Winners do know what is important to be successful 

If you look into a person’s behavior, his or her confidence level will be visible to yourself. If he or she is a decent person and have a good sense of reality, that person is good at his or her work. On the other hand, an unsuccessful person will act totally different than a successful one. Lack of experience and sense will be visible in that person’s head. So, it can be easily distinguishable between a winner and a loser. If you want to be a winner in any kind of profession, you have to think like a winner. In every step of the working process, you have to act like a winner. In this article, we are going to talk about thinking like a winner in the trading business.

The realistic expectation from trades

In the trading business, there is no chance of living in the imagination. The more you can come back to the reality is better for the health of trading. Because the markets are consistently changing and you cannot know about the future condition at any certain time, you have to approach a trade with a solid strategy. And when you have placed a trade, it may not bring any good outcome too. Because when your trades remain to live the price trends can change radically. So, if you live in imagination too much this kind of phenomenon will bother your confidence in trading business. And having good confidence and dedication to your business is really important for learning it properly. So, have the most amount of realistic thoughts about your trades and trading edge possible.

Keeping things organized

No matter which profession you chose, you must stay organized. All the successful people in Australia have a very organized lifestyle. They know how to give proper value to their time. Similarly, you must focus on discipline and keep things organized. Forex trading is a very sophisticated profession but once you understand the basic concept of trading, you can easily secure financial freedom. There is nothing to rush, the market will be always present. So trade with a stable mindset.

Management of risks per trade

If you have learned about the possible fate, it will be easy for you to tolerate this business. But, now you have to trade to make profits. Otherwise, what is the reason for being here? Speaking of making profits, you have to control your investment. For those people who don’t understand the relationship between making profits and controlling risks, let us explain it to you. If you invest in a trade with a good amount of money, the expectation of it will be big. So, you will keep your trade open for a longer time. But, in that long timeframe, the condition of the market can go against your side. And eventually, you may end up losing the trade. And when the investment is big and you have kept it open for a long time, the losing amount will also be higher. In this case, the ‘stop-loss’ will also have a higher limit set by yourself.

Dealing properly with the environment

In this business, there will be a lot of roadblocks in your way to success. Even when you are running your profession with a decent speed, you may not experience good vibes from it. That is because you are not doing the right thing for being consistent in this business. You may be getting too much emotion in the working process. This is a common incident, traders fall in emotionally attached with trades they are making. That is because they have put money into those. And expecting some returns to come back from those. For that reason, traders get emotionally harassed with negative results and even with positive ones. For being a good trader you should avoid this mentality and concentrate on the real work.

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Ready to Start a Business? Step 1: Hire an Expert Leadership Coach

Until 20 years ago, leadership coaching or executive coaching was viewed as a necessity for faltering business owners. But, in recent times, more and more entrepreneurs getting ready to start a business prefer to hire the services of a leadership coach. They are open to enlisting the help of an expert to help them create a sounder platform on which to build their new enterprise.

But, will this move do them any good? According to the Forbes magazine, corporate giants like Google, GE, and Goldman Sachs have allocated a budget of $1 billion each year towards leadership coaching. Further, statistics gathered by the PriceWaterhouseCoopers and the Association Resource Center clearly indicate that this simple move can help businesses earn profits worth 10 to 49 times their original investment. So, if you’re ready to build a successful business, one of the first moves you may want to make is to hire a leadership coach.

What Exactly is a Leadership Coach?

Executive coaches are very different from mentors. They follow a carefully-designed schedule, stepping in from time to time helping their clients to make the right decisions. Like expert business coach, Arman Sadeghi at Titanium Success reveals, a coach will not tell you, the entrepreneur, how to start a business. He is not there to give you advice. On the contrary, he asks you a series of questions intended to realize your full potential so YOU can make the right choices. With the help of the coach, you can develop the essential soft skills you need to start a business and make a long-term success of it.

But, Why Choose a Coach?

Magdalena N Mook is the CEO & Executive Director at the International Coach Federation (ICF) that has 26,000 members operating across the world. She tells the Entrepreneur magazine, “What coaching can offer, it’s not telling people what to do, which entrepreneur will listen anyway, it’s really being a partner in the process. I think this is exactly what makes coaching even more prompt to be adopted by the entrepreneur. Because it is partnership and not mentorship or consulting, it’s helping the entrepreneurs to find responses in their own ways to whatever they want to accomplish.”

