Archive for Month: October 2016
Top six decisions every entrepreneur must face
Once you choose to become an entrepreneur you should have your mind set to deal with any situation. You should accept that you have to make some really tough decision down the road. These decisions can cause you sleepless nights but its all part of being a company owner. Many of these decisions will have a small impact on your business success. But some can have an enormous impact so it’s good to consider these decisions ahead of time to at least prepare yourself mentally to handle them when they arise in your company. Here are six decisions every entrepreneur should be prepared to face.
Whether to expand or keep the status quoKeeping a small business feels manageable since you are able to oversee most of the day-to-day operations. Sometimes the temptation for business expansion can be very strong due to the potential of something new and exciting. The strategic decision to expand your business is one of the biggest decisions most entrepreneur faces and should not be taken lightly. If you decide to expand your business you should have the proper systems and processes in place to successfully manage the growth.
Product or service pricingHow you price your products will position you against certain competitors in the marketplace. This makes it really difficult for entrepreneurs to determine their “sweet spot” in terms of pricing. Always understand what you can afford to charge and what your target market is willing to pay to avoid losses. These hard decisions come with a certain amount of risks so entrepreneur should take their decision-making process very serious.
How to deal with difficult employeesEmployees always cause problems in the workplace. The first time any problem occurs in a company it can be very hard to deal with it but your resolve it by talking with the offender or taking minor action. If either of this fails to work you may terminate the employee which is not an easy decision to make. Once you fire an employee you need to understand that some of his responsibilities in the company will be on you as the owner. This is not fun at all.
Whether to say goodbye to unprofessional clientsIs it really worth the headache of working with rude or unprofessional clients? There are many businesses that are very strict when a client violates their policy they cease working with them. It’s very hard to voluntarily say goodbye to a client who has been investing a lot into your small business. You should always consider what it will cost your business if you keep a difficult or rude client for the long run.
Whether to turn your idea into realityThe enormous decision upon which all other decisions rest is whether to start your business. This may mean scaling back at work to pursue your dream. You may sacrifice your dependable full-time income for you to achieve your big goal. It’s difficult for any entrepreneur to decide on which idea is being turned into a business. All entrepreneurs should always take any decision- making the process very serious.
Whether to give upThoughts of giving up cross every entrepreneur’s mind more than once. Life is not a bed of roses meaning there are times when giving up are your best option. Persistence is the greatest point for you to gather more courage to keep going. If you strong not give up you may find your big success is right around the corner.
ConclusionIt’s important to maintain unwavering faith for you to prevail in the end regardless of the difficulties. Being an entrepreneur always means making hard decisions as your business grows. Each decision made comes with a certain amount of risk but entrepreneurs do not let it impede their growth.
Top six reasons why you should consult a lawyer for your small business
Every business needs an attorney to provide vital assistance on lawsuits, business incorporation, and liability. A small business may not afford a full-time attorney but it needs access to a lawyer who understands you and your business. A business lawyer will help you handle issues whenever they arise. Here are a few reasons why you need to consult an attorney for your small business.
When dealing with employees issuesIf you are work with independent contractors, create an agreement that stipulates any arrangements you have concurred on. Your attorney could draft it for you or review the draft you have to make sure that it’s in your best interest. A business attorney will help you stay out of trouble with IRS when hiring employees. It’s advisable to consult your attorney before firing any employee to avoid being at risk of discriminatory lawsuits.
Negotiating a contractWhenever you are in business you have to get into one or several contracts. A good business attorney will help you by ensuring you do not sign a contract that will jeopardize your business. In the case of a breached contract, an attorney will spell out any options you have and make sure you do nothing you shouldn’t. They are experts in rooting problems clauses thus helping you escape any lawsuit.
To structure your business easilyThe first thing to do as a small-business owner is to decide the structure for your business. There are many options which include: corporation, nonprofit, and partnership. Your business structure you choose will affect your tax obligations and your exposure to personal liabilities. It may also affect how you acquire funding. A good business lawyer will give you the guidance you need to make the right decision for your business.
Taxes and licensesAn attorney will help you register your business for state tax identification numbers. He may also help you understand the tax consequences and basic transactions your business will engage. This helps you understand all your rights as a person and an entrepreneur.
Environmental issues influence your businessIn the case of any environmental issue involving your firm, you should consult your attorney. These may arise from production or waste emissions thus affecting your business even if you are not directly involved. In this case, you’ll definitely need an attorney to let the law take its cause.
If you negotiating a business saleWhen selling a business an attorney will help you get maximum value from it. He will make sure the stock transfer is done correctly and also help with negotiations. A business attorney is a small-business owner’s close friend in various situations. You should think to find an attorney if you own a small business so that you can have someone to call when there’s need to!
ConclusionA good business attorney will help you in case any government entity files a suit against your business. He is able to plan a course of action to deal with the issues in the best way possible. Establish good relations with a good business lawyer and your business will run smoothly without complaints about more incurred cost and losses.