It’s a big risk to reinvent your business, especially after years of building a brand. However, a few adjustments to the business model can help create new markets or revive interest in your product. How to do this without totally throwing your business into a tailspin? Here are some tips. [Read more…]
One of the biggest challenges of small business owners and business start ups is controlling overhead. Though it’s crucial to invest in good resources (you have to spend money to earn money, as they say) it’s still important to spend wisely—especially in this tough economy. And small businesses and business start-ups have to be particularly vigilant. Due to smaller margins or more erratic revenues, even just one or two months of out of control expenses can kill their business.
Here are some simple ways small business owners and business start ups can control overhead expenses. [Read more…]
People dream of having a home based business for many reasons. ‘I want to spend more time with my kids.’ ‘I can make more money working for myself.’ Or ‘I want more flexible hours.’
While these are all true, like all things, home based businesses have their own difficulties and drawbacks. Here are the real pros and cons that real entrepeneurs have encountered. As one put it, ‘This is a dream come true…but it’s not a fairy tale.’ [Read more…]
A credit line is a crucial part of starting a company. In fact, a majority of companies will only survive if they have credit because of the limitations of the starting capital. But in order to get a line of credit you will have to apply for one with financial institutions.
Here, in one of o5.com’s recipes for life, we talk about how to start a credit line for your new company. [Read more…]
Profit and loss statements are an important business document because it categorically shows if a business is on a downturn — allowing you to take immediate steps before the losses become painfully huge. It can also help you assess a business opportunity and monitor expenses and possible percentage of revenue.
Here is a basic guide on how to create an effective profit and loss statement. It is simple, practical and straightforward, like all of o5.com’s recipes for life. [Read more…]