Accordingly, here are some of the areas where you’ll receive assistance:

  • Planning your business strategies and sounding out ideas
  • Developing the essential confidence in your project and conviction to make it materialize
  • Training yourself to maintain focus on your goals
  • Getting the necessary support and being accountable for your projected milestones
  • Putting together a skilled team and managing it to help you achieve the company’s objectives

1. To Start a Business, You Need More than a Great Idea

Starting a business with a great product or service idea is just the beginning. To make it a reality, you need to raise the necessary finances by pitching your ideas to financiers and potential business partners. You’ll also need expert portfolio teams that can help you with the other aspects of your business. These facets typically include production processes, advertising and marketing, sales, delivering goods, customer care, sorting through legal nuances, and much more. To get the right personnel together, you’ll need the assistance of an expert leadership coach.

2. Executive Coaches Help You Institute a Favorable Work Culture

When you’re ready to start a business, it is highly essential that you set the tone of the work culture and ethics of the company early on. And, the one person to create that persona and impression for the company is you. The team working with you will emulate and follow your leadership when it comes to dealing with vendors, customers, and other stakeholders of the company. Given that a positive attitude can make a difference between success and failure, work with your executive coach to learn how to institute the right culture in your company.

3. Leadership Coaches Make You an Efficient Team Manager

Simply having a great team and right mix of skills and talents to start a business is not enough. You must know how to coordinate their efforts to keep the company functioning smoothly. While working hard to grow your company is essential, you must keep in touch with your people. Involve your workforce in the vision you have for the future of the company, and how you hope to achieve the objectives you have planned. Welcome feedback and ideas for future growth since your team works in close contact with vendors and customers on the ground level and has a better understanding of what the market wants. Need to understand better how that can work? Check out this article released by NBC News.

4. You Need Guidance to Build a Lasting Company

As long as your company is in its fledgling stage with just a few employees and you running operations as a manager, dealing with the challenges is easy. But, as the enterprise grows and you’re ready to go public, you’ll need the advanced guidance needed to act as CEO. You may not have the skills and expertise needed to deal with growth equity, venture capital, and the other intricacies of the corporate world. That’s where the executive coach steps in – to guide you in the right direction, so you can make a success of the company and watch it grow over the years. Most importantly, you need the business coach to help you assess if your business is stable enough to begin expansion.

5. Understand that an Evolving Business is a Successful Business

To ensure the lasting success of your business, you need to keep your finger on the pulse of the market and evolve according to changing market trends and consumer expectations. Rely on the expertise of your business coach to help you steer the company in the right direction to keep pace with change. Like the folks at BizJournals explain, lack of flexibility can spell disaster for your enterprise.

In a fiercely competitive world, understanding how to start a business and make a success of it is a significant challenge as it is. But, with the assistance of a qualified and trained business coach, you can overcome the snags and understand how to avoid potential pitfalls. Design success for your business from the onset and watch it reach the 10-year and then, 15-year success mark.

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Are Competitors Beating You to the Punch with Marketing and Advertising?

How well would you say your marketing and advertising efforts are going these days?

For some business owners, their efforts could be playing out much better.

If your competition is beating you to the punch on marketing and advertising, how do you plan to turn it around? And as importantly, when do you plan to do this?

Remember, each day that goes by where your competitors have the upper-hand, you can lose ground.

So, is it time to act starting now?

Take Action to Stay Competitive

In your efforts to stay competitive, start by assessing current conditions.

Among the questions you want to be able to answer:

· Am I doing enough to market and advertise my brand?

· What are my immediate competitors doing that seems to work for them?

· What are the demographics with my business? Knowing this is key so you have the right products and services for select ages and genders.

· Have I been too absent when it comes to social media?

While there are other questions you should be able to answer, start with those and go from there.

Once you’ve decided that action is needed on one or more fronts, do you do it on your own or reach outside for help?

If doing the latter, have you thought about LED signage?

As more businesses have discovered over time, LED signs can make an impact on how successful one’s brand can be.

So, if some of your closest competitors are using such signage, don’t you think you should consider this too?

If you said yes, you can search online. Also go through word-of-mouth referrals to see which signage best suits your needs.

Whether you end up with www.megasigninc.com or another provider, know the benefits you will get in return.

Among them:

· Greatest exposure for your brand

· Being seen during the day and at night

· Prime locations around town where consumers can’t help but notice your brand

With the right LED signage, you can add some punch to your marketing and advertising efforts.

Don’t Forget How Important Referrals Are

As important as signs and other promotional methods are, never lose sight of one thing. Yes, that would be your customers.

