Tag Archives: entrepreneur

How to Purchase an Existing Business

As entrepreneurship and self-employment continue to rise, more and more people are looking for ways to go into business for themselves. Sometimes this is done via freelancing, entering the gig economy, starting a business, or even purchasing a business. With the proper execution, buying an already existing enterprise can be beneficial; however, without the required steps and precautions, such a purchase can be financially devastating.

Thankfully, the following steps will prove to be incredibly helpful and advantageous for anyone who is considering the prospect of purchasing an already existing business.

Sit Down with a Professional Business Broker

Even the most lucrative business people should consult the top professionals whenever they’re considering purchasing an enterprise, explains Legal Zoom. There are several benefits to consulting a business broker, which include overall advice and critical information about the enterprise. However, business brokers don’t provide services for free; making sure that the chosen broker is legitimate and knowledgeable of what they’re talking about is extremely important for the sake of your time and money.

Thoroughly Investigate the Existing Business

Even with the best advice from the most seasoned business broker, investigating and looking into the existing business is incredibly important before any money is spent. Now, it’s important to understand that doing your due diligence prior to purchasing an enterprise can take weeks, if not months. That’s OK; a thorough understanding of the soon-to-be-purchased enterprise is critical before deciding to make any payments.

Other important ways of investigating the existing enterprise include looking into their credit history, comparing the enterprise to other competitors, and finally, getting feedback from the current owner, employees, and customers. Garnering perspectives and intel from the aforementioned sources can also provide really unique viewpoints which cannot be found on the internet or from people who lack close ties to the enterprise.

Be Sure the Business is the Right Fit for You

Consulting a business broker and investigating the ins and outs of an enterprise are definitely the right steps for any person who is serious about making a purchase. However, of equal importance is complete certainty that owning this particular business is the right call.

A solid business plan to keep the enterprise running, management skills, and knowledge to assume complete responsibility for the enterprise after the purchase are so critical. Therefore, Wealth Pilgrim suggests that anyone who is considering purchasing a new business should sit down with people who are close to them and get honest, constructive feedback.

A Final Word

Like all professional decisions, purchasing an already existing business is a pretty big deal. This is why each individual should be sure that they’re completely ready on all fronts before buying an enterprise; once this decision is made, it cannot be reversed or otherwise undone. Proceed with awareness, vigilance, and don’t hesitate to take as much time as you need before closing the deal.

 

Authored by Gabrielle Seunagal

How to Hire the Right Employees

Hiring the right employees is one of the most important factors for any entrepreneur or business owner. Many individuals who are responsible for running an enterprise often find themselves wondering about the best ways to hire the most qualified candidates. Granted, there are some age-old tips: perform background checks on potential prospects, require references, and determine whether or not the candidate will add value to the company.

Still, merely following the aforementioned, basic tips is not enough. Employees do greatly contribute to the success or failure of a business. Therefore, business owners who make the right hires will ultimately be enriching themselves in the long run.

The following steps will prove to be extremely helpful to entrepreneurs as they strive to hire the best and brightest employees.

Listen to the Prospective Employee

Although listening to prospective employees seems like an almost absurdly obvious hiring tip, it is missed more often than some people would like to think. As explained by Entrepreneur, hearing out the candidate, taking note of how they speak, whether or not they’re articulate, and the other ways in which they carry themselves can be very telling. Moreover, listening to the prospective employee also allows the business owner to get a sense of how well the candidate would fit in with other workers who are employed by the company and whether or not they would bring value.

On another note, asking open-ended questions which require more than a simple “yes” or “no” answer is also a conducive strategy for gaining insight about a prospective employee.

Have the Prospective Employee Complete a “Job Audition”

As explained by Recruiter Box, a job audition is simply a task which mirrors the work duties which a candidate would assume responsibility for, should he or she pass the application process. Not only do job auditions test the prospective employee’s professed skills, but this type of audition furthermore allows the business owner to observe the quality of work and how well this individual would do with their potential forthcoming job responsibilities.

