If you are starting a business, you will need to be organized. This should go without saying. The only way you will be able to know whether or not your business has been successful in the end is if you are organized enough to make a good evaluation of what you have spent and what you have made. You also need to be organized enough to keep track of bills that are coming due, taxes that will need to be paid, etc. Being well organized is a non-negotiable. If you are not gifted in this area, you need to find someone who is and enlist their help.

When we have had only one property under renovation at a time, being organized has been fairly simple. Nearly every expense is related to that project, so that simplifies things. Every check and every deposit made to or from our checking account would be related to one project. But even then, it is useful to have a system that enables you to figure out exactly what aspect of the project you are spending money on. As you gain experience, you will want to begin to...