Managing cash flow as an infopreneur
by Holley Hughes
Most AIIP members run solo businesses, so managing cash flow is vital at all stages of business – from getting started to managing larger projects.
In the April AIIP member-to-member webinar Marge King shared her perspective on how independent info pros can strategically manage their cash flow.
In conversation with webinar moderator Mary Ellen Bates, Marge talked about key aspects of understanding and controlling cash flow and the necessity of knowing the relationship between breakeven point and optimum product pricing.
Be tough on expenses
For new and not-so-new infopreneurs, Marge emphasized that you must be very aware of the difference between a want and a desire. If you don’t need it – don’t buy it. And yet, you must be equally aware of those items that you do need; items which allow you to conduct your business affairs in a professional manner that will be recognized as such by potential clients.
Other points discussed: beware the hack-job; marketing efforts and their effectiveness; and handling price quotes.
Be tough on outstanding payments
Marge King suggested setting up a separate email, such as accounting@your-business-email-address, to use for following up on outstanding payments.
Where to watch the webinar
Missed the webinar? AIIP members can login here: <https://www.aiip.org/Members-Only/VirtualEvents#vimeo_archive>
AIIP offers FREE interactive, monthly webinars for members on a wide range of topics related to building and running an information business. AIIP also hosts live virtual meetings during which members compare ideas, share insights and resources, and learn from each other.
Most programs are 30 to 60 minutes. AIIP webinars explore ideas and go into depth on how each topic affects infopreneurs. Topics range from research tools and techniques to marketing strategies and client management.
Marge King (@margeking) is President InfoRich Group. InfoRich Group provides cost-effective fundraising support to nonprofit organizations through donor prospect research, annual fund strategies, constituency analysis, prospect list development, board training and development, and staff development and training.
Mary Ellen Bates is the chairperson of the AIIP Virtual Events Committee and has been an infopreneur since 1991. She provides business analysis for strategic decision-makers and consulting services to the information industry. Her passion projects are beekeeping and coaching new and long-time infopreneurs. See more atBatesInfo.com.