Gee, I seem to prefer it when the company makes money

It's all about the money. No really, hobbies are for fun and fulfillment and businesses make you and your communities richer. So watch out for the money traps:

Poor capital structure: Don't take on too much debt. Learn to pay strict attention to your finances and keep careful records of all money coming in and going out. Today might be good but keep an eye on tomorrow.

Overspending: Many startups spend their seed money before cash has begun to flow in at a positive rate. Sometimes this is because the owners are unsure how business actually operates. Ask and find support before you commit. Maybe it's better to lease and not buy....

No reserve funds: Failing to prepare for volatile markets and uncontrollable costs like energy-rate increases, materials, staff, natural disasters, etc is another top reason many businesses fail. Protect your investment and keep enough reserve cash to carry you through market downtrends and any seasonal slowness.

Small minded Small business

It's amazed me how many businesses have closed down over the Christmas period. Particularly hospitality businesses. In Paraparaumu yesterday 50% of the cafes were closed. In Petone there are at least four that don't open until late January.

This is the time that cruise ships are in Wellington and Auckland (average spend $943 per passenger) and when tourists are everywhere and normal routines go out the window. The time when families get together, friends meet up in their old local haunts...and they spend on lattes, ice creams, beer, wine dinners out, brunches etc etc.

If you're in hospitality why don't you take your holiday in August, somewhere hot, and make your money while the sun shines. The punters are still here, your market is still requiring your services so please serve them and grow your business. Sometimes the work/life balance needs tipping a little more towards the work part.