Tag Archives: #BusinessTips

Should I Take Out a Loan to Start a Small Business?

Entrepreneur published an article recently in which personal finance expert Dave Ramsey discussed his top budgeting tips for small business owners. One subject that came up in the article was about whether or not it is a good idea to take out a loan to start a small business. Do I Need to Take Out a Loan to Start a Small Business? According to Dave Ramsey, in most cases, you should not need to take out a loan to start a small business. The article is written in a question and answer format. Ramsey is asked whether it is ever okay to take out a loan to start a small business or if you should always use cash to avoid racking up debt. Unlike some of his peers, Ramsey does not believe there is such a thing as good debt and, therefore, he does not recommend using a loan to…
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How Do I Buy Out My Business Partner?

When you go into business with someone, there are bound to be ups and downs. However, in many cases, business partners are able to overcome their differences through compromise and dedication. Unfortunately, in other cases, there are differences that just cannot be overcome. If that is the case for you and you want to keep your business, you may eventually find yourself asking, How can I buy out my business partner? How to Buy Out a Business Partner Inc.com published an article on how to properly dissolve a business partnership. Here are the tips that the piece included regarding ending a business partnership: Check Your Partnership Agreement – When you and your business partner started your business, you may have had a partnership agreement drawn up. If so, your partnership agreement may include a plan for how you two would end your partnership if you ever decided to part ways….
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How Can I Protect My Business in Case I Develop a Serious Illness?

As a business owner, you have probably asked yourself at one time or another, “How can I protect my business in case I the worst happens?” Chances are, the answer to that question has eluded you, leaving you and your business unprepared if you develop a debilitating illness or pass away. There are certain events in life that are extremely difficult to prepare for. In some cases, it is because the event is unexpected. Other times, it’s because what we have to plan for is something we’d rather not think about actually happening. However, whatever holds us back from preparing for certain life events, if we have dependents and/or own a business, it’s crucial we overcome our reluctance and do what’s necessary to protect our family and business in case there’s a financial collapse, we develop a serious illness or we die. What Do I Need to Do to Protect…
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3 Tips to Successfully Grow Your Business

After starting a small business, assuming you have found some level of success, the next step that you may want to take is to grow your business. However, while this might seem like a relatively risk-free undertaking, it is actually full of pitfalls that could ultimately sink your business if you are not careful. Therefore, before you attempt to grow your business, there are a few tips you should know to make sure you avoid missteps that could put you out of business. How to Avoid Pitfalls When You Grow Your Business Real Business, a website featuring news and information on entrepreneurs and businesses, posted a report on how business owners can grow their companies without making mistakes that put them out of business. Business Plan – A strong business plan is necessary to help you outline the path of your company’s growth, including debt obligations, potential profits and how…
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4 Ways to Save Money as a Small Business Owner

Being a smaller business owner has many difficult challenges. You are competing with other local businesses, all of which are competing against large nationwide corporate chains and bigger businesses. The majority of small businesses will not make it without investing time and resources into learning how to manage their finances responsibly. Keep reading for some tips to cut back on expenses to get ahead of the competition. 4 Ways to Save Money as a Small Business Owner Energy: Do you think about energy costs when managing your business? There are more ways to power devices than there used to be; solar and wind energy are alternative sources that are becoming cheaper and can save money. Going paperless will allow your office to save on paper costs. Shutting blinds in the summer, and not blasting the A/C can cut down on the energy bill. Shipping: Online retail is becoming more popular,…
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