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CHAPTER 8 MASTERING YOUR MONEY
Screen shot from www.elance.com
As you can see from the screen shot of the website above,
you could use this same strategy for many other types of
businesses like website design or software development. As
a software development company, you can outsource all your
design and programming work to a team of people in India
who can do it 50% lower than what it would cost you in a
developed country like in Singapore, the US or the UK. Again,
not only will you need a minimal startup capital, you will be
able to squeeze out much higher profit margins as well.
4) Get Customers and Suppliers to Finance You
When you start a business, you usually need to have enough
cash to manage the cash flow needs of your company. For
example, you would need the cash to purchase supplies or
inventory and pay your staff salaries/rental before cash comes
in (i.e. when your customer pays you).
SECRETS OF BUILDING MULTI-MILLION DOLLAR BUSINESSES 237
