3 Must Read Financial Tips for New Business Owners

June 18, 2013

Financial tips for new business owners
It is said that more than 60% of new businesses fail within 2 years of operation. Majority of these businesses fail because they run into financial trouble – they cannot generate sufficient cash flow to keep with the expenses, they have not saved enough to survive the first year when revenue are still being generated or they simply go on a spending binge and run out of cash in a short time. While you can always seek investors or business loans to get funding in the initial stage of your business, those who have done it will tell you that it is not as easy as it sounds. Successful entrepreneurs and business owners know that having a financial savvy, especially for new business owners, is one of the most important requirements to succeed at business. So, here are the 3 most important tips to keep in mind as you are working on building the next Starbucks or Google.

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Filed Under: Finance Tagged With: ,

A Better Way to Start Small Business – Consulting

June 1, 2013

A better way to start business - consulting
Ask anyone who works for a small business and he will tell you he wants to run his own business some day. Many of them have a great idea – or think they have one – and only if they ventured on their own they could become a successful business person. Some of them also think they can do better job of running the business they work for than their current owner.

While the thought of starting and owning your own business is certainly admirable anyone who has tried to do it will tell you that it is not as easy as it sounds. As Chief Everything Officer you will be working on many different fronts at the same time and under tremendous pressure. There is no guarantee that you will eventually succeed after spending so much time, money and effort. So, is there any hope for someone who has the passion to start his own business, but is not sure how to go about it? I think so. Let me explain how.

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Filed Under: Buyers, Strategy Tagged With: ,

5-Step Process to Buy a Franchise Business

May 15, 2013

5-step process to buy a franchise business
Buying franchises in Canada, or anywhere else in the world, entails a long and difficult path to pursue for the untrained investor. However, equipped with the right information and resources, franchise buying can become less painful and a lot safer. We have broken down the process of buying a franchise into five easy-to-establish steps that serve as guidelines on the road to becoming a successful franchisee. Here are some details about these five stages of the franchise buying process:
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Filed Under: Buyers Tagged With: ,

5 Principles to Follow when Buying Business

January 27, 2013


There are few decisions in life that are as important as buying business. Think about it! You are getting ready to bet your life savings on it. Not only that, but you are betting your future on it too. The decision not only affects you, but everyone around you, especially your family and friends. You will pay the price for any mistake you make at this point for a long time.
It is easy to make wrong decisions during the buying process, particularly after you become too involved, and get frustrated by the slow pace of progress. You just want to get it done and start working on the future rather than continue “wasting” your time. This is when you are likely to make wrong decisions and regret them afterwards. I always like to lay out few principles that I can go back to when this type of situation arises, so that I can keep myself in the check. The 5 mantras I have described below are meant to guide potential buyer during the buying process and help make the right decision.
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The 10 Best and Worst States for Small Business

December 8, 2012

Thinking of starting a small business? Our infographic breaks down the best and worst states for business by real change in GDP, top level state income tax, and number of INC 5000 businesses. Whether you’re starting a web firm or a traditional brick and mortar business, this infographic provides highly-useful information with regard to the incorporation decision process. Local economic climates and state taxes can be a heavy burden on web startups and other small businesses. Making the right decision can save you thousands of dollars in the end; it did for us.

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Filed Under: Management, Strategy Tagged With: ,

Why a solid Network is a Key to Small Business Success

July 22, 2012


Building and running a successful small business is a team sport. You, as an owner, will probably play the role of a coach or a quarterback; but you are going to need more players with variety of skills to build a winning team. If someone tells you he single handedly built the successful small business, he is lying.
While it is true that you are the Chief Everything Officer (CEO) of the business responsible for taking care of all aspects it doesn’t mean that you have to do all the work yourself or that you are even capable of knowing it all. The key to success is to build a solid network of people with diverse skills who complement the skills you possess. This network acts an advisory board that you can go to for advice, concerns or to simply bounce off any ideas you might have before implementing them. This board needs to be chosen carefully so that you can get the right advice even if you may not like it or agree with it. So what types of skills should you look for when building an advisory board or a network of supporters?
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Filed Under: Customers, Management, Strategy Tagged With: , , ,

Your 90-day Action Plan after Buying a Business

May 12, 2012


The actions you take in the first 90 days after you have purchased a business are crucial for its long-term success. We showed what things you need to take care of in the first 30 days after you buy the business. I asked you not to take any major decision in that time, but to learn and document everything about the business by asking questions and observing. By the end of 30 days you should have a plan of action to improve the business in the coming days and months. The plan of action needs to fall in two categories – short-term tactical improvements and long-term strategic direction.
Your focus in the first 90 days should mostly focus on short-term improvements. The idea is to get quick benefits by taking advantage of “low hanging fruits”, while at the same time keeping long-term direction in mind. These steps you take in the first 90 days will position your business well for coming months and years.
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Filed Under: Buyers, Customers, Employees, Purchasing Tagged With: , ,

Things You must do within 30 Days of buying a business

May 9, 2012


The first 30 days after you buy a business is the most critical time in owning a new business. Done right it will take your business to new heights, but done wrong you will be paying the price for a long time.
Buying a business can be exciting as well as nerve-racking for both, veteran as well as first-time, business owners. On one hand, you are eager to implement all the new ideas you have thought about during homework done at the time of due diligence. On the other hand, you could be losing sleep from the thought of all the things that could go wrong right after you step in.
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Filed Under: Buyers, Management Tagged With: ,

How can you Succeed in Business by Failing

February 7, 2012

In the previous post we discussed why failing is so important for all businesses. If you haven’t failed, you haven’t tried hard enough. And if you haven’t tried hard enough, you have lost the battle even before it has begun! In this sense, failure is closely tied to risk-taking. Only those who are willing to take risks are going to possibly fail. But then only those stand any chance of becoming successful.
Not all failures are created equal. There are some who will never recover from their first ever failure. And there are others, like Thomas Edison, who can fail 10,000 times but come up with life-changing innovation at the end. So, is it possible to approach risk-taking to improve your odds of success at the end? We think the answer is YES as shown in the following bullets.
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Filed Under: Buyers, Management Tagged With: ,

Success is Overrated. Why Failure is Important.

February 4, 2012


What is it about failure that brings different reactions from people? Just look at the way two types of people talk about how they failed. You can figure out who is going to make it big eventually and who will continue to toil for a long time. The first one will go something like – “Oh, what fun it was to work on that business!! Yes, we had to close the business eventually, but the thrill and experience we got from it we will never forget.” Now, compare this to what the second type of people are saying – “Boy, I would never go through that type of experience again. Not only did I lose everything I had, but, most importantly, I have lost desire to try something new again. Wish I had not got into it in the first place.” Guess who is going to be the successful business person?
Why is it important to fail?
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