7 Practical Ways to Get Your Business Started and Running After a Financial Setback

Being a successful business owner often means learning from those who have already reached their goals and have attained a certain level of knowledge that would also help others become successful. Having a mentor is a fantastic benefit, but not everyone can find one in person. So what do you do when you’re hesitant to accomplish your dream because of previous financial challenges?

A Prospective Entrepreneur’s Strategies to Succeed

Being an entrepreneur requires a particular skillset, and while you might naturally have some of these abilities, others can be learned or developed through repetitive practice. Understanding the qualities required and strategies you need to adopt can help you start and grow your business to reach success. Read on to find some of the essential practices you should consider when starting and building a company from the ground up.

Take Risks

One of the most adventurous parts of being an entrepreneur is the exhilaration and thrill you get from seeing if something risky works. You’ll never know the outcome of your efforts unless you dare to do it. In the end, you’ll not regret failure, so ensure you take calculated risks and get used to having to keep taking them.

Start a Business You Are Passionate About

Running a startup can be pretty challenging, so pick something that excites and motivates you. Avoid businesses or sectors that you know nothing or very little about as the high learning curve may hinder your success. 

Also, when starting, make sure you thoroughly research all the business structures available so you can choose one that best suits your startup and doesn’t cost you everything you’ve worked for so far. 

Research the Competition

Ensure that you are carefully analyzing and researching competitive services or products in the marketplace, and stay up to date with the latest developments and upgrades from your competitors. A simple way to do this is to set up a Google alert to notify you whenever new information about your competitors appears online.

Stay Productive

A major priority from the get-go should be finding ways to keep your team productive. Look for time-tracking software that simplifies managing your employees and tracking their time. Quality software will allow you to predict job times and costs, manage your payroll, and subsequently boost productivity and profits.

Network

Networking can bring about mentorship opportunities, help you learn from people who are already successful, and strengthen your connections. It’s essential to meet your peer group, learn from them, and network with them. 

Prepare for Financial Challenges

Although you’ve experienced financial setbacks in the past, which perhaps made you reconsider starting a business, you need to know that these are part of running an enterprise. Cash flow is most businesses’ most significant challenge, but you can deal with it by saving for a month’s worth of expenses or finding creative ways to lower your overhead. You can give clients a discount or incentive if they pay a deposit or the total amount. Whatever strategy you adopt, ensure you’re extremely careful of debt — one of the major killers of small business success worldwide.

Raise as Much Startup Funding as You Can

For many, it’s more challenging and takes longer to raise financing for a business. You need to make sure you have a cushion for all the product or service development and marketing expenses that will appear. Don’t concern yourself with diluting the ownership percentage in the company because creating an excellent product or service takes time and money.

In a Nutshell

Being a successful entrepreneur takes work, a clear vision, and plenty of perseverance. Still, with these tips, you’ll be able to get started and run your dream business — avoiding challenging issues and being prepared on all fronts. Make sure to ally yourself with businesses that look out for your overall success.


Do you need an intellectual property lawyer to help with your business? Call Wise Laws Trademark Lawyers and Legal Team today at 800-270-8184 to get started.

Practical Procedures To Protect Your Profits

People start businesses for many reasons, including to have flexibility and engage with their community. However, a business ultimately has to turn a profit to make these goals a reality in the long term. The following information can help you keep your cash flowing toward its rightful location: your bank account. 

Safeguard your intellectual property.

Intellectual property consists of products and ideas that you generate. Your business name and logo are considered intellectual property. It’s crucial to trademark these and other proprietary services and products to protect yourself from copycats capitalizing off of your good name and pulling profits in a different direction. An intellectual property lawyer (such as the experts at Trademark-Lawyers.org) can keep you safeguarded under the law and will ensure that you have a legal standing to enforce your intellectual property rights. Costs vary when hiring an intellectual property lawyer, but many offer payment plans and flat rates for certain services.

Establish your business entity before you get too big.