Your customers can do wonders for your business image. As a result, put them to work where and when it is appropriate.

An example of this would be via customer testimonials.

If you have a customer stating how happy they are with what you provided them, will they give you a little plug? In the event they will, take advantage of it.

A customer testimonial can go a long way in bringing you more business and added revenue.

Use testimonials on your website, in promotional brochures, on TV, and newspaper ads.

When customers go to bat for your brand, you win.

So, if competitors have been beating you to the punch in promotions, is it not time to turn this around?

If you fail to address any issues you are having with where your marketing dollars go, you may look back with regrets one day on not having done enough.

With that in mind, do not be that business owner.

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Why You Need to Know the Difference Between FEIN and Tax ID

Essentially, a FEIN and a tax ID number are the same. It is important to learn the small differences between the two so that you know what to do for your business or an entity such as a trust. When filing for a Trust tax ID Number or FEIN, knowing what each is for helps you to make the right decision when filing. The experienced associates at IRS-EIN-Tax-ID can help. 

A FEIN is a Federal Employee Identification Number and an EIN is an Employee Identification Number. Both numbers can be used to identify a business. The federal government does not recognize a FEIN and this number would not be used for federal tax filing. 

Small businesses will need to apply for a FEIN-EIN whether they have employees, or they do not. Having this number helps to avoid identify theft and protect the privacy of the business. 

To be able to report taxes to the IRS, a business must have a tax ID number. When you are the business owner, it is important to file for a tax ID or EIN to have this nine-digit identification number as it is required. A business also needs this number to be able to get a bank account or apply for credit for the business. 

The filing is easy when you take advantage of online service options. An application for an EIN can be completed online via IRS-EIN-Tax-ID.com. At the site, easily find the application for your business needs and fill out the appropriate paperwork. Once completed, you will need to hit the submit button. 

After your EIN has been assigned, the number will be emailed to you. Once you have the number, you will be ready for tax filing purposes as well as accessing lines of credit for your business, opening a checking account and more. 

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Building a successful marketing strategy for your ecommerce website

Starting your own ecommerce site used to be something you would do once you had already come up with the products that you are selling. However, nowadays, it is an essential early step to take if you want to maximize your sales and reach as many people as possible. Customers are used to services such as Amazon and they expect you to have your own site. However, once you have your ecommerce site up and running, how can you get people to come to it? What you need is a successful marketing strategy.

Have plentiful content

Your site needs content as well as products. Your homepage, your product category and product pages all need plentiful text content on them. This is because search engines consider sites with lots of useful, well-written and relevant content to be better than other sites – similar to how people view sites. Your homepage needs to tell people exactly what it is that you sell and why customers should buy from you instead of somewhere else. Your product pages need to explain the features of the product and how they will benefit the customer. You should aim for at least 300 words of content per page, where possible. If you sell hundreds of different products then this might be a tall order, so you should probably just concentrate on the main pages.

Produce interesting blog posts

As well as plentiful content for your pages, you also need to make sure that you have a regularly updated blog that is full of interesting posts. Search engines look favorably upon sites that add new pages relatively often. However, blog posts are also a great way to get people interested in your site and your company. Blog posts can be about anything you want. You could do a post about a new product that you have available on your site. You could write one about something industry related that you are an expert on. You could even interview an industry expert. Blog posts are also a chance for you to express yourself and get your company culture across.

Social media presence

Having a social media presence is an absolute must in 2018. When you start an ecommerce site from home, you are unlikely to have a particularly large following. This is where your existing social media profiles will come in. You will (hopefully) have some friends on Facebook, who might be interested in what you are selling. Set up a new profile for your brand and then share the page on your personal page to get interest started. After doing that, you can do posts on the brand profile about any new products or deals, or even link to your interesting blog posts.

The objective of your social media presence will be, ultimately, to get people to click onto your site and browse your products. However, you can also do other things to build your following on social media. Platforms such as Facebook, Twitter and Instagram are excellent for having conversations with your followers. Engage with your followers by replying to their questions, complaints and comments. You can ask their opinions about new products and deals and even run competitions for them.

Email marketing

Email may seem like ancient technology compared with social media but it is still an immensely important weapon in the digital marketing arsenal. It is hugely effective at reaching your audience in a more targeted way. Email marketing is not about spamming generic sales emails to anyone and everyone. Since spam is not the aim of the game, you need to be able to harvest people’s email addresses. Existing customers will have already given you their address when they signed up to buy from your site. You can get potential customers’ email addresses by encouraging them to subscribe to your blog.