Having the candidate deliver an impromptu sales pitch, create the content for a landing page, etc are just a few examples of small, yet meaningful job auditions. Obviously, the assigned audition should pertain to the work for which the prospective employee would be responsible for, should they get the job.

Maintain a Strong Business Brand

There’s an old saying which essentially states that people attract what they are; in other words, like attracts like. In business, this principle is especially applicable. It’s also why maintaining a strong, high-quality brand in business is so paramount. By maintaining such a great brand, entrepreneurs will find that they are attracting some of the best prospective employees and candidates, confirms Business News Daily.

A Final Word

When it’s all said and done, the right employees and workers can be great and incredibly valuable contributions to any enterprise or business. Listening to the candidate, assigning responsible job auditions, and maintaining an ongoingly strong business brand will reap both short-term and long-term benefits for entrepreneurs.

 

Authored by Gabrielle Seunagal

How to Make Money on Instagram

Many individuals dream of earning thousands of dollars each month on Instagram. While this can happen, lucrative Instagram careers generally take time and require interactive, plentiful followers. Strategic marketing, partnerships with brands, offered services, etc are some ways in which people can earn income from the use of their Instagram pages, according to Shopify

Each month, there are 800 million users who use Instagram; each day, there are 500 million people who use the platform. Furthermore, there are over 30 million businesses which advertise their products and services. The frequency of user engagement continues to surge with every passing year. With that being said, there is an abundance of business opportunities on Instagram; knowing how to go about these opportunities and being aware of the associated requirements is what truly makes the difference.

Establish an Active, Sizeable Base of Followers

Reports from The Cut state that brands on Instagram are highly unlikely to do business with users who have less than 5,000 followers. This is largely due to the fact that brands want to advertise their products or services to large audiences which henceforth increases their likelihood of obtaining sales and subsequent profits.

Now, there are some people who may attempt to solve the problem of having too few followers by simply going online and purchasing additional followers; there are countless sites which make this option possible. Nevertheless, buying Instagram followers is unlikely to put one on the path of monetizing their Instagram page.

This is due to the fact that brands keep track of rates of engagement. Engagement rates pertain to the number of comments, likes, and saves which users regularly receive on posted content. Needless to say, purchased followers are unlikely to engage with users’ posts, unlike legitimate ones.

Advertise Your Own Business

While a variety of Instagram users rely on paid partnerships with various brands, this is not the only way of earning a profit on the platform. People who currently have their own businesses and enterprises are more than welcome to promote their own products/services, create special offers, etc. The is no one exact way to promote a business, however; each individual will have to discover which strategies work best for them.

Give it Time

Despite the plethora of Instagram, money-making opportunities, they do not happen overnight. A considerable amount of groundwork is absolutely imperative, as is patience. Unfortunately, there are individuals who simply want what they want when they want it. Hence, waiting and building are not their fortes. Therefore, the failure to allow time to work its magic will subsequently throw a serious wrench in the path of eager users who desire a lucrative Instagram career.

A Final Word

Individuals who decide to pursue an Instagram career are strongly advised to have other sources of income, especially during the very beginning stages. Gathering a strong, active followership usually takes weeks, months, or even years. There are several stories of Instagram stars earning thousands of dollars each month, but that almost always comes after a hefty sum of groundwork, patience, and consistency.

 

Authored by Gabrielle Renee Seunagal

Financial Advice for Small Business Owners

As the world of work evolves, more and more individuals are deciding to become small business owners. Of course, there are various motivations behind this decision: some people like the idea of owning an enterprise, others may be in search of higher pay and more lucrative, professional opportunities. Nevertheless, regardless of one’s reason for starting a small business, it is quite a big step.

There are several common and critical elements amongst people who opt to go into business for themselves. The ability to make carefully thought out risks, work well with other, and make solid financial decisions can often make or break a small business. In fact, many entrepreneurs have failed at their professional endeavors due to a lack of financial acumen. Thankfully, that changes right here, right now.

Keep Your Personal and Professional Finances Separate from One Another

A distinct separation between a small business owner’s personal and professional finances is absolutely paramount. According to Fundera, the aforementioned separation is something which many entrepreneurs struggle with. Throughout the beginning phases of launching an enterprise, many small business owners feel emotionally attached and devoted to what they’re building. However, there are a variety of upsides associated with separating personal and professional finances.

