Q: What are some challenges you did not anticipate when deciding to start your own business?
The following answers are provided by The Young Entrepreneur Council (YEC), an invite-only nonprofit organization comprised of the world's most promising young entrepreneurs. The YEC recently published #FixYoungAmerica: How to Rebuild Our Economy and Put Young Americans Back to Work (for Good), a book of 30+ proven solutions to help end youth unemployment.
1. Cash Flow Is a Common Struggle
We started with clients from day one, so we've always been profitable, but one thing we didn't think about when we started was cash flow. Many profitable businesses experience famine and feast, due to invoice scheduling or higher sales during certain parts of the year. You must have a plan to spread profits from the most profitable times to cover times when cash flow is slower.
- Allie Siarto, Loudpixel