The U. S. bankruptcy system is designed to recover funds for creditors while giving bankrupt small businesses an opportunity for a “fresh start.” While a fresh start is a goal of the system, little analysis has been done to evaluate the ability of small firms to reset and thrive after bankruptcy. Bankruptcy does not have to mean failure. If done correctly, it can provide an opportunity to re structure.
Starting a small business enterprise online has become an increasingly popular option for entrepreneurs looking to get instant visibility and access to a massive online marketplace. But selling online is different than having a traditional brick and mortar location. Some businesses start online, others have recently considered selling online as a way to expand their existing business. Many small businesses have been successful at the e-commerce game. Learn best practices, how-to start or grow an online business and what resources are available to help you succeed.
A family-owned business is defined as any company owned by two or more family members and the family holds majority control or ownership. Only 30 percent of family-owned companies successfully transition ownership from the first to second generation. Planning can play a key role in a business’s ability to transition into subsequent generations. Are you part of a successful family-owned business or are you thinking of going into business with family? Join the conversation and learn how to do it right!
The most common reason given for the high failure rate of small businesses is lack of adequate capital. Capital is any asset that a business uses to create value and generate profits, including financial resources, equipment, and even human capital. Once a business is properly funded, it is important for the owner to understand how to prepare business projections, review and understand the relevance of standard financial reports: profit and loss statement, cash flow statement, balance sheets and more.
Government contracting is a sizeable business segment that continues to grow. Small businesses can capitalize on this market as there is a government-wide initiative to award about a quarter of government dollars to small businesses. The road to government contracting is competitive and can be overwhelming, but there are many businesses have been successful and getting high dollar contracts from federal, state and local governments. Learn from them and find out how you can get in on the contracting game.
Developing and implementing a marketing strategy is a necessary process for a successful business. The process begins as you start your business, and it must remain an ongoing process throughout the life of your business. Marketing is neither sales nor advertising, although both of these may be part of a marketing strategy. Learn tips and best practices from other businesses and discuss strategies that can help you succeed.
Buying an existing business is an excellent option for those looking to own a business, but are not interested in launching an entity from the ground up. Selling your business can be financially rewarding and provide the personal satisfaction of knowing that what you created will continue. Either endeavor can be complicated—and filled with questions. Chat with other business owners and learn the benefits and pitfalls on the way to success.
There are many challenges on the road to success as a small business owner. Join the conversation and get tips and ideas on how to grow your business, from hiring employees, to understanding business taxes, to personnel issues and much more.