The journey of entrepreneurship and having one’s own business comes with plenty of challenges. Even the start of such a journey is too hard for most small businesses, which fail during the first year. However, once we start getting a hold of things, calmer periods will arrive. This doesn’t mean it will be a walk…
Being in charge of a small business will be a demanding and sometimes exhausting task. However, the rewarding feeling of seeing your own business eventually grow is worth the trouble. We must remember, though, that we will also be in charge of the team. This means that we will need to master several management skills in order to…
One of the most difficult areas small business owners need to manage is payroll, as it comes with several challenges and obstacles we need to learn how to deal with. As time goes by and we become more experienced, dealing with such challenges might be easier. Yet, it will take some time before we get there.…
Finding ways to fund our companies is essential for business owners. It is common for entrepreneurs to consider a term loan as the first (and sometimes only) option. Here, you borrow a fixed amount, say $50,000 and have set monthly payments until the loan is paid off over a term of 3, 5 or 7 years. However, applying for a business line…
Starting our own company is not an easy process. It takes plenty of time, effort, and commitment. Besides, one of the most common challenges entrepreneurs face is finding ways to fund their projects. However, crowdfunding your small business has become one of the most popular ways for startups to collect funds before starting operations. This…
One of the most common ways companies end up losing massive amounts of money is through fraudulent activities. Whether it is because of an external attack or an internal job, small business fraud can have quite serious and devastating consequences, so prevention is absolutely necessary. However, we need to understand what exactly fraud is in…
Every business comes to a point where equipment becomes an absolute necessity. Whether it is before we start operations, or right when it starts to take off, machinery, computers, and vehicles turn into a must. The question then arises: should we buy the equipment, or should we lease it? Buying new equipment might be the…
Everybody knows that time is money in the world of business. And this is particularly true for small businesses, especially those under tight budgets and limited capital. This is why it is important for us to learn how to effectively and productively manage our time. It can happen to every company and startup out there but looking for…
In this day and age, starting a business online that is successful isn’t as hard as one might have thought. Yet it does take a fair amount of planning and plenty of hard work and dedication. Having a clear and straightforward business plan, for example, can do wonders for us. We only need to make…
Deciding to start your own business can be a scary, and intimidating experience, especially if it is our first time. Also, there are many different small business myths that might be enough to discourage any entrepreneur wanting to venture in today’s market. However, most of these myths are not really true but have managed to spread across…