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Small Business

 

Will Your Small Business Have A Happy Ending?

There is no question that as a small business owner you have persevered and worked hard, dedicating your life to the success of your company. That being said, don’t you think a company you put all of your energies into, deserves the chance at having a happy ending? Have you considered the impact your death, disability, retirement, or even divorce could have on your small business ?

If you are the owner of a small business it is time for you to stop thinking of only what is...

small business, starting a small business, marketing

There is no question that as a small business owner you have persevered and worked hard, dedicating your life to the success of your company. That being said, don’t you think a company you put all of your energies into, deserves the chance at having a happy ending? Have you considered the impact your death, disability, retirement, or even divorce could have on your small business ?

If you are the owner of a small business it is time for you to stop thinking of only what is happening now, and start focusing on what could happen in the future. Therefore, you need to put your priorities into perspective by protecting yourself and your business with a succession plan. A business succession plan is what you need to ensure that your business has a happy ending by remaining secure, regardless of what may happen in the future.

In particular, a succession plan allows your business the chance to be able to stand up to any challenges that may occur along the way. For instance, certain setbacks that you might experience may be entirely beyond your control such as divorce, disability, departure and death. But with a business succession plan you have the chance, as a small business owner, to ensure that regardless of what may happen to you, your business will be protected.

The following are a few aspects you should to take into consideration when creating a business succession plan for you small business:

How to Begin the Succession Planning - Since you need to make choices before you can really begin achieving your succession planning goal, you must first think about your long term business objectives and ask yourself important questions such as –

• Will I sell my small business?
• Should I set up a plan that allows me to transfer my business to one of my business associates or a family member?
• Does my business have public potential?

Of course, business succession planning begins with much more than simply deciding who you will be giving your business to in the event that you can no longer run your company, or wish to sell it. Additionally, succession planning is about keeping your small business afloat and successful to ensure that your absence will not devastate your company. Therefore, in order to maintain future control of your business, you will need to begin your succession planning by making choices that will concern things such as:

• ownership objectives
• asset protection planning
• taxation and transaction planning
• estate planning

You will want to keep in mind, however, that due to the fact that every action you take with succession planning will result in a reaction, you will require the assistance of experienced experts when developing your plan.

Understand the Dollars and “Sense” of Business Succession Planning – Like any type of business preparation, your business succession plan needs to be orderly and handled carefully if you don’t want to suffer the consequences of financial losses – or worse – the loss of your small business. That being the case, you need to know exactly what you are dealing with, and how you can achieve the most of your planning.

The one mistake you will not want to make is to overlook your business finances. You can help keep your business secure by properly using the following, and more, in your succession planning before problems occur:

• Life insurance
• Disability insurance
• Annuities

Furthermore, you will find that with an orderly succession plan, you will be avoiding the possibility of your business having to be sold to pay off the estate tax, in the event of yours or (if you have one) your partner’s death. It is no secret that estate taxes can claim up to 55% of an estate that is taxable, which is no mystery why so many businesses fall into debt, become bankrupt, or are sold due to the death of the owner or partner.

In addition, another aspect that needs to be considered is that clients are most likely to do business with other businesses after the owner or partner is deceased. However with the proper succession plan, your business should be able to maintain any regular clients - or if not - it will be better equipped to survive the possible drop in assets if a slow period should follow.

Know How to Write Your Happy Ending – Remember, when all is said and done, the outcome of your succession plan depends entirely on the choices you make regarding the future of your small business. It is imperative that you take the time to make the best choices that will allow you to implement a succession plan, which keeps you in control of the outcome that involves the transfer of your company. By knowing how to ensure the prosperity of your business future with a succession plan, is how you will write your happy ending.

 

You May Have A Successful Small Business Idea

You surely know that a small idea can lead to a great business success. The first movement is to think of an idea that would be suitable for the business market. After coming up with the idea, the next step is to put that idea into action. Of course, this is a very difficult step and having the idea is only the start of the journey. After that you will have to face many obstacles before being able to carry on with your business project. This is just the beginning of this proc...

business

You surely know that a small idea can lead to a great business success. The first movement is to think of an idea that would be suitable for the business market. After coming up with the idea, the next step is to put that idea into action. Of course, this is a very difficult step and having the idea is only the start of the journey. After that you will have to face many obstacles before being able to carry on with your business project. This is just the beginning of this process and there is a lot of questions you will have to answer before even start.

