Most small businesses are sole proprietorships. While this type of business is easy to form and make a profit out of, it exposes the owner to liability for business debts and judgments.
In sole proprietorships, creditors can come after the owner’s personal assets, like savings accounts and real properties, once the business’ money is depleted. While insurance can help reduce the liability, it’s still worth to consider forming a Limited Liability Corporation. This business structure will shield owners from personal liability, but there are more rules and requirements associated with it.
Remember that just because people know nothing about the liability of their business, doesn’t mean they’re not exposed to these types of things. It is always better to consider any form of protection or shield when creating or having a business. Having a business is good as it has a lot of benefits, but it’s better if you can shield your personal assets.
There would always be a possibility that some people would come after your personal assets once the business’ money is depleted. Be aware of what would happen and consider this as a step in getting your business running smoothly for many years.
Think about your business’ legal structure and protect yourself!
Meeting fellow business owners can be a good source of new business. It is part of building a long-term relationship with them and could give a lot of benefits to your business, especially if you are just starting to follow the entrepreneurship path.
Spend time developing relationships and networking with other business owners in your city or community. Start by making a list of all the companies and people you wish to build a relationship with. Email them with your reason of why you desire to connect with them, as well as how it would benefit both of your businesses.
Don’t be disappointed if some people reject your offer, because not all are willing to create a long-term relationships; especially if you don’t have a large platform yet. That’s one of the disadvantages of being new in the business industry. Don’t let this discourage you! Motivate yourself to look for other companies you could reach out to and expand your business.
Stay humble. When I was starting my business, some companies rejected me when I reached out to them. However, I didn’t let it disappoint me. Instead, I did my best to look for other companies and contacted them for a meeting to talk about how we can benefit our businesses together. Networking is one of the most important tools you can use in the business world, so take advantage of it!
Meet with other entrepreneurs and get your business growing!
As an entrepreneur, I know the feeling of wanting your business to grow in the blink of an eye. I know the thirst of having it out there and have more people notice and talk about how great your products and services are.
But, I also learned that everything takes time when I was just starting my business. It takes a lot of patience to get your business to grow the way you want it to be, especially your market reach. Sure, we’d love to have our business have more products for our new and existing customers to explore, but we also have to learn from their feedback and apply appropriate action on how to make our business grow.
What you need to do is to make a little progress every day because it adds up and eventually, it will create a big result. Advertise your business both digitally and traditionally through print ads, billboards, etc. While you probably won’t experience growth right away, whichever way you choose to expand your business, you will see progress if you keep being consistent about it. Patience and consistency will successfully transform your business into all that you want it to be.
Be patient and do what you can for now, in order to get your business to grow.
I know most of my Rockstars hesitate a lot of times regarding their business and/or their dreams because they’re afraid of failing or even being rejected. But remember, failing and being rejected are always part of the thrill and the challenge of life.
One thing you should know and do is to never hesitate. Hesitating means you’re only pulling your dreams further behind from achieving and making it turn into reality. To some people, it may work; but mostly, hesitating just eats up your time and opportunity.
It takes time and effort to actually make something out of what you’re doing. If you’re trying hard to reach your goal without giving up, you’ll eventually reach it. It might not be immediately, but you’ll definitely reach it. Some people give up because they think that dream isn’t for them. While it might be true and applicable to some people, it wouldn’t hurt to try and continue to give it another shot. And when you do, your future self will be thankful and proud of you because you never hesitated on trying.
When I was younger, I didn’t love myself. I was having negative thoughts in a lot of things. I was afraid of failing; and so, there were a lot of times when I hesitated on doing what I want and just proceeded with my normal life. But, I thought to myself that failing is also part of the journey, and so I strived for it. I failed a lot of times, but I always think that failing is just repackaged as my next step towards success. I never gave up and look at where I am today.
So, make sure to give it a shot and never hesitate on achieving your dream. Think about this: Achieving your dreams is something you do for yourself and it can definitely make you happy!
As an entrepreneur, we may experience or have already experienced many hard challenges just to keep our business running.
The key to be able to survive all the challenges ahead of us is to focus on our goals and never give up. Sure, there are times when we would fail and even feel like our efforts are futile. But, always remember that failing is repackaged as another step towards your success.
My story has inspired a lot of people to reach their goal in becoming an entrepreneur; and if you have been following me for quite a while now, you’ll know that what I’ve been through was not easy at all. But, I didn’t give up. I strived for it until I reached my goal, and that’s what you should do. Giving up should never be an option.
As the saying goes, no pain, no gain. End this year with a bang and get your business out there. When you’ve reached your goal, pat yourself on the back and congratulate yourself for all your strong efforts. Remember, success is always within your reach.
Do not give up. Keep striving for your goal and continue it into the new year!
A lot of people think that as we grow older, the more it’s too late to be what we want to be. And so, most of us adults, tend to give up on our dreams and proceed to be practical and do what seems to be realistic in our everyday lives.
