The best advice I received as a small business owner was to keep your overhead down and your revenue up. You constantly need to watch your expenses and try to increase your revenue. This advice helped me in my own business to increase my profitability and reduce expenses. You never want to your expenses to rise faster than your income. You are in business to make a profit. You increase your revenue by keeping your customers happy.
You also need to make sure your customers are always happy so you can get some repeat business. One of my former bosses indicated that providing a service is almost like being a waiter. You need to make sure everyone is happy. As a small business owner you need to constantly generate more revenue. It includes providing accurate and prompt service. If you don’t provide good service, the customer will go some where else to get their service. You will not stay in business very long if your customers don’t stay with you.
In keeping your costs down, you can stick with the bare essentials. You could probably start working a home office. Since you already have that expense anyway it will save in overhead by reducing rental expense, utilities, and other expenses associated with an office.
In addition, you can use a cell phone or your home phone as your business phone. Business phones are extremely expensive. In addition, I would avoid signing any large advertising contract. These contracts are really expensive. You can get clients through your relationships. You can join clubs and social groups. You can advertise for free on craigslist and create your own free website at webs.com. The website will have advertising on it. However, it works for a website until you generate enough revenue.
I would track your revenue and expenses every day. You work to make a profit. I would not spend any money unless it is necessary. I would also work to bring in money faster. I would also work to get some government contract where you would have some guaranteed money coming in every month.
You may also want to increase your revenue by doing contract work to other people or find a niche where you can provide a service that people need and will pay money for. You may want to work in markets that other people will not work or provide a service that other people will not. If you provide a service that people need and will pay for, then you should be able to keep your overhead down and your revenue up.