Top Reasons Why Selling a Small Business is a Good Idea

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StrategyDriven Entrepreneurship Article |Selling a small business|Top Reasons Why Selling a Small Business is a Good IdeaIf you’ve ever considered selling a small business, look no further.

People sell businesses for a variety of reasons, but most of them revolve around getting away from something. While you may think that you’d only sell a business if you’re getting a lot of money, many people sell theirs because of personal issues.

Running a business is difficult, so you may find that it isn’t worth getting stressed out. You could also have a falling out with someone in the company, making it difficult to focus on what needs to be done. So how do you sell your business and justify it?
Read on to learn some of the top reasons why selling a small business is a good idea!

Avoid Potential Losses

One of the main reasons why people sell their small businesses is because they want to avoid losing revenue. A loss in revenue is bound to happen at some point in a company’s lifestyle, but it’s best to get out if the revenue is in a constant decline.

Several things can cause your business to start losing revenue. If there’s a shift in consumer interest for a certain product, your business may come out short. This is why it’s crucial to monitor consumer trends at all times to prevent this from happening.

Your business can also suffer if the economy declines. When an economy declines, people are more concerned with holding on to their money rather than spending it. In cases like this, revenue losses are inevitable.

While you can change your business up to try and keep the interest of customers, you could also sell it to avoid further losses. Understanding how to sell your business will make this process easier because you can get a lump sum of money instead of hoping your business turns around.

Seek New Business Partners

When starting a small business for the first time, it’s common to see an owner partner up with investors. Unfortunately, not all business partners are compatible, and disputes can make it hard for an owner to continue operating the business.

If you have business partners that are constantly disagreeing with your decisions, the best thing you can do may be to sell your business. While this is a drastic decision, you’ll have to do it unless you have the money to buy out your partners.

However, those partners don’t need to give up their share of the company if they don’t want to. Before selling the business, ask them if there’s something you can do to take over their shares. If they own large portions, it’ll be much harder to buy them out because they have a larger impact on the business.

Change Your Lifestyle

Running a business of any kind is tiring as it requires more time than a full-time job. When you own a business, you have to dedicate your lifestyle around it so that you can be prepared if your business needs something.

For example, if you own a retail store that runs out of stock for a popular item, you’ll need to decide what the appropriate action should be. If a plethora of customers are trying to purchase it, you’ll miss out on a lot of income if you’re not around to take action.
Should you decide that running a business takes up too much of your free time, you can sell it to help you change your lifestyle.

Instead of having to keep track of everything and work with business partners, you can start focusing on other things that mean more to you.

Health is something that many people have in mind when they answer the question, “Why should I sell my business?” While running a business comes with many benefits, it can also be deteriorating if you’re someone that wants to focus on your wellbeing.

Invest In Other Things

It’s best to expand your portfolio so that you don’t need to rely on one source of income. The best time to sell a business is when you decide that you’re ready to use that money towards other things. Many people don’t know what happens to cash when selling a business, but it goes directly into your bank account.

Selling your business will give you a plethora of cash that you can then use for things like stocks, real estate, and starting another business. Small businesses typically don’t cost too much to start, so you can most likely jump back into another one if you have an idea for something else.

If you do have an idea, it’s best to sit on it for a while until you figure out how you’re going to approach it. Should you decide to sell your business to help you fund another business, you’ll need to know how much the other business will require to start. From there, you can decide how much you want to sell the business for.

Consider Selling a Small Business Today

If any of the reasons in this article sound appealing, you should consider selling your business. You’ll get a lot more freedom to do other things and you can relieve yourself from stress relating to the business. All you’ll need to do is think about how you want to approach the sale.

Creating something like a “selling a business checklist” will help you put together a list of things to do when you’re ready to start selling a small business. You’ll need to think about how much you want for the business and what you plan to do with the money.
Check out our articles to learn more about running your own business!

How to Reach Your Full Potential as a Business Owner

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StrategyDriven Entrepreneurship Article |Business Owner|How to Reach Your Full Potential as a Business OwnerDo you want to look back on your career in 20-30 years time and feel like you did everything you could to be an amazing boss? If you’re serious about reaching your full potential as a business owner, be sure to put the advice laid out below into practice.