Email marketing platforms will let you split your customer base into various demographics, based on stuff like whether they have signed up to your blog, what they have bought before and much more. This means that you can send them more personalized emails that will engage with them better. Valentino Vaschetto is an email marketing expert who works for advertising and marketing agency Iconic Industries. Valentino Vaschetto has a popular Vimeo that uses videos to explain all aspects of digital marketing to you.

Conclusion

Starting up a business from home has never been easier. Ecommerce and digital marketing allow you to direct customers to your shop where they can buy your products, all by using the internet.

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More than money: How to tempt the best employees on a shoestring budget

It would be fair to say that we are well and truly in the era of the start-up culture. Wherever you turn, start-ups are popping up everywhere, and there seems to be a story every day about the latest new business securing lucrative new funding.

However, not all of these start-ups can afford high salaries. At the same time, not all start-ups are going to receive lots of funding and as a result, can’t compete with salaries.

This is where creative minds need to enter the picture. Unfortunately for them, employees just aren’t going to choose them if they can’t offer them something else in return. It’s understood that a large proportion of start-ups fail in the first year, so jumping ship and joining one of these companies on a less-than attractive package just isn’t going to happen.

Following on from the above, let’s now take a look at some of the ways in which young businesses can reward employees, without paying huge salaries.

It’s the small things that matter

Let’s kick things off by highlighting that you don’t need to be giving twice the average annual leave, plus other ridiculous perks to join your company. Sometimes, it’s just the small things that count.

Building a good culture is something that can take time, but you can accelerate the process with small gestures. For example, employee holiday gifts might feel like a small token, but it’s something that still makes your employees head home for the festivities knowing that they are valued by their place of work. Small tricks like this can make the world of difference.

Gym memberships and wellness programs

This is something that has come into its own over the last few years and is regarded as very important by a lot of employees.

Companies have realized that the likes of gym memberships and wellness programs don’t just put a smile on their worker’s faces, but they can also make them healthier. Ultimately, the number of sick days should theoretically reduce.

As a company, you can tend to get discounted gym rates if you can promise that a set number of your workers will subscribe. For the employees themselves, they at least know that they are saving the best part of $50 a month – and this is something that they can link back to their salary.

Performance bonuses

This is largely going to depend on the type of industry you are involved in, but it goes without saying that lower salaries can be offset by performance bonuses. In the UK for example, Sports Direct is known for its low salaries, but at the same time it offers huge bonus pay-outs to all of its staff. Ultimately, this is something else that workers can factor into their decisions.

Flexible schedules

Finally, don’t underestimate the importance of flexibility. Recent studies have shown that more and more companies are encouraging their staff to work from home, and the effect it can have on morale is incredible.

Sure, this isn’t something that is applicable across all industries, but if you can manage it in yours you will prove to be a much more attractive proposition to potential employees.

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4 Tasks Every Small Business Owner Should Outsource

As a small business owner, you are used to wearing many hats and acting as a Jack of all trades. You likely know a little about a lot, and it’s no wonder why. Running a business requires initiative, skill and savviness. You certainly benefit from the support of your staff, but at the end of the day, you are the one running the show. It can be difficult to delegate tasks to others when you trust yourself the most, and it might be even more difficult to outsource portions of your operation and let go of control completely.

Part of being an effective manager, though, is knowing when to do exactly this. There are several tasks that every small business owner should outsource. Outsourcing can help you free up resources, focus on the essential aspects of your business and avoid errors by getting help from experts trained in the task at hand. The following are some of the processes that might benefit from outsourcing.

Marketing

You might think that your marketing skills are sufficient for promoting your business and attracting customers, but sufficient is not good enough. You work hard to sustain your small business and provide customers with the best service possible. It would be a shame for these efforts to reach only a portion of the market containing potential customers. Rather than do your business a disservice by managing the task of marketing all on your own, consider the benefits of outsourcing it to a company that specializes in small business marketing. This can be a great way to reach new customers.

Bookkeeping

Too many businesses are crippled by the consequences of poor bookkeeping. It is absolutely imperative that you keep track of all revenue, outgoing funds, taxes and payroll. Outsourcing bookkeeping and/or payroll can help you avoid many of the problems that small businesses often encounter with money. Even if you use software and other resources, small mistakes can have major repercussions, and this is a task best left to professionals who are experts in managing small business finances. Outsourcing can also eliminate the stress of spending hours each week managing the minutia of your company’s money.

