Posts tagged business

How to Keep Your Business Out of Debt in 5 Easy Steps

Forty thousand small businesses file for bankruptcy every year. Don’t become one of them. Follow these steps to mitigate the risks and keep your business’s finances healthy.

  1. Consider your funding options.
  2. Educate yourself on loans.
  3. Devise a strategy for how you will repay the loan.
  4. Prepare a contingency plan.
  5. Make a plan to stay out of debt.

Read more on how to live debt-free on OPEN Forum

The Worst Parts of Being an Entrepreneur Nobody Talks About

1. Depression. Whether you’re talking about feeling a little blue or having a full-on, nonfunctional episode, it’s not uncommon for entrepreneurs to suffer from depression. 

2. Personal sacrifice. Entrepreneurs can sometimes focus on work to the exclusion of things—relationships with a spouse or with children—that will matter more in hindsight.

3. Unhealthy habits. There’s never enough time in a day to accomplish everything, and entrepreneurs often prioritize work over things like exercise, taking the time to eat properly and getting enough sleep.

For three more downsides of being an entrepreneur—and helpful tips on how to address them—visit OPEN Forum.

Fans of the cupcake chain Crumbs Bake Shop may have been surprised by the company’s bankruptcy announcement and store closings. But look closely at the store’s history, and you’ll find five huge mistakes that sealed its fate:
Too trendy
Unwillingness to change with the times
Little diversity in product offerings
An unsustainable growth model
Went public before it was ready

Fans of the cupcake chain Crumbs Bake Shop may have been surprised by the company’s bankruptcy announcement and store closings. But look closely at the store’s history, and you’ll find five huge mistakes that sealed its fate:

  1. Too trendy
  2. Unwillingness to change with the times
  3. Little diversity in product offerings
  4. An unsustainable growth model
  5. Went public before it was ready
When someone marries an entrepreneur, they’re marrying their business as well, for better or worse. But there are a few things spouses don’t necessarily need to be clued in on when it comes to your business, writes OPEN Forum contributor Barry Moltz.
"The company is having cash flow issues."
"I can’t meet payroll."
"My bookkeeper just left."
"I have no idea how to read a financial statement."
"My largest investor is pulling out."
“I am taking $X out of the business.”
"I have a buyer for the company."
To find out what you should say instead, visit OPEN Forum.

When someone marries an entrepreneur, they’re marrying their business as well, for better or worse. But there are a few things spouses don’t necessarily need to be clued in on when it comes to your business, writes OPEN Forum contributor Barry Moltz.

  1. "The company is having cash flow issues."
  2. "I can’t meet payroll."
  3. "My bookkeeper just left."
  4. "I have no idea how to read a financial statement."
  5. "My largest investor is pulling out."
  6. I am taking $X out of the business.”
  7. "I have a buyer for the company."

To find out what you should say instead, visit OPEN Forum.

10 Untraditional Ways to Raise Cash Fast
There are any number of reasons why a business owner may find themselves strapped for cash, but there are just as many ways to find the funds necessary to keep you going:
Business cash advances
Deferred card payments
Loans from online loan sites
Crowdfunding
Microloans
Factor invoices
Credit from vendors
Sales and annual discounts
Home equity loans
ROBS programs on your 401(k)
Small Business Trend’s Anita Campbell explains the pros and cons of these fundraising options on OPEN Forum.

10 Untraditional Ways to Raise Cash Fast

There are any number of reasons why a business owner may find themselves strapped for cash, but there are just as many ways to find the funds necessary to keep you going:

  1. Business cash advances
  2. Deferred card payments
  3. Loans from online loan sites
  4. Crowdfunding
  5. Microloans
  6. Factor invoices
  7. Credit from vendors
  8. Sales and annual discounts
  9. Home equity loans
  10. ROBS programs on your 401(k)

Small Business Trend’s Anita Campbell explains the pros and cons of these fundraising options on OPEN Forum.

7 Things You Should Probably Know About Your Competition

  1. Their revenue and threat level to your company
  2. Who their top salesperson is
  3. Their best customers
  4. What new products and services they’re offering
  5. How satisfied customers are with their offerings
  6. The latest in their company and industry news
  7. Top keywords people search to find them

Small-business expert Mike Michalowicz tells open what savvy business owners should do with that information.

It’s hard to get a second attempt at a first impression. That’s why it’s so important to get it right the first time. Here are five ways to do it:
Spruce up your LinkedIn profile.
Update your website.
Pay attention to your clothing.
Watch your grammar.
Give them reason to trust you.

It’s hard to get a second attempt at a first impression. That’s why it’s so important to get it right the first time. Here are five ways to do it:

  1. Spruce up your LinkedIn profile.
  2. Update your website.
  3. Pay attention to your clothing.
  4. Watch your grammar.
  5. Give them reason to trust you.

Small business owners share the affordable (and free!) apps they use to keep them organized and successful.

More people are finding themselves in the hard position of taking care of their aging parents. We have some tips on how business owners in particular can survive during this hard transition.

4. Outsource. It works in business—it can with your parents, too. Just as all entrepreneurs eventually have to learn to let go and outsource nonessential work or hire employees so they can focus their core competencies, you can outsource some of the tasks you or your parent need help with. In other words, finances permitting, maybe you don’t have to do it all.

More people are finding themselves in the hard position of taking care of their aging parents. We have some tips on how business owners in particular can survive during this hard transition.

4. Outsource. It works in business—it can with your parents, too. Just as all entrepreneurs eventually have to learn to let go and outsource nonessential work or hire employees so they can focus their core competencies, you can outsource some of the tasks you or your parent need help with. In other words, finances permitting, maybe you don’t have to do it all.

Without any money for college, a then 18-year-old Brian Scudamore did what any teen would do: He thought of ways to make money. But instead of finding a job, he created a business that would go on to make revenues of $171 million a year 25 years later.
Visit OPEN Forum to learn more about the story behind Scuadmore’s business venture, 1-800-GOT-JUNK.

Without any money for college, a then 18-year-old Brian Scudamore did what any teen would do: He thought of ways to make money. But instead of finding a job, he created a business that would go on to make revenues of $171 million a year 25 years later.

Visit OPEN Forum to learn more about the story behind Scuadmore’s business venture, 1-800-GOT-JUNK.