Pick up a number of crucial habits

World-class business owners don’t show up to the office every day and merely hope for the best. They work hard to pick up a number of habits, and they work even harder to exhibit them on a daily basis.

Here are a few habits you should pick up if you’re determined to reach your full potential in the world of business:

  • Ignore distractions
  • Focus on the tasks that have the highest payoff
  • Obsess about delivering value
  • Look after your health and wellbeing — you’ll find it easier to cope with those long days in the office if you do
  • Always be on the lookout for ways to fill the gaps in your market
  • Don’t sit behind your desk all day — leave the office, even if it is to meet with a business partner or to schmooze a client
  • Plan for the long-term
  • Never stop networking
  • Become a thrifty spender
  • Embrace new challenges, don’t cower away from them

Tend to your responsibilities

Going above and beyond to provide a high quality level of service is what will make you stand out from the crowd in your industry. Being a great business owner isn’t just about showcasing your abilities all the time, however. It’s also about tending to your responsibilities. They might not be glamorous, they might not make you any money, and they might not enhance your reputation in the eyes of your consumer base… but they’re a necessity!

No matter what industry you operate in, you will no doubt be inundated with a plethora of responsibilities each and every day. One of the biggest tasks that you face in this instance is keeping your employees safe from harm while they are at work. Nobody is going to want to work for you or even do business with you if you’re perceived to be a boss that doesn’t look after their workforce, which is why you must do right by your staff members in this sense.

Your employees face a whole host of dangers every time they step foot in your work environment, fire being one of the most hazardous. To ensure that you never shirk the responsibility of protecting your employees from the dangers of fire and smoke, it’s crucial that you perform a Fire Risk Assessment at least once a year.

Are you determined to scale the lofty heights of your industry? If you want to one day rub shoulders with the biggest names in your field, you’re going to have to go above and beyond each and every day to provide an optimized level of service. Put the above advice into practice, and you’ll be sure to reach your full potential as a business owner in no time.

How to Improve Your Entrepreneurial Skills

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StrategyDriven Entrepreneurship Article |Entrepreneurial Skills|How to Improve Your Entrepreneurial SkillsBeing your own boss may sound like a novelty, but it can be a challenging career path. Although aspiring entrepreneurs may have a concrete vision and idea for a potential business, there are vital skills needed to turn that concept into a reality. Unless you have worked in business before, it can be difficult to know how to become a successful entrepreneur; this is because there is no-one to support you from higher ranks, unlike typical employment.

If you require some advice on which skills are essential to become a successful entrepreneur, this blog will come in useful:

Attend business training and seminars

Unless you have carried out formal training, it is impossible to understand the basics of business. Enrolling onto a training program will give you an insight into theories and methods which could be applied to your personal business development. It will allow you to gain more in-depth knowledge into the responsibilities of becoming a business owner and how to enhance your productivity and performance.

Find a business mentor

In the early days of becoming an entrepreneur, you may feel as though you need a helping hand to make crucial decisions when it comes to your business growth. You can only learn so much from books and websites; however, a business mentor will be able to share first-hand advice of their own experiences and provide guidance when it comes to making crucial decisions. According to a survey by Sage, 93% of entrepreneurs believe that having a business mentor was the key reason for their success.

Travel far

If you have the determination to expand your business globally, it would be wise to travel to different countries to get an insight into which countries may be best suited to your business niche. Popular countries for business expansion include the likes of China, Japan, and India. Once you have decided which country will benefit your business, it would be wise to hire translators from globalcitizenstranslation.com to communicate with professionals abroad in the native language for effective communication.

Practice communication skills

If you’re not much of a social butterfly and find it difficult to communicate on a personal and professional level, you must work on your communication skills to succeed in business. You’ll be expected to deal with customers and clients both face-to-face, via phone call, video call, and email, to name just a few. However, being a poor communicator as an entrepreneur can result in misinterpretation of information and potentially even catastrophe. There are different ways you can develop your communication skills, such as:

Learn from your mistakes

Upon starting out in business, you’re bound to make mistakes along the way; however, you should turn the negative thinking into positive by learning from what went wrong and how to avoid these errors future. Ask yourself, ‘what could I have improved on?’ and make a list of pointers that you can refer to if you’re ever in the same position again.

