Business People Club

How To Avoid Trouble When Your Business Goes Under?

0 like 0 dislike
229 views
in Articles by CandidApricot
How To Avoid Trouble When Your Business Goes Under?

Your comment

Your name to display :
Privacy: Your email address will only be used for sending these notifications.
Anti-spam verification:
To avoid this verification in future, please log in or register.

1 Comment

0 like 0 dislike
commented by HuggingDuck
Everybody who starts their own business has high hopes and plenty of reasons why they should succeed. Your idea may be the best of the decade, and you may have all the funding you think you'll need.

Then, out of the blue will come a problem you never expected. For one business, their advertising budget ran out right before their service caught on with customers.

For another business, sales came in so fast that they had to hire lots of new employees. The hope was that the BIG expense of all those employees would be met in the near future by constantly rising business. Instead, business started to decline, leaving the owner broke and paying big fees to the state after she was forced to let her workers go.

Even the mighty Amazon-com almost had to close its doors during its first year, when money ran out before substantial sales started coming in. Amazon was nearly history before it began.

The good news, as the government's Small Business Administration attests, is that almost all small business owners pick up the pieces and begin again. Often their next venture succeeds. And economists point to that fact as one of the reasons our American economy is so resilient.

No question about it: it can be VERY hard on the owner when a business fails. Creditors can take your home, your car, and put financial strain on your family that could leave your relationships in shambles.

Some will tell you to incorporate to protect yourself from bankruptcy, but legal experts say creditors can still come after you.

Whatever you do, DO NOT declare bankruptcy unless it is the absolute LAST choice available to you. Congress has enacted new laws that make bankruptcy an even poorer choice than in the past. Upset suppliers, creditors, and customers can make sure you never get another shot at owning a business.

Instead, work out terms with those to whom you owe money, and pay off your debts gradually over time. Even if you've got a very long way to go, paying even a little at a time can keep the wolves from your door.

It's also good idea to seek credit counseling. A specialist in small business turnaround can help you figure out ways to keep your assets and stop collectors from coming after you. The counselor can also work out affordable terms for satisfying your debts.

Frequently, business owners are surprised at just how easy it can be to get out from under business debt. After all, our communities' futures depend on business people getting up and trying again.

Related posts

0 like 0 dislike
0 comments 2,684 views
0 like 0 dislike
0 comments 559 views
8 Ways to Avoid Litigation When You Sell a Business

Based on recent litigation storm clouds, business owners planning exit strategies better batten down their legal hatches. As a ... to minimize your litigation risks and reap the benefits later.

image
in Articles by TwinNut
0 like 0 dislike
0 comments 830 views
0 like 0 dislike
0 comments 525 views
0 like 0 dislike
0 comments 990 views
0 like 0 dislike
1 Comment 294 views
How to Inform Employees When You Sell a Business?

How to Inform Employees When You Sell a Business?

in Articles by Octopixy
0 like 0 dislike
0 comments 697 views
0 like 0 dislike
0 comments 691 views
0 like 0 dislike
1 Comment 396 views
Don’t Let Passions Rule When Buying A Business

Don’t Let Passions Rule When Buying A Business

in Articles by Camella
0 like 0 dislike
0 comments 709 views
0 like 0 dislike
0 comments 703 views
0 like 0 dislike
0 comments 1,827 views
0 like 0 dislike
0 comments 282 views
6 Tips for Keeping Your Cool When Customers Get Hot

1. Be assertive - not aggressive or passive. My definition of assertion is simple: "Say what you mean, mean what you say, and ... tips will position you to keep your cool when customers get hot!

image
in Articles by Slayerk
0 like 0 dislike
1 Comment 320 views
What are the marketing mistakes to avoid when promoting your business?

What are the marketing mistakes to avoid when promoting your business?

in Articles by nicejone
0 like 0 dislike
0 comments 1,084 views
0 like 0 dislike
0 comments 1,077 views
0 like 0 dislike
0 comments 1,077 views
0 like 0 dislike
0 comments 1,075 views
0 like 0 dislike
0 comments 1,075 views
0 like 0 dislike
0 comments 1,074 views
0 like 0 dislike
0 comments 1,048 views
0 like 0 dislike
0 comments 238 views
4 Tips To Ensure A Rewarding Experience When Hiring Others

Hiring an employee can be a big step for many small business owners. It means the end of doing EVERYTHING yourself and passing off ... train them, treat them well, and your business will take off.

image
in Articles by Celestiger
0 like 0 dislike
1 Comment 365 views
What to look for when working with a partner?

What to look for when working with a partner?

in Articles by GraveGrass
0 like 0 dislike
1 Comment 284 views
What to look for when Outsourcing projects offshore?

What to look for when Outsourcing projects offshore?

in Articles by Tomatoad
0 like 0 dislike
0 comments 701 views
0 like 0 dislike
0 comments 685 views
0 like 0 dislike
0 comments 684 views
0 like 0 dislike
0 comments 677 views
0 like 0 dislike
0 comments 671 views
0 like 0 dislike
0 comments 667 views
Connect with us:
...