Financial Planning & Management - How to Start a Home-based Computer Repair Business - page 119

Find a vendor who is willing to negotiate your purchases, especially if you're repeatedly
ordering from the same vendor. Again, as a customer you will have some weight with the
vendor and as your purchase volumes go up, your price should be driven down. I once had
a boss who said, “It's not the sales price that makes the money, it's the price at which you
buy the product.” Basically, buy right.
Don't let the lure of net terms sway you from the real answer, which is to make money. If
you have to pay COD or prepay to get a better price, in the long run it might just be the
answer that changes your perspective and profitability.
Cash Your First Paycheck
So you've gotten your first sale, you've performed a few repairs, and you have the ability
to write yourself a check. This will come with a lucrative run of services and your feeling
of success and getting a hold of your business structure.
You'll never forget your first paycheck, and if you are like me, you needed it (although it
was insignificant compared to the bills I had accumulated). What it did for me was motiv-
ate. When I had the ability to actually take an income from my business, it drove me to
work harder. I realized that I was in control of my destiny and my success or failure was
solely upon my shoulders. I chose to push through the tough times and live as frugally as
possible. The time for living like a rock star was not imminent in the beginning (nor is it
now, to be truthful) but it's about setting goals and sticking to a plan, even if that plan is to
be flexible.
Establishing a successful small business can build credibility and allow you to network
through the business community, which will be hugely valuable when launching your next
business start-up (now is the time to think about that too!). But while you're juggling all of
these tasks, be careful not to get too comfortable with a steady paycheck. Only time will
tell, and as the business owner, your pay is 100 percent dependent on the profit of the busi-
ness.