Always put aside an emergency cash fund

There is a ton of advice I can give, and have given to coaches, consultants and small business owners.

But I think the best advice I can give is this:

Always put aside an emergency cash fund equivalent to about two months of earnings.

Why? Because there are always ups and downs in the life of a coach, consultant and small business owner, whether you are just starting out, or have been an entrepreneur for years.

It doesn’t matter whether you are just doing OK as a coach, consultant and small business owner., or superstar. You will always have an occasional month that doesn’t deliver the money you need to cover the bills. Or maybe one month you have an unexpected expense. Or maybe you are sick and can’t work.

You need to have a cash reserve to make up for those months. This is a simple business practice. It’s called cash flow management. Every company, large or small, has to manage its cash flow.

You need to create diverse, recurring revenue streams to skyrocket your profitability and ensure your business remains 100% bulletproof even during market downturns, global pandemics and sweeping lockdowns