The world is filled with people grousing about their corporate jobs and dreaming of going out on their own as small business owners, but relatively few take the plunge. The problem… many just have no idea where to start. That is the first and largest reason fledgling entrepreneurs take over an existing small or medium-sized business, rather than starting a new business from scratch.
1. The Test Phase Is Over
Baby It’s Cold Outside, but DIRECT SALES are HOT! HOT! HOT!
Let’s face it, cold, windy, snow, and nobody wants to go outside once home for the evening. So how do you get people to come to your presentations, parties and makeovers? You just want to get into something comfy and warm and put your feet up. Sounds inviting and then you remember you are an Entrepreneur and promoting your business is a year round activity and you will make your 2016 goals.
You are moving forward with your business, you have invested time and money into building the foundations, and then you make the mistake of your life - you failed to use the resources you paid for and the ones you can get for free - big no no!
What resources am I talking about?
Let me explain.
When you start your own, very new, small business your passion takes over, you are very excited and then WHAM! It's as if you walked into a door it hurts so much.
Do you own a small business or know someone that does? Could your business benefit from a boost to realize its true potential?
Cash is king when it comes to the financial management of a growing company. The lag between the time you have to pay your suppliers and employees and the time you collect from your customers is the problem. The solution is cash flow management. Cash flow management means delaying outlays of cash as long as possible while encouraging anyone who owes you money to pay. These four steps will help you keep track of the money coming in and out of your company.
What is success? For some, it’s a feeling you get when you’ve done the best you can and you feel good about the outcome. For others, it’s something tangible, materialistic, or concrete like a bigger house, better car, or grander vacations. No matter how you define success, it’s an all-around great feeling we all strive to have.
Recently I had coffee with a friend who is an accountant who was in the process of deciding whether to form a partnership with another individual with a complimentary business. The concept was to contribute their mutual skills and talents to create a more integrated and rounded business structure. In the course of the conversation, he asked for some advice on the things to avoid when contemplating forming a partnership. That discussion led to further contemplation and reflection on my prior partnerships.