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Posted by  MelissaCT on 5/4/07 4:59pm
When establishing business with a new client, whether you're a seasoned pro or a newbie, you should always determine a credit limit for each account. Basically, what are you willing to potentially write off as bad debt? For some, it is $100, for others it may be $500, but it SHOULD NEVER be $1600!!! Especially with a company that is notorious for non-payment. Ok, that's neither here nor there at this point, but this situation underscores the need to sit down and create a BUSINESS PLAN. You are a business & need to operate like one, even if you do your paperwork at the kitchen table in your PJs.
There are too many coming into this work with the wrong attitude and not realizing that you can (and probably will) LOSE $$$$ at this venture until you get your head clear & detail what the expenses are and where your price needs to be to cover those expenses, including the potential bad debt that is inherent in almost any business. |
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