The main rule in business that overrides all others, no matter what business you’re in, is that you have to take in more money than you spend.

It’s just that simple.

“You have to take in more money than you spend.”

Consider this rule in all your decisions, and you are much more likely to do well.

That’s the magic right there: Remember to take this into account when you’re thinking about anything that could cost money.

There are exceptions to the rule, but they should all be temporary. For instance, you may need to break the rule for a while to replace your broken-down delivery van. Or, you can add high turnover products to your inventory. Or, a relative needs dentistry.

Getting back to the rule: On average, you need to take in more than you spend. Factor that into everything and you’ll have a good life!

Most businesses that failed were owned by people who have repeatedly disregarded this rule.