Web Design

Just as many small business owners are capable of basic bookkeeping, many small business owners are capable of basic web design. When you settle for basic, though, you are doing your company a major disservice. Utilizing a professional website builder is the better option, and it can boost your business’ revenue substantially. Many customers find businesses online, and when your website does not represent your company effectively, you are losing potential sales. A website builder can ensure that potential customers are motivated to follow through. Web design and marketing for small businesses is best left to dedicated professionals.

Conversion

At the end of the day, your ultimate objective is to convert potential customers into loyal clients. Maximizing your conversion statistics demands the use of proven strategies and an effective approach. This means you must utilize marketing, web presence and customer service effectively. Conversion experts who specialize in small businesses can help you use all of these tools to boost profits and reach your target market effectively. A good sales pitch alone won’t do the trick, so it is important to enlist help from specialists when you want to get conversion rates that are worthwhile.

Outsourcing is an important part of running a small business. No matter what industry you are in, you should consider outsourcing these aspects of your company to experts and focusing on what you do best—running the day-to-day operations of your business. This can alleviate stress and free up your time, so do not hesitate to outsource when it becomes necessary.

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Why It’s Important For Small Business Owners To Outsource

As a small business owner you will know only too well about how overwhelming this position can be. There is a temptation in the early stages of your business to micro-manage every aspect of the company in order to save money and assert control. This however, is not a sustainable attitude and it is one which will leave you burned out, and the business in an unstable place. The key to surviving in business is learning how and when to outsource various aspects of the business, and here is why doing so is extremely important.

Focus

The biggest reason for a small business owner to outsource areas of their business is so that they can spend their time focussing on what they do best, which is running the business. For example let’s say that you are an excellent restauranteur who has just opened a French Bistro, how well do you think you are going to be able to focus on the restaurant itself, when you are getting bogged down in human resources stuff or the supply chain? The truth is that you cannot and the more time that you spend on areas of the business which don’t need you to be managing them, the less time you can spend on the areas which do require your attention.

Skill

Outsourcing is not just a time saver, it is also about letting experts take the reigns on certain parts of the business. For example let’s say that you start getting bogged down in bookkeeping and accounting for the business, in a effort to save some money. You may very well be able to work your way around the balance sheet, and use free budget templates to see the ins and outs of the business, but the time that it will take is likely to be double that of an expert in this field. The smart option is to outsource and area of the business such as accounting, in order to let the experts complete what for them, are very simple tasks, rather than you spending hours on such an activity.

Time

One thing which business owners want more than anything else is more time, something which is not easy to come by, especially in the early years. When you outsource an aspect fo the company however, one of the best returns on this investment is the gift of time which it will give you. Business owners need to be at their best at all times, so the additional hours in the day can help to keep you more focussed. As we have preciously mentioned, with this extra time you can focus on the right parts of the business where you can be effective, rather than the areas where you cannot.

The idea of outsourcing is to make the business more productive and more dynamic, to offer a higher standard in many aspect fo the company and ultimately to allow you to focus on the important stuff and not the minutiae.

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Choosing the Right Business Premises

You might be a tiny start-up or a more established business that needs to move to a bigger, better place. Whatever your reasons for upping sticks, there’s four things you have to consider before choosing the right dotted line for you and your enterprise.

Your location

Of course, this depends a lot on the nature of your business. If you’re an interior design company, you’ll need a big window with lots of footfall so passers-by can see what you’re all about. If you’re an IT-based company then you might be better off in one of the many offices to let in Teddington or nearby.

You already know that business premises get more expensive the nearer to the city centre they are. However, this doesn’t mean that you should settle for a cheap out-of-town place because the lack of passers-by might kill you off. You also, no matter what your business, need room for customer and employee parking and delivery vehicles.

It’s fine to ask around for advice – solicitors, your business advisor, your associates – but you shouldn’t feel pushed into anything. Your location is, alongside your finances, the biggest consideration, so don’t just jump in.

Your finances

If your ideal location is way out of your budget then you’ll just have to carry on dreaming. Avoid wasting too much time on the “if onlys” by restricting your search to your budget. Your first big decision is whether to rent or buy. These days, rental options are brilliant because there’s a culture of shared office spaces which are brilliant for techy start-ups.

If you’re having to rent a large unit, though, and you’re not planning to move for a good few years, then think about buying premises. Once you’ve pinned this fundamental decision down, look at what your business rates will be, as well as all your utilities, insurance, taxes, maintenance and security costs.

