Tag Archives: Small Business

Create Wealth by Building a Business System

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We have been looking at some key principles of financial success – becoming disciplined about budgeting and saving, being prudent about getting into debt, and setting and achieving smart goals. We have also discussed the importance of creating additional income to meet your basic money needs.

However, if you want to attain financial security and eventually become financially free, you have to move beyond just managing your money well and learn how to effectively multiply your money. You need to acquire new skills and techniques that can help you to create long-lasting wealth.

Understanding how to multiply money is usually difficult for most people because it involves changing long-held negative mindsets towards making money. Although many people say they want to be rich, they are really not willing to put in the hard work that’s required to learn how to do it. Continue reading Create Wealth by Building a Business System →

Is This The Right Time To Start A Business?

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“I’ve been thinking about starting my own business, but I’m nervous about the current economic climate. Is it advisable to begin a business in the middle of a recession? Are there any industries that might be less vulnerable at this time?”

It’s understandable for people to disbelieve the financial pundits who declare that crises can bring tremendous possibilities for new businesses. Prospective entrepreneurs might think, “Easier said than done,” as they are encouraged to look for business opportunities that have been created by the recession.

With consumers cutting back on spending, large corporations laying off workers and governments facing economic hardships, how can it be feasible for a small operation to navigate these turbulent times and create a solid foundation for success? Continue reading Is This The Right Time To Start A Business? →

The Basics of a Business Plan

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Establishing your own business can be one avenue to increasing wealth, as it gives you the opportunity to control and expand your earning capacity. So why is it that some business owners end up in less advantageous financial positions, sometimes losing everything they own?

One factor that can help to determine the success of your venture is the planning that you do before starting, and during the lifetime of your business. A business plan is basically a document that provides a thorough description of your venture.

It gives information about the type of operation, the products or services offered, the industry in which it exists and the target market, its objectives and the strategies to be used to accomplish its goals, and financial details about the business. Continue reading The Basics of a Business Plan →

Steps To Closing Your Business

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Last week we considered some of the challenges that can cause a small business to be unsuccessful. Despite your best efforts at preserving your enterprise, sometimes terminating it may be the only viable option.

However, it’s not enough to have a closing-down sale and take down your sign; there are several legal steps that are also required.

Here are the organisations in Jamaica that must be informed about your business closure:

1. Companies Office of Jamaica

The first step in officially cancelling your enterprise is to inform the Companies Office of Jamaica (COJ). If your business was being operated under a name other than your given name, you should have initially registered that name with the COJ. Similarly, you need to submit documentation with the COJ to complete the closure of your business. Continue reading Steps To Closing Your Business →

When Your Small Business Fails

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“Despite my best efforts in running my own business, I have to admit that my venture is just not going to work out. Over the years, my business has cost me a lot of money and hurt my relationships with my family. Now, I feel like a failure because I really believed that I would have been successful at being my own boss.”

The entrepreneurial journey can oftentimes be treacherous, as there are many pitfalls and challenges en route to business success. Whether you are new to business or a seasoned entrepreneur, you have to be prepared to take on the risks which are inherent in any enterprise.

There are very few successful businessmen today who at some point didn’t face a disappointing result from their ventures. Like any other career, being an entrepreneur requires you to advance through a learning curve, where time and experience will help you to become better at your job.

Instead of only focusing on the negative aspects of the collapse of your business, consider your experience as your initiation rites into entrepreneurship. Don’t think that your inability to succeed after your first attempt only signals the end of the road for your business goals. In fact, a ‘failure’ can actually help you to become a better entrepreneur. Continue reading When Your Small Business Fails →