How to Harness the Opportunities of Home Businesses in 2020

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StrategyDriven Entrepreneurship Article |Home Business|How to Harness the Opportunities of Home Businesses in 2020Home businesses are growing in popularity. This could be due to the ability to avoid most of the issues that have hampered the expansion of the retail and the hospitality industry. If you want to base your next business from home, and if you can see the wealth of opportunities that this can offer you, here are the next steps that you should take to move your plan into action.

Consider the Best Home Business Ideas

There are many home business ideas that may be appealing to the seasoned entrepreneur, and you should consider the viability of each of these in reference to the current market. For instance, many small home-based businesses sell small-scale manufactured items, such as home crafts and furniture. Not only this, but you might consider selling products online, such as boutique clothing or even items for other businesses that are currently seeing success. You should also consider this in terms of the type of business that will suit your home environment.

Get the Resources That You Need

Once you have decided on your business plan, the next step that you need to take to harness the opportunity that you have spotted is to invest in the correct resources that you need. For instance, epoxy resin suppliers are popular with home businesses who work to produce furniture and who conduct other creative projects, as they will be able to fulfill all of your adhesive and laminating needs. You may also need to invest in the appropriate gadgets, such as a Wi-Fi booster and a business laptop in order to connect with the outer business world.

Know the Benefits

To truly harness the opportunities of home businesses, you need to understand their benefits, and how this can make home ventures viable. For instance, there are many tax reductions available to businesses that operate out of their home, including the fact that you will be able to say that a percentage of your home’s mortgage and bills are a business expense. Additionally, home businesses have an increased amount of expenditure, including the fact that you will not have to spend a large amount of your profit on rent or employees.

Be a Great Leader

If you have a large home business, you will know that the success of this still relies on the capabilities of your team. The fact that you will be managing team members remotely, though, means that you need to have excellent and clear communication methods and that you are able to delegate and motivate your team effectively.

Network with the Wider Professional World

However, just because your business is operating out of your home, there is no reason why you cannot be part of the wider professional world. In fact, to be successful, it is paramount that you are able to attend virtual networking events and communicate with other businesses online through professional social media platforms. This will enable you to form partnerships, conduct research, and make sure that you are able to put your stamp on your industry.

Top ten collectible items that can land you a fortune

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StrategyDriven Entrepreneurship Article |Collectibles|TOP TEN COLLECTIBLE ITEMS THAT CAN LAND YOU A FORTUNECan someone be luckier than the young girl from Congo who discovered The Incomparable? As estimated to be worth $55 million, this diamond adorns the world’s most expensive necklace. That’s just one example of how collecting rare items can land you an unexpected fortune. Your grandfather might’ve owned an ordinary car back in the ’40s. He probably never thought it would become a vintage object in the future. Now you can sell this vehicle for millions of dollars. Do you know how rare William Shakespeare’s signatures are? Do you have a copy of Gutenberg’s first print of the Bible, or does your family own a book signed by its long-dead author? You can make easy money by selling an authentic photograph of Billy the Kid. A croquet picture of the American outlaw valued almost around $5 million in 2015. That’s how much people are willing to pay for rare collectibles. Collecting stuff is a healthy hobby. And, if you can contact the right pawn shop, this hobby often turns into sweet green. The requirements for a fortune-landing collectible are simple. They must be old, rare, and in demand. Below is the list of ten collectible items that can make you a millionaire in no time.

BOOKS

Books have always been a real attraction for the masses. Some have caused revolutions in human history, and some have changed our perception of the world. No wonder if da Vinci’s Codex Leicester gets sold for $31 million. You may have some rare first prints of the Harry Potter series in your attic. Signed copies by J. K. Rowling can earn you up to $2000. If you have first editions of the Kite Runner or the Twilight, that’s some treasure you’re sitting on right now.

GOLD

A wedding ring worn by your grandma can be worth millions today. There are gold watches with a price tag of more than ten million dollars. The 1933 Double Eagle gold coin is worth $7.5 million. Gold items can be sold for more than their face value if they have a history attached to them. If you are looking for an authentic platform to sell some gold, try Meriden Pawn in Connecticut for smart and secure trading. Jewelry will always keep its place among the most expensive collectibles in the world.