But, nothing is too late. It’s never too late to achieve your dreams and be what you want to be. Take the famous author, J.K Rowling, as an example. She was 32 years old when her first book came out. And look at her now, she never gave up on her dreams. Despite her age, it didn’t stop her from pursuing to be what she wants to be.
Life goes on, and so does our chances. We get to choose what we want to be. Every day, every minute and every second is a chance for us to turn our lives around. It’s a matter of action; if you just keep on wishing and doing nothing, then your dreams are nothing but dreams.
Don’t think too far ahead just yet. Focus on what you need to do. Start taking action and turn your dreams into reality!
All of us are working so hard to get to where we want to be. To achieve our dreams and make the people we love proud of us. But, have you been working hard enough to achieve your dreams?
Now, I’m not saying that you should work hard to the point where you forget about your health just to get there; but what I’m saying is, are you at least taking action to achieve your dreams?
Always remember that nothing will happen if you just sit around and wait for that opportunity before you do something about it. You need to create an opportunity for yourself. Great things would never come from your comfort zone.
So, instead of sitting around, doing nothing and wishing you’re already on your stepping stone of success, why not use that time and day to think about the first thing you need to do to achieve your dreams?
Just like the quote by Franklin D. Roosevelt says, “A smooth sea never made a skillful sailor.” It means you need to deal with few challenges and prepare for what may happen before you reach your goal. When you fail, don’t give up. Use that as your motivation.
I know all of us have a lot of dreams that we want to achieve. As a child, some of us wanted to grow up to be a doctor, a nurse, a dentist, or even start our own business. But as we grew up, we faced reality; and in the end, we forgot about our dreams and just focused on what we have in front of us, as part of being “practical”.
Some people have the fear of failing or being made fun of by the people around them. But that shouldn’t hinder you to strive for what you want to achieve. You shouldn’t be scared of being a laughing stock. Because in the end, if you let those people influence you by pulling you down, then you’ll be the loser. You just need to focus on your dream and how to turn it into a plan.
Don’t be scared of failing. Listen, failure is not failing. It’s just repackaged as your next step towards success.
Turning your dream into a concrete plan can be really intimidating. But if you do it little by little, and work on your plan by starting with baby steps, then you’re taking action by allowing yourself to achieve something bigger.
Don’t be scared. It’s time for you to make your dreams turn into reality!
Prepare yourself and understand what the industry calls for.
I keep saying to people that business is not for the faint of heart. You truly have to prepare yourself. Not only financially, but you also have to understand what the industry calls for. In business, you have to prepare your mind and body for the tasks and challenges you will face. You have to set your mind that you are going to do this thing called entrepreneurship, regardless if it feels good or not. Whether your customers or clients will come or not, whether your friends or relatives will like your business or not — you’re going to have to make up your mind that you’re going to do it regardless.
Are you going to wake up in the morning even if you don’t feel like getting up and getting that thing done? Are you going to go out and join business seminars or workshops? Are you going to have personal professional development by getting further education? Are you going to spend and invest that dollar in yourself? Are you going to do that? Because if you’re not, just go ahead and fill up that job application form and go and get yourself a job as an employee. Because truly, entrepreneurship is not for you. You do not have the right mindset. If you do not have the right mindset, you’re not only wasting your time and money, but also other people’s time and money. There are many responsibilities in being a business owner, but part of it is also being responsible for having a strong and positive mindset for your business.
Entrepreneurship has a lot of demands, but when done right, it also has a lot of rewards. Keep yourself determined and motivated. You want to ensure that you are able to go after this vision that has been implanted in your mind for your business. Once you have the right mindset, you can be able to understand and prepare for the demands of the business industry — physically, mentally, and financially.
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Success is the accomplishment of an aim or purpose. It means that you have achieved a goal or a vision. This is just one of the many definitions of success. What about you? What is success to you? Have you made a comparison of yourself with your idea of success?
We have to stop comparing ourselves with others, especially with all the social media wherein we see people going in and out of towns, taking exotic trips, etc. You don’t know how they’re paying for that; you don’t know where they’re staying; you don’t know anything about them and their actual way of life. But you are binding yourself up because you feel as though you are “not where someone else is”.
So define success or redefine what truly success is for you. We’re here to constantly let you know what success truly is. Success is about how you’re feeling about yourself, how your relationship is with your spouse, how your relationship is with your children, and your relationship spiritually with God. That is where true success lies; not in your bank account, not in how many zeroes are in your cheque, not about what car you drive or house you own.
Those are material things that you end up with after you go through a process, but the process itself is what real, true success is.
In short, success is not about material things; it’s not a thing that the world can give. It is only given by the Lord. That’s why you have your family, your peace and your relationship with God. That’s the true meaning of success. You can have it even without money.
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