Five Tips Towards Starting New Business

Hadi-Aboukhater-New-BusinessAs the Baby Boomers retire and find that they might not be as secure in their funding as they had perhaps hoped to be, an issue starts to arise.  Many are facing forced downsizing from the familiarity and stability of their corporate positions.  Alternatively, even those who choose to retire on their own terms are finding that the pension they were promised has been severely reduced, or even that what they had planned to have isn’t enough for their monthly expenses.  The obvious solution is to take control of one’s own destiny—to become an entrepreneur and manage one’s own business.  However, to many fifty-something Baby Boomers, this proposition is relatively daunting, according to an article recently completed by The Huffington Post; these works are used to the stability of the corporate world and fear they aren’t equipped to manage the risky and fast-paced start-up game.

As a result, the article sought to provide several tips for those aging corporate workers who may be interested in starting their own business to supplement their retirement income.  Fundamentally, the first step is to stop saying it can’t be done, or that the individual can’t start and manage their own business endeavor.  In moments of insecurity, the individual need look no further than their resume—a listing of themselves, their career and their accomplishments—to know they are more than equipped in business experience to function as an entrepreneur.  Next, once the individual has bolstered their own sense of confidence, they must seek as much advice as is possible.  Ask everyone possible on what the individual is best equipped for and, in turn, listen very carefully.  Doing so could offer a number of surprising perceptions, including insights into how the individual is perceived, especially in terms of strengths and weaknesses.

Before moving forward with creating the business, the individual must also make peace with his or her perceived past disappointments and mistakes.  If the individual continues to allow these items to work as a barrier, even the best intentions are doomed to fail.  The final step before truly starting the endeavor is to set one’s own criteria; finalize the parameters of the plan of action, including what products, services or work procedures best suits the individual’s personality.  This also includes who the entrepreneur may wish to work with, and what the work culture should feel like.  Finally, it is important to remember that taking the first step in creating the business doesn’t need to be some form of a grand gesture; make a list of things that can be completed right now and, from there, choose the easiest and least intimidating and proceed full speed ahead.

 

4 Key Business Finance Factors That Determine Future Growth

Hadi Aboukhater business finance entrepreneurshipBelow are 5 key financial factors to be aware of when studying a business’s financial model and future growth.

1)   Net income – There are multiple net income ratios to study at when deciphering a business’s bottom line. For example, the ratio of gross profit over net sales allows the owner to determine the business’s profit margins compared to similar companies. The ratio of net income over net worth shows the owner whether or not the company will earn a reasonable return on their product. Last, the ratio of net income over total assets tells an owner whether or not the company is obtaining a favorable rate of return on their assets.

2)   Sales – Sales numbers can appear better than they really are. When thinking about purchasing a business, make sure to read between the lines when studying the growth in sales and earnings. It is important to distinguish whether the growth rate is because of higher prices or an increased sales volume. It is also important to be aware of the marketplace. A market can be static, so there is little potential for growth.

3)   Operating environment – The way in which the business environment operates and its corporate culture is critical to studying long-term growth. If a company mostly deals with international clients, it is important to research the long-term political environment of the countries in question. It is important to look at economic and consumer trends to make sure that the product will still be popular 10 years from now. Can your product keep customers for life, or is this just a one and done product?

4)   Fixed assets – Fixed assets are assets that are tangible and cannot be easily converted into cash; such as property, plant, and equipment. If a company has excessive fixed assets, it is important to understand why. If equipment goes unused, this can be a sign that demand is declining or that the owner miscalculated manufacturing needs.

3 Public Relations Lessons Everyone Must Read

By Mark Fidelman The primal questions of public relations: How do you react to a scandal? How do you generate stories that attract the right viewers? How do you launch a new product when no one has heard of you before? Public relations (PR) is the art of telling a story through the media. PR can make you instantly famous or instantly infamous – and everything in between. …read more

Source:: Hadi Aboukhater Forbes Entrepreneurship Feed

Opportunity Is About To Knock So Get Ready To Open Your Door

By Amy Rees Anderson It has been said that the key to success is being ready to act when opportunity comes knocking at your door. Well hopefully you are ready, because opportunity is about to start knocking with a billion dollar vengeance! …read more

Source:: Hadi Aboukhater Forbes Entrepreneurship Feed

Big Reckoning For Big Philanthropy? New Calls For Democracy, Reason And Impact

By Tom Watson Giving reflects the times. And in the years since the Great Recession in the U.S. and around the world, the organized world of philanthropy saw a contraction and mild recovery that mirrored the larger economy that formal giving is a part of. Yet culturally, the social sector – and especially the well-organized and often hidebound universe of big philanthropy – is recovering more slowly. …read more

Source:: Hadi Aboukhater Forbes Entrepreneurship Feed

Year-End Business Advice That Goes Beyond Taxes

By Mary Ellen Biery This time of year, many business owners think of their accountant as someone who can help with tax planning – figuring out which deductions they must lock in by year end or which moves can qualify them for needed tax credits. Certainly, accountants can help business owners in those areas, and many business owners are meeting with their accountants to do just that. …read more

Source:: Hadi Aboukhater Forbes Entrepreneurship Feed