Owning your own business is a noble dream. Everywhere you turn, you’ll read some success story of an entrepreneur who pulled themselves up by their bootstraps and is now living the dream of being their own boss.
And while that is a great ideal to strive for, that doesn’t change the fact that starting a business is hard. And we mean REALLY hard.
So while everyone loves a success story, it’s unwise to go into your endeavor thinking that you’re just going to jump right into the black. So prepare yourself from a little tough love from the school of reality.
Because the truth is…
A couple weeks ago, we took a look at the process of filing for bankruptcy. But how did this process come to exist in its current form in America?
Although most people know what bankruptcy is, they may not know what the process of declaring for bankruptcy entails.
While it is perceived as being the last step for a company that is going out of business, this is not always true. In some cases, bankruptcy can be a way for a company to reorganize its debts and come out even stronger than before.
Why Would a Business File for Bankruptcy?
A company may wish to file for bankruptcy for several reasons.
First, it may not have enough money to pay all of its creditors. Therefore, filing for bankruptcy would enable them to pay creditors depending on priority. Most unsecured creditors would get nothing while secured creditors would be paid back up to the amount that remaining assets are worth. Continue reading
Last week, we talked about what it takes to get your first fashion business off of the ground. But what happens next?
One of the most important employees at any fashion business, especially at retail outlets, is their wholesale buyer. Their job is critical: Figure out what products you need, and how much to order.
Sounds simple enough, but how well your buyer performs will make all the difference in the success of your business.
So what does a buyer do?
Buyers are doing their job well if they can consistently find and purchase products that your customer base likes and considers to be a good value. Continue reading
Many people dream of having a career in an industry that they’re passionate about, but there are a lot of steps between having a dream and making it a reality. And in an industry as cut-throat and competitive as the fashion industry, that passion must be paired with some
Research the Market
It’s easy to think that just because you’re knowledgeable about fashion, that you know everything about the industry. This is a dangerous misconception.
Learn everything you can about the clothing industry before entering it. Look at comparable clothing businesses. Are they doing okay? Who are they targeting? What are their numbers? Which time of the year is it busiest and which time is the least active? Continue reading
Scammers hurt small businesses in the United States every year. According to the Association of Certified Fraud Examiners, the median loss is a whopping $98,000.
The prevention of fraud requires monitoring the workplace, continuously updated controls, data systems, and special procedures related to preventing fraud and scams. Fraud happens when there is opportunity.
The individual may believe the company owes him or her additional compensation. Perhaps the perpetrator knows precisely how weak the company’s controls and systems are and believes he or she will not be caught. Continue reading
Financial stress is a part of life, and college life is no different. Whether a student has parents who pay for many expenses or parents who encourage economic independence, every student should learn and practice some basic financial principles to keep them afloat during school and prepare them for the future.
Learn the difference between wants and needs.
Setting priorities is crucial for financial success. Think about the most basic needs you have: food, clothing, housing, safety, etc. Create a list of must-haves on which you’re unwilling to compromise but be willing to make some sacrifices. Continue reading
The financial aspect of a business is arguably the most essential for every entity. This is not only required for the perusal of the different stakeholders in the company, but it is also the core indicator of whether the business is making profits or losses, and what measures can be taken based on these indicators.
Normally, businesses that have gone public require having their financial records filed for a number of reasons. The Securities and Exchange Commission requires these documents in order to properly propose the securities laws and in order to effectively regulate the securities market industry. Continue reading
When it comes to business, the holidays are your best time of year. When people are getting ready to relax, you should be getting ready for the busiest time of the year. The fact is that relaxing means consumption, and consumption is how your company gets rich!
In order to maximize your take in this holiday season, you should take some things into consideration. Here are some of the top reasons that your business should start getting ready for the holidays right now.
From the mundane to the catastrophic, there’s never a good time for a financial emergency. The funny thing about these emergencies, though, is the fact that they’re never surprising at the core; they’re all inevitable at some time or another, but few are prepared when it happens to them. Continue reading