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Operating a Newly Created Business

This article focuses on some of the issues that arise when an individual starts a new business. Additionally, there is a focus regarding capital requirements and living expenses that are needed before a business becomes profitable.

Dancing in the Darkness – Embracing The Uncertainty of Being an Entrepreneur

Every day I meet entrepreneurs who are waiting for perfection. Does this describe you? You won’t go networking because your website isn’t perfect.

Everyone at a Startup Company Has to Be a Salesperson

A startup company has to have three basic skill sets to survive: technical, financial, and sales. If those skills are held by the founders of the company, even better, because it gives the business time to get its footing. A common misconception, however, is that only the salespeople have to get out and sell. For a company to succeed and grow, every person has to internalize and act on the belief that it is their duty to actively promote the products, services, and capabilities of the company they work for, because those efforts are what bring profits to the company that pays their salary.

Secrets to Funding a New Business Without Venture Capital

There is a myth that if you are going to start a company, you need to get outside funding. It is completely not true and it is harmful to a would be entrepreneur to think that way. There are many ways to get the funds necessary to start and operate a business that don’t involve giving ownership of any of your company to outsiders. Of course it depends on what kind of business you are looking to start, but if you want to start your own business and don’t want to have to get investors it you can get it done. There are three ways to make it possible: Keep expenses down, bring in significant revenue quickly, and use other people’s money.

A Successful New Business Idea Needs a Small Market and Competition

After getting a new business idea, how will you know if it is something that can work? First thing is to define and analyze the market. Next is to identify any competition, or any way that the need is being fulfilled today, then asking why your way is better. Then stretch your idea into something that is unique and better than the competition. The market is the group of people that can become customers. If the market is everyone, then it is not a viable business idea.

During Business Failure Keep Your Personal Core Protected So You Can Do It Again

You can see the company is running out of cash, and all the steps you have taken to prevent this from happening are to no avail. You can see that there is no white knight riding to the rescue, no buyout coming, your credit lines are getting shut down, customers don’t care about paying you on time, and your key people are interviewing with your competitors. What do you do? More importantly, what don’t you do?

Think About the Worst Case Business Failure Situation and Prepare for It

Worrying about the bad things that can happen as you run out of cash can be paralyzing, which accelerates the downward spiral. A proven way to break out of the self-reinforcing negative thinking trap is, paradoxically, to embrace it. Think about what the absolute worst that can happen, and figure out how to counter that.

Don’t Let Your Business Fail Alone – Ask for Help

The owners and managers of the company should recognize when things are on a downward path before the vendors, suppliers, and workers do. When it gets past a normal business downturn, they should not be afraid to ask for help! Just about everyone that is working at a company enjoys their job and wants to see it continue. Many times they don’t know that there is a potential problem on the horizon. The owners may not want to tell the senior managers about their concerns, because it could be perceived as a sign of weakness, and because of the possibility that rumors could start spreading and key employees would start to leave like rats deserting a sinking ship. The thing is, most employees are savvy and are able to discern how things are going through the many clues provided by owners’ and senior managers’ actions. When it starts to get really bad, it is time to rally everyone around and all pull together.

Aggressively Triage and Cut to Focus on the Core Business

When business is good or cash is readily available, businesses can grow in many different and unprofitable directions. There is a temptation on management’s part to think that they are good at everything and the company should expand into adjacent lines of business or geography. Then when times get tough, all of a sudden this expanded operation becomes like a lead weight around the neck of the business. It is important to recognize when this is happening and take a serious look at what parts of the business are profitable and which ones are just unnecessary costs.

Grow the Top Line With Quick Sales

When you are running out of cash and credit, one of the fastest ways to break the cycle is to get some new business in the door. Look at everything that you are doing for the sales cycle and see what is working, and what is not. Look for opportunities with your existing customers and prospects within the core business that you already do to see if you can get more. And look at how you are trying to close those deals to see if you can do things differently.

Five Things to Do When Your Business Is Failing

It is easy to talk about all the great things that should be done to successfully grow a business. But what do you do when you can see that you are on the path to failure? What do you do when you are running low on cash, business is not coming in quick enough, or there is too much overhead and no matter how hard you work, things just are not going well enough? First you have to recognize, or have someone tell you, that you are in a crisis. Then take action! Tackle the issues head on with a fierce focus that will give you a fighting chance to pull out of the downward spiral while you can still do something about it.

Renting Office Space to Save Money

Many entrepreneurs operate their business from their own home, in order to save costs and enjoy more time with their family. However, in many cases working from an office would accomplish more savings, especially if you rent the right office space adequate to your needs. The following are some of the reasons why renting office space to save money makes sense.

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