a common experience many businesses face when they’re building out their budget. There are obvious examples in the form of tanning salons and ice cream shops to tax firms and event space venues, but even a digital agency or SaaS startup can experience high and low points in cash flow throughout the year.
Here’s a few tips on how your business can plan for seasonal slumps and take advantage when business is booming.
Many business owners I talk to aren’t necessarily cut from the traditional entrepreneurial cloth. After all, we can’t all be 12 inventor/business moguls like Moziah Bridges of Mo’s Bows. More and more startups are being led by founders that come from working backgrounds at other startups, traditional businesses, and even large corporations. Part of breaking free to start something of their own is the freedom of self-employment.