Here's a practical piece of advice! Read a good book on managing finances and you'll find this nugget restated in words about managing cash flows and keeping a reserve of savings. One way to apply this to a design business it to try to avoid the 50% down, 50% on completion rule. While this is a standard practice, it would better to divide up projects into thirds, fourths, or even more portions. Getting 50% up front is nice, but waiting six months or longer for the other 50% can be excruciating. Spreading out progress invoices can cushion your cash flow and also keep you from depending on just a few big clients or projects, which is in itself a risky thing to do.   next >