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=> Get an anchor client or product
You need an anchor client. This is a client who brings in a quarter of your earnings --- you may need three or four clients to achieve this. These are regular clients, bedrock on which your business is based. They pay your expenses, and keep you in business.
If youíre a writer or designer, you may also have an anchor product. This may be a book which brings in royalties every six months, or artwork you've sold under license for which you receive royalties.
It's worth working sixteen-hour days for a few months to create an anchor product. Once you've created it, anchor product works for you.
=> Follow up on slow/ no payers
You can't afford to let people owe you money indefinitely. This means that youíre providing interest-free loans. Worse, if someone owes you substantial money, you're an unsecured creditor. If they go down, they'll take you with them.
Chase up slow payers. Send a friendly reminder email or fax once a week --- every week, until they pay.
=> Don't pile up debt
Try not to go into debt. It's not worth it. It's better to work part-time for someone else, or to cut back on expenses, rather than go into debt. You donít know how long slow period will last, and saddling yourself with debt is a dead-end solution.
It IS possible to run your own business, and be relaxed about it, knowing that you can survive bad times. If you need to go and work part-time, donít look on this as failure --- it's a win. You're doing what you need to do, to keep your business viable until sun shines and good times roll. You can do it.
*** Resource Box ***
To read more articles by Angela Booth, visit Digital- e Web site--Information for writers and creatives. Ebooks, free ezines, Creatives Club. Love to write? Turn your talent into a business! http://www.digital-e.biz/
Writer, author and journalist Angela Booth has been writing successfully for print and online venues for 25 years. She also writes for business. On her Web site http://www.digital-e.biz/ she conducts workshops and courses for writers.