Some of the main aspects you have to concentrate on when you have business ideas are the abilities and gifts you can pour into the business. It is very important for you to be identified with your business project. Those ideas should be based on activities and actions you take pleasure in doing. For example, if we suppose that you dislike working in the open, landscaping business would not suit you. On the other hand, if you like working with children, setting up baby-sitting or tutoring business would be an excellent idea. In this case, without any doubt you business will be more successful because you will have put your mind, effort and also your heart on it.

Another vital step is to analyze the needs of a specific product or service in your region before setting up your business. Do people of your area need your product? Are there other business like the one you are planning to start? You should ask yourself whether or not you are the only one offering that service or product. If you are not, you will have to analyze the competence you will have to face. You have to think whether the service you are offering is one that customer would repeat, or if it is a one-time specialized service. Obviously, the former are more likely to succeed than the latter.

There are other aspects you have to take into account. These aspects are described below:

- One of them is that if the idea is unique, you will reign the market. But if there is much competition, it will be difficult to enter into the market.

- A second point would be if you can offer quality from the very beginning, otherwise, you won't succeed.

- Finally, you have to think about your capital to start your own business. There are many business ideas that require little investment and bring great profit. Some demand research, such as daycare service, and others need a large amount of money to begin the business. So take this recommendation into account before investing all your money in a small business idea.

 

Unsecured Start Up Loans For Small Business – Is It A Good Idea?

Finding the right loan to start up your small business can be difficult, especially if you're trying to figure out whether or not you should accept secured or unsecured loans to meet the initial expenses of your business. These are some of the information on unsecured start-up business loans that will help you make the final decision.

small business start up loans, bad credit small business loans, new business loans, fast business loans

First-time small business owners usually are chary of unsecured start up loans. This is because the time frame for making a profit is not definite whether or not there is a properly thought out and lucrative business plan in place for the future business.

When profits or revenues do not materialize per plans, as in most cases, there is danger of default on loan repayment. When this happens credit rating of the person involved gets degraded as unsecured loans are granted on the basis of credit and borrowing history of the business owner.

And if there is bad credit history behind, he/she can very well forget that small business loan. Let’s discuss some more aspects of unsecured <i>small business start up loans</i>.

<b>Some Facts</b>

If the credit history of ‘to be’ small business owner is good, unsecured start-up business loans are easier to avail as compared to other business loans. But it is better to go for secured loans against property or equipment affiliated with the business.

Secured loan not only keeps personal credit rating intact but poses lesser risks for the business owners, because they can use the hypothecated equipment to generate a profit for the business. As a result the loan can be paid back on time. Not just that, secured loans are for longer tenure and come with lesser interest rate burden, thereby lowering the cost of loan.

But if you have decided to apply for unsecured <b>small business start-up loans</b>, you should be careful about the requested amount. Remember, the more you owe on the loan (including interest), the more will be the money which you have to repay.

If you are not exactly sure how well the business will do in the first year and want to keep your credit rating good, it is best to request a small amount for your unsecured start-up business loan. This will make sure that repayment installments are small and if you are punctual in repaying, you can always ask for more, which will be gladly given.

<b>Some Advice</b>

Before you apply for an unsecured business start-up loan, there are several things that you should keep in mind.

First of all, you will need to convince the lender that it is a good decision to issue the loan to you. Since unsecured loans are based on your credit and repayment history, you will have to convince lenders that you can handle your personal finances in an organized fashion. Good credit record will put lenders at ease since they will be able to see your repayment history on your credit report.

Since lenders will be looking at your credit report, you should maintain a positive report as far as possible. If you know that you owe certain lenders, you should try to settle these debts or set up a payment plan with your creditors. This will be visible on your report.

Before you make any final decisions about unsecured start-up loans for business, be sure to speak to an accountant or a representative from your local bank. This will make sure that you are applying for the right loans which would help your business to develop quickly and steadily. You must not take a decision unless you are convinced.




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