Episode Details
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[Part 1] Inventory Management And How To Handle Cash Flow For An Online Store by Steve Chou of MyWifeQuitHerJob
Description
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Episode 1934:
Steve Chou shares hard-earned lessons from scaling an inventory-based ecommerce business, emphasizing the hidden financial pitfalls of managing cash flow and taxes while trying to grow. Learn why strong paper profits can still leave you cash-poor, and how smart planning is essential to avoid being blindsided during periods of rapid growth.
Read along with the original article(s) here: https://mywifequitherjob.com/how-to-handle-inventory-for-your-home-business-using-principles-of-microprocessor-design/
Quotes to ponder:
"You could be insanely profitable but from a cash flow perspective, you could be broke."
"Writing 6 figure checks can be scary. But we make these large purchases because we KNOW that everything will sell over the holidays."
"You can only deduct the cost of a product once you've completed the sale."