First and foremost comes less hassle when it comes time for the business owner to pay taxes. Subtracting applicable business expenses from owed taxes becomes much more complex when professional finances are intertwined with personal ones. Keeping track of the money which comes and goes each month and documenting any and all expenses will pay off in the long run. Moreover, it is simply good business practice.

Additional benefits include greater plausibility as an enterprise and absolution from impacts on personal finances in the event of legal issues or other mishaps. More often than not, people think it won’t happen to them; nevertheless, unforeseen professional issues arise each and every day.

Find Out Whether You Need Insurance

Another important step for small business owners is for them to find out whether or not they need insurance, as affirmed by The Balance. In some cases, entrepreneurs are required by law to secure insurance for their businesses. For instance, any enterprises which have employees are mandated to also obtain liability insurance and workers compensation insurance.

Always Have Money Set Aside for Emergencies

In life and in business, emergencies and unsuspected occurrences take place. This is why all small business owners should take the liberty of putting aside a reasonable percentage of funds into a savings account. This money should not be touched, except in cases of absolute necessity.

Many entrepreneurs often feel the urge to reinvest earnings and funds back into their business. However, a healthy degree of reinvesting and saving can truly help a business flourish, especially in the beginning.

A Final Word

There are many ups and down which come with being a small business owner. Nevertheless, with the right attitude and application of the preceding advice, entrepreneurs will undoubtedly be setting themselves up for lifelong professional success.

 

Authored by Gabrielle Renee Seunagal

Signs That You Should Go Into Business For Yourself

In current times, more and more individuals are choosing to go into business for themselves in one form or another. However, self-employment is not for everyone. Despite the many upsides and benefits that come along with entrepreneurship, going into business for oneself for the wrong reasons can have horrific impacts. Individuals who feel ready to take the plunge into self-employment should first make sure that going into business is their best course of action.

You Are Comfortable With Risk

Risk is an inherent factor which comes along with pursuing entrepreneurship and going into business for oneself. Some people are comfortable with risk, while others prefer to remain in their comfort zones and have a safety net. Neither inclination is right or wrong and nobody deserves to be shamed for either taking risks or playing it safe.

However, circumstances change considerably when an individual is thinking of going into business for themselves. Anyone who wishes to pursue self-employment needs to be comfortable with risk. Working for oneself is a venture which requires hard work, persistence, overcoming learning curves, and so much more. Some people will make it as entrepreneurs and others won’t. Risk comes with the territory of self-employment; those who are adverse to risk are more likely to fare well in professional avenues outside of entrepreneurship.

You Are Passionate

In the world of self-employment, passion is equally as important as comfortability with risk. Passion is what drives people and keeps them motivated. As pointed out by The Balance, motivation is critical for entrepreneurs and others who are going into business for themselves. Individuals who are passionate about their business ventures are considerably more likely to put in the hard work even when it’s difficult and go the extra mile.

Passion furthermore serves as fuel against critics and naysayers. Virtually everyone who has chosen to go into business for themselves has faced skeptics who have doubted their abilities. Self-employment may be a rising trend in the workforce, however, there are still some people who view traditional employment as a more practical, feasible line of work. Nevertheless, individuals who are truly passionate about going into business for themselves will not be swayed by critics.

You Are Willing to Work Hard

Anyone who wishes to succeed in life has to work hard in one way or another. This especially applicable for individuals who have decided to go into business for themselves. Entrepreneurship requires grit, persistence, and determination to succeed. The aforementioned traits are truly important for people who are just starting off. There will be bumps in the road, challenges, setbacks, and difficulties, but this should never halt one’s work ethic or determination to grow their business.

A Final Word

As the popularity of self-employment increases, more and more people will have to decide whether or not going into business for themselves is something they wish to do. Automation and other forms of technology are rapidly changing the world of work from what we once knew it to be. Those who decide to take the plunge and pursue entrepreneurship should always remember that risk, passion, and an unbeatable work ethic will serve them well.