What to do when you’re on the brink of bankruptcy: A guide to the next wave
Founder markets, or pioneer human services companies, or even a business that makes your home’s electricity more reliable.
The possibilities are endless.
But when the business isn’t thriving, it’s time to consider other options.
That’s what you’ll find on this post.
The business doesn’t need to die, but you should be prepared to take steps to keep it alive, writes author Paul C. O’Neill.
What You Need to Know About the Next WaveThe next wave of entrepreneurship isn’t going to come overnight.
That doesn’t mean you can’t get in the door.
It just means you need to know what to do now.
Here are six things you need now.1.
Get your finances in orderFirst things first.
You have to make sure you have the finances in place.
You need to set aside enough money for the next year or two so that you don’t have to pay off creditors in the future.
You also need to make it easy to spend money.
You don’t want to be stuck with $20,000 in debt for the rest of your life.
That’ll make your life miserable.
The good news is that you can take a step toward avoiding debt by setting aside enough for the following year or so.
This will ensure you don’ t have to worry about repaying creditors in a bankruptcy.2.
Invest in a new businessIf you’re planning on launching a new venture, don’t delay investing.
Start with a business plan, which you’ll use to build up your business.
This way, you’ll know what you need for the future, and can plan accordingly.3.
Get some helpYou need to do a little extra research on your chosen business.
You might want to hire a small business consultant to help you.
Or you can find a personal financial advisor to help with the initial stages of the business.4.
Take a look at the marketThe market is changing fast.
There are plenty of new startups, as well as many established companies that aren’t doing as well.
You’ll need to adjust to these changes and find new markets to help your business grow.5.
Invest for growthYou don’t need the whole company to make your living, and you don´t want to have to sell everything just to make ends meet.
But if you can grow your company by investing in one area, you can increase the value of your business by creating additional income streams for the people working in that area.
For example, if you sell your business to a company that sells solar panels, you could grow your sales by adding more panels to the sales mix.
If you sell solar panels to a solar company that does everything else, you may be able to increase the business’ profits by offering solar panels at reduced prices.6.
Learn about your competitorsIf you find yourself competing with the likes of Home Depot, Lowe’s, and Target, it might be time to take a look into new markets.
You may want to consider setting up a company to help people with home repairs.
You could also look into setting up an online shopping service that can serve as a sort of online grocery store for consumers.