The ultimate goal in any business is growth. To perpetuate sustainable growth, establish your business structure early. While some single-person entities can operate as a sole proprietorship, forming a corporation will give you some cash benefits. To understand the difference between a C Corp vs LLC startup, you must first understand that a corporation, according to ZenBusiness, is a legal entity that will remove some liability from you, a stockholder. Corporate debts aren’t considered part of your personal debts. There are three primary types of corporations, including S Corp., C Corp., and nonprofit. An S Corp. avoids double taxation, while a C Corp. offers the highest level of legal protections. A nonprofit Corp. is exclusive to charitable organizations and, unlike other types of business, does not require taxes to be paid. 

Eliminate profit-eating products.

If you’ve ever been to a restaurant with a lengthy menu, you’ve likely wondered how they can afford to maintain stock of every single ingredient needed. Apply the same thought process to your business. You do not have to have dozens of options, and a few quality products or services can sustain you, especially when business is down. To determine what products should stay, calculate your profits. Keep only those that offer the highest profit margin. Do keep in mind, however, that this does not necessarily apply to loss leaders, which Accounting Tools explains are products that you sell near cost to encourage your customers to spend money on higher profit pieces.

Spend money on good employees.

It might sound counterproductive, but to safeguard your profits and the best way, plan to pay your employees competitively or better. This will attract the best talent and, considering that money is a huge motivator, is just one of many ways you can encourage employee longevity. Remember that the employee acquisition and training process is an exponential expense, and it can take six months or better to break even on a single new hire. LinkedIn also points out that paying a low wage can damage your brand’s credibility while a generous paycheck will excite top performers. If you are not quite sure which roles you need to fill, consider hiring a freelancer in each area of your business first. This way, you can decide which position is most valuable. And, if your freelancer shows promise, they may be willing to take on a permanent, full-time job.

Everything you do when you run a business affects your bottom line. The above tips, including maintaining your intellectual property rights, forming your business entity, ditching those products that don’t turn a profit, and spending money on the right staff, are all excellent ways to ensure that your cash continues to flow in the right direction.

Wise Laws Trademark Lawyers and Legal Team is your affordable trademark attorney.

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How to Resolve a Major Data Loss and Get Your Business Back on Track

Data loss is never fun for small business owners. However, you can take the sting out of this stressful situation by making the right moves to get your systems back on track. Here are the urgent measures every business owner needs to take when tackling a major data loss.

Make Data Recovery a Priority

Just like any other emergency, triage is important when it comes to retrieving and protecting your company’s data. After all, data is the lifeline of your business, so ensure you have a plan in place to retrieve everything you lost. Using a data recovery specialist who can quickly and efficiently address malware damage, accidental file deletion, or any hardware issues should be the first move you make after you notice a problem. Professionals like Secured Data Recovery can immediately diagnosis what went wrong, help you recover as much data as possible, and address any issues that may seem hopeless. You can also get helpful tips to prevent future data fails and emergency protection should something happen again in the future.

Take Steps to Prevent Future Data Deletions

Experiencing a major data loss or breach can be a bitter lesson for any business owner to work through. Once you’ve seen what a headache server issues can be, you will want to take steps to protect your server. This includes keeping a watchful eye on your server logs for unusual or suspicious events. Whether it’s a cyber attack or a loss of data, early intervention is always crucial for optimal recovery. Understanding logs will also allow you to streamline any maintenance and focus on critical issues, rather than spending time blindly guessing.

Don’t Lose Your Business to Cyber Criminals

If you run a small business and think cybercrime is not a threat to your bottom line, you may want to think again. Even the smallest business with little online presence can be highly susceptible to cyber criminals and their endless quest to gain information from your business, customers, and even personal accounts. Within minutes, you could lose hundreds of thousands of dollars, or your entire business. So, be aware of the threat cyber attacks pose to your success and take whatever steps you need to prevent becoming a victim.

