Getting funding for a new business can seem complicated. Many entrepreneurs sign over the future of a company to get fast cash today. That pile of debt might bankrupt a company if not kept in check.
There are multiple sources of funding for entrepreneurs. Each has its pros and cons. Picking the wrong one could cost a company its future. Debt is not as good a thing as you might be lead to believe.
Competition is expected in the business world, but a saturated market can lead to extreme competition and loss of market share.
You've heard the phrase, "keep your friends close and your enemies closer." This is even more true in business. If you don’t pay attention to the market, then you might go out of business.
When running your business, you always want to maintain a certain level of professionalism. Both your physical store and digital presence should attract customers and not make them question the legitimacy of your company.
You've heard the old saying, "Never judge a book by its cover." But in the world of business, often people judge organizations based on first impressions. It's your job to ensure that people are impressed, otherwise bankruptcy will be in your future.
It might seem counter-intuitive to keep a product that is consistently losing money, but you need to look at your product portfolio as a whole before cutting the loser from your mix.
Not every product can be a success. In fact some products are lucky to break-even. The worst offenders are the products that can't even manage to cover the cost of manufacturing them. Usually companies immediately cut their losses by eliminating these poor performers from their product mix. There is another strategy that might be more beneficial.
Ethan Hausmann is currently the Vice President of Marketing and Community Outreach for Successtar Enterprises LLC. He is an author, professional speaker, and seminar/workshop instructor. Ethan has extensive knowledge and experience in marketing, customer service, leadership, and other small business related concerns.