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Part of a being an adult is adequately managing your finances and this is especially true for business owners. Unlike the federal government, individuals and businesses live on budgets and need to stick to them to avoid unpleasant situations like bankruptcy. A few basic rules to follow are:

1. Live below your means. If you make $100,000 a year, live as though you made $50,000. Don’t build up unnecessary debt. A business owner needs to be ready to handle unexpected emergencies, and that is easier to do if you are fast and maneuverable, with little debt.

2. If you have debt, pay it off as quickly as possible.

3. Build up an emergency cash fund. Try to set aside enough cash for you to live and the business to operate for a minimum of three months, and six months is much better.

4. Take advantage of legal tax loopholes. If you can save money by leasing a vehicle rather than purchasing one, then lease. If the opposite is true, then purchase. Do what saves you the most money, paying particular attention to taxes.

5. Pay credit cards off in full at the end of each month. Credit card interest is high and cash eat you alive if you allow it.

6. Take advantage of pre-pay discounts. For instance, if you advertise in the newspaper and they offer a ten percent discount for prepaying a year’s worth of advertising, realize that ten percent is better interest than the bank would pay you and pay for a year in advance to get the discount.

7. Buy office supplies and other consumables in bulk. You’ll save five to ten percent on the total.

8. If you fly for business, save frequent flier miles and use them later for free airline tickets, for items you can give to the sales staff as motivational tools and contest prizes, or give them to charity organizations for the tax write off.

9. And finally, think lean. Remember that Sam Walton, the richest man in America, drove a ten-year-old pick up truck when he could afford the nicest Rolls Royce. Think lean, be frugal, and be successful.

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Places to Look to Find A Business to Purchase

The idea of beginning a search to look for a business for sale may sound exciting, but in reality it can be much more difficult than you might imagine. While there are certainly plenty of businesses for sale on the market today, one quick look will reveal the fact that the marketed is littered with deals that are questionable and some that are downright ludicrous.

The methods that you use to find a business for sale will primarily depend on whether you have a strong need for confidentiality or not. If you are in a position to look openly for a business for sale, you have far more options available to you. On the other hand, if your search for a business must be more circumspect you will need to be a bit more creative in regards to how you go about it.

As anyone who is experienced in looking for a job will tell you, the best place to start is within your own circle of friends, family members and acquaintances. The same is true when you are looking for a business to purchase. Many times this can be the quickest and easiest way to locate businesses that are on the market. One word of caution; however, this route should only be used if you are willing to be open about your interest in purchasing a business.

The classifieds are a traditional place to browse when looking for a business for sale; however, you must be aware that this type of search is littered with cons, scams and deals that are in general nothing but pure junk. Since there are some genuine gems mixed in with the other not so good deals, you shouldn’t ignore this area all together. Simply be cautious and make sure that you put your investigative skills to good use.

Another area that can prove fruitful of course is trade associations. Since it is in the best interest of the trade associations for the businesses among their membership to succeed and flourish, they will naturally be quite open and willing to help you locate businesses that are looking for new ownership.

The Internet is rife with businesses for sale, but much like classified ads, you must exercise due caution when considering leads for business for sale on the Internet. This doesn’t mean that there aren’t some good deals among them; just don’t allow yourself to get carried away before you fully investigate any offer.