As the owner of a small business, you know what it’s like to have a lot on your plate. Some days, it may feel as if you need a small army in place just to keep up with the way you need to market and brand yourself – not to mention making a profit and paying attention to your customers! Well, I’ve got a secret to share with you: you don’t need an army. All you need is a thirst for knowledge. The trick is to stay on top of trends and when things move, move with them!
Working in the marketing industry, I’ve come to understand that it is never about one thing or the other, it is about how all of the pieces of the puzzle come together to form the big picture. Ten years ago, your business might have gotten by with some television commercials and perhaps an advertisement or two in your local newspaper, but times have changed – how can you compete and stay on top today?
The process of starting a business is usually associated with that of accumulating large sums for start-up capital and marketing campaigns. Businesses have now moved away from that sort of thinking and have found easier and more innovative ways to get their companies up and running without having to find an outrageous sum of money. This calls for a total change in the mindset of the budding entrepreneur and a level of commitment to the process.
Starting a Business with Zero Capital
This will be a challenging task with many hurdles to jump, but once you are dedicated to the process you will make it. Here are a few tips.
It’s that time in the alphabet, MyCorp blog readers- time for some ‘J!’
And today’s letter J is brought to you by Joint Ventures.
A joint venture is a firm formed to accomplish specific objectives with a partnership; a temporary arrangement between two or more firms. They’re great as a risk reduction tool when entering a new-market and for pooling resources for large projects. Continue reading
Forming business partnerships comes with a variety of benefits and allows partners to share organizational responsibilities and financial requirements. However, partners in a general partnership don’t have any limit on their personal liability for the debts of the business. This means that the partner may have to use personal assets to pay business debts if necessary. Forming a business entity can protect you from these potential threats. In a recent Business Week article, John Gerber, a long standing business attorney, offers several useful pointers for partners to protect themselves in business matters.
The first is to “start at the end.” It is wise to decide from the beginning of the business partnership what will happen if one partner exits. The goal is longevity and prosperity but a business must be prepared for the worst. Garber relates it to a “pre-nup in a marriage.” Having a legally viable exit plan before it is needed, and before emotions and/or animosity is running high, is invaluable. Continue reading