Unfortunately, it is still a fact that a large number of small businesses fail to prosper. It is not easy to take an idea and make it a marketable product, while managing all other aspects of the business. If you believe that you could be facing issues, then it may be time to seek a partner or an angel investor. It may be time to consider new approaches to managing your small business, many of which may be explored at a local innovation conference. Or, maybe it is simply time to admit defeat. However, before you make the decision, consider these signs of company weakness in order to evaluate how desperate times really are.
Can’t Pay Your Bills? This is the first reason cited when it is decided that a business must be liquidated. Of course, there are many different reasons that a company may have trouble covering the bills. If it is simply a matter of poor cash flow or too little working capital, then it may be time to network with potential partners at business events – invention exhibitions, high tech seminars, etc.
Failing to Sell If the company can’t pay the bills because you aren’t making the sales that you need to keep the cash flow at a healthy level, then there is definitely reason to reconsider you stance. Perhaps it would be enough to seek an angel investor willing to invest enough to hire a sales team, better equipped to sign new accounts. If there is already a sales team in place, and still the customer base continues to shrink, then maybe there simply isn’t enough demand for your product.
Employee Turnover If you can’t keep the company staffed, then it could simply be that the employees are seeing the signs that the business is failing, they aren’t being paid in a timely manner, or you may not be paying competitive wages. It could also be a problem of poor employee morale. If the latter is the cause, and you are considering liquidation simply because you can’t keep the company well-staffed, then perhaps it really is time to do some networking. It may be time to seek both investors willing to help you cover the cost of new staffing efforts. You can also meet innovative minds at an invention demonstration, which could be your new employees.
In many cases, if you both recognize and admit the troubles being faced by your organization, you can take action to save it before it is too late.
Before Your Start Your Own Business
So, you want to start your own business? This could be a very profitable choice for you, but before you jump in with both feet, there are several things that you should consider. After all, this is a very big decision to make and one that will undoubtedly have a big impact – either positively or negatively – on your financial status. To get you started on the right path, we have compiled a list of helpful suggestions.
Consider Your Abilities Undoubtedly, you are a very intelligent and driven person, or you wouldn’t even be considering starting your own business. That said, however, regardless of what field you enter into – general commerce, health & technology, pet health, ifood& beverages, etc. – you are going to have to devote a lot of your time and energy to your start-up. This can often lead to a huge adjustment to your usual schedule and less time for personal activities, until the business has a secure foundation.
Attend an Innovation Seminar These gatherings of intelligent, creative minds can really lead to some powerful connections. They are also very inspiring for those who are trying to establish a new business. If you can talk fluently about what you hope to achieve, you’ll know that you are on the right track. Others may ask insightful questions that point out potential flaws or weak points in your plan that can be addressed before they become real problems. You can learn more about the technology that will be available to you and how those products will make your life easier as a business owner. You may even meet venture capitalists or an angel investor willing to help you fund your start-up.
Write a Business Plan This is a very important step that many people overlook when starting a new business. This is the road map that will make every decision easier to make as you move forward. It is the foundation of your presentation to possible investors or lending institutions. It will also help you determine exactly how profitable the business could be, as it will force you to seriously consider what sort of niche exists and who you may be competing with.
Though there will be many steps that you will have to take to get your business established, taking a close look at yourself and at your business plan should be the priority. Take the time to interact with others. Attend an iFestival, go to invention conferences, and attend other such business events because these are the best places to make the connections that will make a difference as you become an entrepreneur.