Invest in Comprehensive Virus Protection

Viruses and malware are hiding in every corner of the internet. From your email inbox to social media, cybercriminals are always on the lookout for vulnerable businesses to infect. So, protect your data and your business by purchasing an antivirus package that makes sense for your tech needs. You’ll likely need to renew your license each year (although some companies offer multi-year plans), but this is one cost you cannot afford to skip. Even if your business sustains itself on Mac products, you could still lose revenue to a virus, cyber attack, or data breach.

Backup All of Your Business Data to Several Sources

Data is important to the success of any small business, so it makes sense for you to be diligent about backing up yours. Having multiple backups will make it more likely that your information can be recovered after a breach or loss. Using servers and external storage can be your first move, but most businesses are turning to cloud services to help protect their information. The best cloud services for small businesses automatically save information in a virtual location, allowing you to access it even if your hardware is damaged. If you have a small amount of data, many of these services are even free.

Protect Your Servers From Electrical Sabotage

Cybercriminals and viruses are not the only threat to your data security. One lightning strike or power surge can wreak havoc on your small business, destroying hardware along with creating major information losses. Make sure your servers and equipment are all protected from potential electrical issues. Find an electrician to evaluate your wiring if you suspect a problem and to install proper outlets that will keep your business protected.

Don’t let data loss destroy your business. Take the proper steps to recover what was lost, and keep yourself protected in the future. Your entire business may well depend on it!

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Planning for the Future: Saving and Investing for Your Children

Fear of the unknown and a deep concern for the well-being of one’s children can make estate planning and providing for their future a nerve-wracking experience. No matter how you dispose of your estate and how carefully you make arrangements, it’s hard not to second-guess yourself and wonder if you’ve done the right thing. People often don’t know where to begin or how to invest prudently. For many people, their ability to distribute available wealth is rooted in the value of their home. It’s important to know your home’s value when planning for your future. Financial advisors teach that it’s best to begin with the basics, to make sure you have a will that names an executor for your estate and guardians for your children if they’re minors when you pass.

A will details exactly how your estate will be divided among your heirs and should leave no ambiguity or confusion as to your intentions. Many people hire an attorney to draw up a will for them, though there are plenty of resources available online to help you do it right.

You may need a life estate deed if your children are of adult age. Such a document provides for the legal transfer of your property to others when you die. It may be worth hiring an attorney for drawing up a legal transfer because it’s essential that it be written clearly, leaving no uncertainty as to your desires.

Life insurance

A life insurance policy provides your family with a financial safety net should you die unexpectedly. It helps your loved ones pay for the expense of a funeral and continue to live as they have. One of the most valuable services a life insurance policy provides is to relieve your loved ones of difficult decisions and financial burdens arising from your death, funeral or loss of income. You should also consider getting policies for each of your dependents so you are protected financially in the event that one of them should pass away unexpectedly.

Savings and investments

Setting up savings account for your dependents is a great way to provide for their futures and to teach them the value of saving money. Banks and other financial institutions often offer low minimum balances, reduced fees, and joint account ownership. One of the best ways to save for your children’s future is to set up an education savings account or a 529 College Savings Plan, which offer sizable tax savings. Withdrawals can be made up to $10,000 tax free for tuition expenses. Some states offer tax deductions for contributions to a 529 college savings plan.

There are safeguards in place that protect your investment. For example, as the fund owner you maintain control; the beneficiary cannot access the money for any other purpose. It’s also a convenient way to grow an education fund because most plans will allow you to tie it to a bank account, so that contributions are made automatically. And there are no contributions or income limits, which means anyone can open a 529 fund.

Trusts

If you’re concerned about saving for the future only to have the money frittered away irresponsibly, a trust can help ensure that any money that goes to a beneficiary is allotted in installments over a period of time. As such, a trust offers certain advantages over a will, which designates money outright to your heirs. Trusts act as protection against bankruptcies and against the intentions of unscrupulous people trying to access money that doesn’t belong to them.

Having accurate information about your assets and financial picture is always necessary for making financial plans. Sensible and well-informed estate planning is essential for designating how financial resources will be allotted after you’re gone.

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