These 5 Myths Cause Small Businesses to Fail

January 1, 2020

By Charles “Tee” Rowe –

Every year, Americans start businesses with the hope of achieving financial success, independence, and personal fulfillment. Unfortunately, many times those dreams are never realized. Too often the enthusiasm and energy that small business owners put into their business isn’t matched by the planning and skills needed to survive.

At America’s SBDCs — 62 small business development center networks nationwide and their nearly 1,000 centers — we find that a solid business plan and a brilliant business concept need to be married to a serious understanding of the financial and management needs of running a business.

Too many businesses believe marketing is their key to success, but hemorrhaging cash is the secret, silent killer. So for aspiring entrepreneurs, here are five myths small business owners believe in that lead to failure:

1. Don’t ask for help

“You’re smart, you’ve got this.” Nobody has got it. There are so many free resources out there, and the biggest mistake many small business owners make is not using those resources. There are nearly 1,000 small business development centers nationwide — why would you ignore free help? (more…)

7 Steps for Buying a Commercial Real Estate Property

December 23, 2019

By Michelle Black –

Building

Buying commercial real estate has the potential to be an excellent investment, often more so than residential properties. Yet even if you’re an experienced real estate investor, it’s crucial to understand that buying a commercial property isn’t the same as buying a house.

Before you purchase a commercial property, it helps to know the pros and cons of this type of investment. It’s also important to understand that with the chance for more reward often comes a higher purchase price and more risk.

How to Buy a Commercial Property: An In-Depth Review

1. Understand your motivations for investing in commercial real estate.

Why do you want to invest in commercial real estate? It’s an important question to ask yourself before you start hunting for properties. (more…)

An End-of-Year Checklist for Small Businesses

November 25, 2019

By Andriana Moskovska –

Keeping your business afloat in a highly competitive market is not exactly a walk in the park. Approximately 20% of new ventures don’t even make it past their first year, so it’s important to do all that you can to rise above the competition.

With that being said, finishing up another year without your business closing down is already a major milestone. But don’t start celebrating too soon. Now is the time to reflect on the past few months, and set goals for the upcoming year. Preparing for the year to come will ensure steady growth for your business.

Poor business planning and market research are two of the main culprits of business failure. Simply put, there’s no room for incompetence in the world of business.

It’s important to avoid procrastination. Take care of smaller tasks as they come, so you can focus on the bigger things ahead.

Here are a few things to add to your end-of-year checklist so you can start the new year with a clean slate: (more…)

Protecting Your Personal Assets As a Business Owner

October 8, 2019

HouseBy Brad Wiewel –

Over a million lawsuits are filed in state courts every year. And, according to one source, all of us have a 10% chance of getting sued in any given year and a 33% chance of getting sued during our lifetimes! This is scary information given that being on the losing end of a lawsuit can be financially devastating.

As a business owner, you have special cause for concern. That’s because if your business is sued and ordered to pay a money judgment as a result, the plaintiff in the lawsuit can collect on the judgment not only by going after its assets, but by going after your personal assets too if your business does not have enough resources to pay the full judgment amount.

The good news however, is that appropriate up-front planning can protect your personal assets. For example, you can: (more…)

What Experts Say Most Entrepreneurs Don’t Understand About Becoming a Business Owner

May 14, 2019

By Bob House, President, BizBuySell –

Business MeetingIf you think obtaining funding is your biggest priority, think again.

When it comes to starting a new business venture, most entrepreneurs focus solely on how they can get funding. Yet they often do not have a clear understanding of the funding process. Nor have they considered some of the many challenges of business ownership and how that might affect the amount of money they actually need.

“At least 90 percent of aspiring entrepreneurs ask how they can get financing, grants, or something related to capital,” says Brad Bunt, director of North Central Texas SBDC.

We spoke to some of the leading experts at America’s SBDC, a nationwide network of Small Business Development Centers (SBDCs), to get their insights on the most common questions asked by entrepreneurs. According to these experts, while obtaining funding was the most common issue, there are many more important things entrepreneurs should be thinking about first. (more…)