TRADING CARDS

The purpose of trading cards is for people to collect them. Kids have been collecting Dragon Ball, Pokemon, or Dual Masters cards for ages. The T206 Honus Wagner baseball card is supposed to be a rare collectible. These cards bring people into debates about their authenticity. A unique Pikachu Illustrator Card has only six copies left in the world, and each one will cost you a hundred thousand dollars. Your playable collectibles can make you productive overnight.

MOVIE POSTERS

What if your ancestors went to see Gone with the Wind and brought back a poster? Is it likely for you to have an old poster depicting Marilyn Monroe’s signature skirt? These things do have their market among connoisseurs. In 2012, a guy paid a million euros for nine vintage posters, including one from Metropolis. Someone paid $435 thousand for a one-sheet poster of The Mummy (1932). Even the relatively-modern ones from Casablanca and Pulp Fiction can easily make you a lucky fellow.

STAMPS

Stamps collection is one of the most common trends among collectors. This hobby isn’t always just-entertainment. Sometimes, you find in your possession a rare vintage stamp that is now worth millions. Only two Benjamin Franklin Z Grill postage stamps are in existence today. One in the ownership of William H. Gross is worth $3 million. The same goes for Inverted Jenny, Hawaiian Missionary, and Black Empress; all these stamps are valuable collectibles and are worth a fortune. The mistake of a careless printer can be the source of someone’s wealth.

VIDEO GAMES

If you were a fan of Nintendo games in the ’90s, you might be hoarding an expensive collectible. In 2010, the only known complete version of Atari’s Air Raid made a sale of $33 thousand. Possessing a rare copy of Tetris or Birthday Mania can be your key to untouched wealth. These video games have now become a cultural obsession because of their rarity and previous popularity. Atari only produced one cartridge of Gamma Attack, which is now worth $50 thousand. That’s how much you can make if you’ve carefully preserved your childhood memories.

DOLLS

Yes, dolls aren’t just for girls to play with interestingly. Some toys are worth millions if people count them as collectibles. A Barbie doll from the late ’50s can land you a quick fortune. A porcelain doll made 80-100 years ago is a luxurious vintage item. In 2014, an auction house sold one such Parisian collectible for $300 thousand. There are multiple ways to determine if your doll collection is a treasure or not. The mark of the manufacturer matters just as the age of the doll does.

COINS

Collecting coins is probably the second most common hobby after stamps. Some people have an obsession with gathering coins from different countries. Others go a step further and try their luck with the currency of the past. It’s sporadic to find coins buried in the earth. But you may have some vintage ones in your collection. Flowing Hair Silver is the costliest coin in the world. Someone bought it in 2013 for an incredible sum of $10 million.

COMIC BOOKS

Possessing an old comic book or the first print of a famous manga can be quite rewarding. A 1938 comic book depicting the first appearance of Superman made $3.2 million in 2014. The hapless guy who owned this collectible started the bid at 99 cents. But eBay proved to be quite generous to Darren Adams. Two hours into an auction and people were offering millions to purchase the debut issue of Clark Kent. If someone in your family loved DC/Marvel, you should try your luck with their belongings.

ACTION FIGURES

If you have an action figure in pristine condition, it can get sold as a rare collectible. A Darth Vader or Babe Ruth action figure is worth thousands of dollars. In 2009, an auction sold a 1963 GI. Joe figurine for $200 thousand. Do you know that there exist only two Elastic Batman figures left in the world? These stretchable collectibles are worth a lot of bucks. The market’s quite crazy for Star Wars action figures if you have the rarest pieces. The Goku Yardrat Variant Full Action Figure is so unique that only a few photographs of it are available online. It’s one of the most sought-after collectibles in the world of anime.

CONCLUSION

A 2000 research suggested that 73 million American citizens were collectors. It means that around 35% of the US population used to collect vintage items. Pamela Danziger stated that most Americans collected coins, figurines, trading cards, and dolls. From books and cars to Victorians and autographs, collectibles make a vast industry. A Forbes study revealed that collectibles constitute a $200 billion market. Therefore, there’s a good chance you’re one of those lucky guys with a rarity in his/her possession. So, start going through your memorabilia because a fortune’s waiting for you.