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Tips For Small Businesses

10 Tips for Selling a Business

Many small business owners dream of selling their idea one day for a large sum, which they can then use to build other businesses or simply enjoy retirement. But when the time actually comes to sell their business, many small business owners find themselves overwhelmed. For most, selling their business is completely outside of the normal types of transactions they would normally partake in. Further, they are not sure of how to proceed or who to contact for help. If you are in this situation or are seriously considering selling your business, here are 10 tips to help you get the best price with the fewest headaches.

Prepare Early – If you’re already looking for a buyer, it’s too late for this, but if you’ve …

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The 5 C’s of Credit for Small Business Owners

For many small business owners, credit will make or break their long-term success. Borrowing in lean months, during expansions, or early on when still building the company can keep the business moving forward when the revenue is not yet there. Then, when things pick up, paying off that debt can allow for greater freedom. But in order to get credit, especially as a new business, you need to understand the 5 C’s of credit, so that you understand what a lender is looking for from you. Otherwise, you might get overcharged in your rate or be completely excluded from lending, and either of those can quickly bankrupt a business.

Capital – Most lenders want to see cash in reserves before they will even consider lending. …

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How To Value A Business

For many small business owners, the end game of starting the business is to sell it. This sale, they hope, will allow them to live comfortably in retirement and allow them to step away from work altogether. As such, many do not create retirement plans, are willing to leverage assets like homes, vehicles, or cash savings, and put every dollar earned back into the business. For some, the exit strategy is in 5 years, and for others, it is 40. Still, others even plan to sell the business to a relative. But no matter the succession plan for the business, when that time finally comes, these business owners much some up with a value for the business.

Unfortunately, valuing a business can be harder than …

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Monetizing A Hobby

Everybody has a hobby. Whether collecting coins, watching TV, fixing cars, or people watching, we all do something to pass the time. And most would love to find a way to turn that hobby into a source of income. Unfortunately, the path to an income from a hobby can be hard to see, depending upon the hobby. But whether you want to create a full-time income or just a small subsidy, there are certain steps you can take to help get you there.

Find a Success Story

If you can find someone else who has done it, you can find a blueprint on how to do it, yourself. Some hobbies will be easier to find that blueprint – but anything you enjoy doing, someone has …

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