6. Control the cash. Cash flow is said to be the lifeblood of a small business. And rightly so. Your business will survive only as long as it has the cash to pay for your financial obligations. With limited capital, cash flow controls every decision in shoestring enterprise, and it can be the only way to navigate during your start-up phase. One key rule for entrepreneurs: only when you have adequate cash can you even begin to think of profits. Many businesses fail not because they are undercapitalized, but because they fail to properly plan the undercapitalized operation.

7. Push the sales. Building sales depend on several factors - nature of the business, location, level or competition, and intensity of marketing and promotion. The goal of every shoestring entrepreneur must be to build up sales immediately. If you have a bank loan or financed your business through credit card, for example, your creditors will not allow you to delay your payments just because you are still in the process of building up your sales. They want your payment - now! You therefore need to push the marketing of your business, maybe issue a flyer this week, run a one-paragraph ad in the local newspaper the next, send out news briefs and article contributions. The key rule is to dedicate at least two hours of your day to marketing your business. Know the steps you'll take before you open and after you open to maximize sales and help the business to fast sales increases.

8. Balance your sales and profit objectives. Sales and profit do not always go together. Some entrepreneurs are willing to cut down their profits in their effort to drive sales up. Oftentimes volume alone will not be able to compensate for the loss in profits. Try to maintain gross profits at least equal to the industry averages. Strive to give the business the best balance between a solid policy of capturing sales without sacrificing needed profit margins.

9. Be 'lean and mean'. A struggling start-up does not need dead weights. Keep your fixed costs down, and spend only on items that can sufficiently contribute to improving the bottom line. If you can still adequately operate from your home office, there is little need in leasing an office space in the downtown area. Avoid hiring a permanent employee if you can still make do with temporary and seasonal staffs Every dollar in expense should be directly tied to income: spend a nickel only when you are sure you can get a dime in return.

10. Master the financial tools. As a business owner, you are responsible for the life and growth of your business. This entails knowing, not only the marketing or production aspects of your business, but the financial tools you need to manage your business effectively. Understanding the finances of your business will give you control over its direction. Unpalatable it may be to some entrepreneurs, knowing the money part of your business will tell you where you've been, where you're going, and how fast you're getting there. Sure, you can hire bookkeepers and accountants. But you yourself need to understand your cash flow, income, profit and loss statements, and break-even point.

Isabel Isidro is the Managing Editor of PowerHomeBiz.com. For information on starting a small and home business, visit PowerHomeBiz.com at http://www.powerhomebiz.com.