There are many reasons why businesses fall on hard times; and i-s not always the fault of the broader economy. Poor management, a bad location, over-expansion, insufficient capital, or a lack of planning- many of these factors, if not avoided, can certainly weigh down a business or even sink it. If your business is experiencing financial difficulty and is struggling to survive, here are some steps you can take to keep the creditors and the IRS from your door, as well as some potential lifelines and'refres' business strategies that can help...
According to the U.S. Bureau of Labor Statistics, the construction industry is one of the natio;s largest industries, employing 1.8 million self-employed and unpaid family workers in 2008. And i-s not all-heavy constructio' -- 64 percent of these jobs fall in the specialty trade contractors sector, including plumbing, heating and air conditioning, electrical, and masonry! Despite the recession, the construction industry (in all its forms) still offers more entrepreneurial opportunities than many other industries. Of course, it takes much...
If you are one of the 52% of small businesses that has made the decision to operate a home-based business (sourceIf you are one of the 52% of small businesses that has made the decision to operate a home-based business (source) you no doubt appreciate the consequences of your choice - reduced commuting expenses, no hefty commercial property leases to pay, flexible work hours, and so on. But operating a home-based business also means that you have a responsibility to ensure that your home office has a minimal impact on the environment and on...
As sure as eggs are eggs every business owner can expect to deal with a non-paying or slow-paying customer at least once in their business lives. The trouble is that many of us, eager for new business and income, overlook the fact that it invariably will happen to us. For freelancers or independent contractors, having to deal with a non-paying client can be particularly challenging. "Good faith" or loosely structured scope-of-work agreements are a common way for freelancers to engage in business. However, these are easily...
Raising funds to support the philanthropic mission of any non-profit organization can be a time consuming chore often fraught with trial and error. While splashy one-off fundraisers (otherwise known as 'episodic funding') can generate a large chunk of charitable change they can also consume much needed resources for months on end. At the other end of the spectrum, 'ongoing' fundraising tactics, while easier to execute, oftentimes don't generate the required financial rewards. To succeed in fundraising, your non-profit must...
Do you know how you are going to exit your business? You may have a dream of going public, selling to the highest bidder, or retiring and handing over your business legacy to your family. Big dreams aside, the truth is that 66% of small business owners have no exit strategy for their businesses in the event of their disability, retirement, or death (*source). Given the current economy this statistic isn't too surprising as small business owners focus their energies on business survival, future growth, and even remaining active in business...
According to the most recent U.S. Census Bureau data, Hispanics are opening businesses at a rate three times faster than the national average. And, what was once regarded as a minority group now represents the fastest-growing segment of the natio;s economy. This is a fact that is not lost on the government. Speaking to Hispanic News*, Ying Lowrey, senior economist at the Small Business Administration's advocacy office, has this to say:-the contribution of minorities to the economy is tremendou'. The corollary of this is that more and more...
Whether you are on a trade show floor, making a sales pitch, or seeking investment, perfecting your elevator pitch can be one of the most important things your business can do. From the moment you start-up (when no one has ever heard of you), having a well rehearsed and compelling elevator pitch can help buyers, clients and potential investors get to know you quickly. More than simply explaining your product, industry, or "big idea" a business elevator pitch is essentially how you speak about your business to others in a way that...
Re-locating a business to a new state is no easy feat. In some ways, can generate almost as much stress as starting out did in the first place - there is a location to be selected, a new local market to understand, business plans to be written, and regulatory mazes to be navigated, not to mention the actual business of moving. All that said, done properly and with prior planning, the process of re-locating your business needn't be quite the headache you might anticipate. Here is a small business checklist that should shed some light on...
In business, we all struggle with highs and lows, but for seasonal businesses - those that make the bulk of their profits at certain times of the year - knowing how to optimize the lows while riding the highs requires a particularlyinnovative and diligent entrepreneur at the helm. Seasonal businesses are all around - from garden centers and snow removal firms to summer camps and beach stores. Some will choose to remain open for business throughout the year, while others will close during the slow months. If you operate or are looking...
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