Your look

It’s unlikely that you’ll walk straight into your premises and not have to change a thing. Most of your changes will be cosmetic, probably – don’t go mad making big changes of any kind to start with, as this is a big drain on money. Just make sure that the outside looks presentable and inviting, as well as any interior areas that customers see. You don’t want to deter clients.

Space is also important. Have you got enough room for your immediate growth plans? Can you afford to have a waiting room or reception area? These things matter to clients and suppliers alike – they need to have confidence in you.

Your legal considerations

You also have some legal things to consider. There are several different types of commercial licences and not all premises have the same ones, so make sure your shortlisted premises have all the paperwork you need.

It’s also important that your building is fully compliant with all the legal regulations, like ventilation, fire, space, hygiene and heating.

Lastly, you need to make sure the infrastructure around your place is sufficient. If you’re a manufacturer, is there space to store waste until it’s disposed of? Can your delivery drivers make collections and drop-offs all day or are there time restrictions?

There’s a lot to think about, so talking to a commercial letting agency is always a good idea.

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How to Start a Business After Bankruptcy

One often overlooked advantages of living in the U.S. is the fact that the bankruptcy laws tend to be much more forgiving than other countries. This can be seen when it comes to starting a business as some countries don’t even let those with a bankruptcy open a bank account.

However, there are no such prohibitions in the U.S. and if you are looking to start over by starting a new business, then read on as this article will give you some pointers on how to make it happen.

Don’t Mix Accounts

Granted, you don’t need a bankruptcy to do this but if when you have a business you don’t want to mix your personal and your corporate accounts. Doing so can not only lead to an accounting nightmare but it might make it harder for your new business to establish credit and trade lines.

As such, get started by incorporating. The truth is that it has never been easier to set up a company and the new tax laws make it to your advantage to do so. By doing so, you will make sure that your company can establish the credit it needs to grow without you being the co-signer. Granted, this does not mean that you will be able to get a million-dollar loan for your new business but you will be able to open the trade lines you will need to operate.

Register for a Tax ID Number

Also known as an Employer Identification Number, think of this as a Social Security number for your business. Getting a new number is especially critical if your previous business was involved in your bankruptcy proceedings.

However, you want to keep in mind that businesses, unlike people, cannot be discharged from Chapter 7 bankruptcies. This means that if you reboot the business, then creditors might still try to act against you. While this shouldn’t happen, there is a risk and as such you will want to discuss this with your lawyer. If you are not sure where to start, then you might want to check out this site – https://www.getfreeofbills.com/chapter-7-bankruptcy-attorney/.

Be Prepared

One thing that bankruptcy should have taught you is that things can change; sometimes rather quickly. While this can lead to a sense of uncertainty, you can harness this to your advantage. Part of this is knowing that you need to be prepared when things aren’t going as planned.

When it comes to your business, this means you need to keep an eye on two things. First, what is your cash position? Remember cash is king and having a good handle on where your company stands will be vital to your long-term success.

Second, you will need to have a plan to get small fast. Often this is how companies get into trouble as they assume the good times will last forever, and then live in denial when the market starts to turn. History is strewn with companies that thought they could weather the storm – remember Lehman Brothers.

Creating Financing

Let’s face it, most banks are not going to welcome you with open arms just after a bankruptcy. However, this does not mean that you are completely cut off from getting the money you need for your business; it just means that you need to get creative.

This includes picking a business that does not require significant capital – including a home-based business or some sort of professional service business. You could also look at working as a subcontractor first – at least until your cash flow stabilizes.

Beyond this, you can look for a partner or seek outside investors and then there are always your customers. Maybe some will be willing to pay upfront for your product or service and this will help to offset the cost of getting your company off the ground.

Look Out for Minefields

One way people can get into trouble with your business is by not paying their taxes. Not only can this create problems with the IRS but you could also run into trouble with the revenue department in your state.

Don’t let this happen to you, make sure you keep clean records and that you file your taxes on time. Keep in mind when it comes to income taxes, you can carry forward the accumulated losses from starting your business. As such, it pays to keep track of your taxes.

Be Very Careful of Giving Payment Terms to Customers

It’s a competitive market and customers have choices. However, you want to be very careful of giving payment terms to your customers as this can come back to haunt you – especially if the economy turns. Remember, cash is king and if you are starting a business after bankruptcy having cash in the bank is more important than being owed $1,000,000 from your customers.

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