HOW TO AVOID BUSINESS LOSSES

The goal of every business owner, hustler or entrepreneur is to make profits in business and to avoid losses. However, whether we like it or not, business losses are almost inevitable.

Many successful businesses starts with some losses to build brand value and profit after few years! So then, if you're running at a loss, don't back out of the business yet, just take steps that will turn things around for your business.

Operating at a loss in a business is when you’re spending more money than is coming in to the business. In other words, it when your expenses is more than your gains. No business owner wants this.

Business losses can get bad to the extent that you might not later be able to pay your bills. When it gets to that extent, you definitely need help, the kind of help that this post will be offering.

So, how do you handle business losses?

1. Don't give up - The mistake so many business owner make when they are faced with challenges in their business is that they easily want to back out and try another enterprise. Ask any successful businessman, they will tell you that consistency is key for every successful business.

I'll like to reiterate the fact that, when your business hits a road block, it is not new. Like I said earlier, many successful business started with losses.

Consider Bill Gates' story; the man apparently watched his first company crumble. So the almighty Microsoft that we see today didn't start as a success. It was first a tragedy. But then Mr. Gates didn't give up on his idea hence the success of his business.

So I am telling you today, if you don't give up, if you don't quit, your business is on it's way to remarkable success.

2. Get advice - The losses you face in your business could be as a result of lack of experience in your field. As a matter of fact, a high number of losses that businesses incur is as a result of this reason. Not knowing how to deal with a particular problem because you haven't been there before can be costly.

So how do you handle and control this? Consult people who have knowledge on what the challenge of your business can be. Their guidance, mentorship, assistance etc. will go a long way in helping you overcome your loss.

Also, you can get advice from an accountant on why your business seem to be covered up in losses. An accountant will generate the profit and loss statement  of your business and fish out where the problem is coming from.

Advice from an accountant or business advisor can help you get your business back on track and avoid trouble ahead.There are also companies who offer consultancy services; consulting them will also save your business from loss.

3. Reduce your expenses - The loss you're experiencing could be as a result of some unnecessary spending. At this point, you will have to sit down and draw an outline.

Study your business expenses and pick out those spending that you and your business can do without. You can do well to reduce the amount of drawings you take from the business.

4. Increase your sales - This can also save you from the pit of business losses. You can simply charge more for your product or service. By doing this, you will increase the profit you make in your business. When profit is more than expenses then, your business is safe!

Increase in marketing of your product or service can also save you from business loss. This will bring in more profits and also cover any loss.

Also, you can handle business losses by selling assets that you no longer use. The money gotten from the sale of the assets should be directly directed to funding the business.

After taking this simple but effective steps, I expect to see your business soaring high, again! Cheers!

  6 SURE WAYS TO MAKE MORE PROFITS IN BUSINESS

So, get up! Take this opportunity to make cool cash and alleviate poverty!

Do not let anything, even funds; cost you that valuable business idea. With these many options available, there is no excuse for not living your dream. Your dream business is possible!

Online Home-based Business Ideas For 2017


Contrary to the thoughts about starting up businesses, I have a better idea. Most people have the erroneous thought that to start their own businesses require huge capital and thus they accept that they cannot own a business. However, read through this article ant at the end, you can tell whether it is possible to own your business or not.

My opinion of the business you can start is the home-based business. The following business ideas are simple, sharp and profitable businesses you can do even in the comfort of your own home, while lying down to relax on your bed or at most when you return from your daily jobs.

1.    Network Marketing

This is a beautiful idea of a home based business. It is advisable for beginners, especially those who really have not been into much online businesses. With this, you can build your confidence and experience as you do this business. How is this achieved?

Get a list of some companies that have the products you are interested in. I mean the products or goods you personally love. In your quest, you have to understand the structure with which the company works. In your list, you will definitely get the names of the companies that have low cost of registration for first timers.

With this, you can leverage on the efforts of many others. Your skill in being able to organize and inspire the people around and under you will go a long way to determine how far you will go in the business and how fast you will rise in the ranks.

2.    Affiliate Marketing

In this, you tend to be a sales representative for company with a product of your interest. Your profit comes as commissions upon the products you sell. You either get the commissions on each product you sell or the whole pack.

Sometimes, you make some more money when you meet a certain target set for you by the company you represent. All of these accumulate into massive profit for you. Your skill in convincing people to see things your way will be of immense advantage.

3.    Internet marketing
It is alarming that you have access to this article that you are currently reading and you have not begun to make money online. If you have a phone, a computer with internet access, you have 65-70% of what you need for this business. There is hardly anything that cannot be sold online ranging from hand-made products to hi-tech information on products.

You can reach out to those who have been there who can help you out. Please, know that not trying is your own fault. There is no harm in trying out and not getting help. Moreover, you cannot reach out to many people and not find someone with the information you desire who is also willing to release it to you.

4.    Internet auctions

A lot of goods which lie useless and unimportant to some people are valuable to others only if they can gain access to them. That phone, vacuum cleaner, fridge or freezer, oven, hair clipper and even cars among a lot of other things can be sources of money to you and those who possess them but have no direct need for them anymore.

What you need to do is to go round your immediate neighbours, collect these things with a well –arranged list and promise them some few amounts. These you can take nice and pictures of and begin sales online. Don’t you think this is a good idea? Never mind, you can thank me later.

5.    Personal chef

This is indeed advantageous for someone who has great culinary skills or someone who has passion to learn. You can begin to cook dinner at your leisure since it is what you enjoy doing.  You can make some cool cash out of your neighbours who are either too lazy or too busy to cook. Who knows? This could be your breakthrough to your own KFC.

You can use the advantage of the internet to showcase what you do and this will bring more customers. The internet has become a blessing only if you use the tools to make money. So, I tell people.

Many people complain that they do not have the required capital to start their dream business. Meanwhile they only fail to realize that what they have in their custody is more than sufficient to start them off. You really do not have to start big, especially when it comes to home businesses that can be executed online as I have listed above.