You suddenly find yourself without work. There’s enough money in the bank to cover your next mortgage payment and feed yourself for a couple of weeks, (you now feel like Najib Razak) but precious little something else. You’ve got a laptop and an Internet connection, but no money to buy new stock or raw materials. What would you do? Could you turn things around?
OK, the above setup might appear a little apocalyptic — but how many small business owners have found themselves in a situation where money is so tight, it’s difficult to know what direction to take?
Your business might be booming, but if cash flow is restricted, everything can turn sour really quickly. It just takes a few late invoices, an unexpected bill or the business failure of a supplier or customer to upset the apple cart.
Here are ten tips to turning things around and, with a little entrepreneurial magic, creating something from nothing.
If it’s not bolted down — sell it. Old stock, unused plant and machinery, and even the shelves they sit on (along with various other items of office equipment) hold some value. Online auction sites and even flea markets/car boot sales can help you turn old junk into hard cash. At this moment in time, cash is king — so don’t worry if you find yourself sitting on the floor. As long as you’ve got some cash in your pocket — you have choices.
The art of selling products before you take them into stock. It doesn’t cost a single cent to list a product for sale on your website (or even some online marketplaces). Take the money upfront and settle up with your supplier after a sale has been made. If you have an email list — hit it hard with these items of virtual stock.
Sell Training Services:
Exploit your position as the expert in a particular field of expertise. The sale of educational or training services can provide a lucrative business opportunity. If you are a musician — teach piano or guitar. If you are a restaurateur — teach cooking. If you sell bikes — teach bicycle maintenance. Many training services can be delivered digitally (for example: via Skype) — so the cost of delivery can be negligible.
Email Everyone You Know:
Your clients don’t need to know the full scale of your problems. Instead, just let them know that you have some additional capacity to take on extra work and sell them an idea. You might be surprised how many people take you up on the offer.
Never Ignore a Profit:
Sure, there might have been a time when you wouldn’t have gotten out of bed for less than $1,000. But when times are hard, sometimes you’ve just got to swallow your pride and accept any opportunity to make a profit. Don’t be a busy fool, but think twice about turning business away that gives you a workable margin.
Get a Job:
Many entrepreneurs would look at this a poor move — but sometimes taking the pressure off yourself to keep the wheels of commerce turning for a while can be the catalyst to greater things. Because you are working for someone else doesn’t mean you can’t continue steadily to chase your entrepreneurial dreams. It would just be described as a case of working the 5 to 9 rather than the 9 to 5 for a while.
Now’s not the time to take stupid risks. Don’t waste your time with get-rich-quick schemes and the promises of easy money.Hustling isn’t about looking for quick options. It’s all about hard work and creative solutions. You knew this when business was booming, so don’t take your eye off the ball and get distracted by charlatans when you’ve really got to put the time and effort in.
Protect your dream:
as most entrepreneurs know, you will likely fail. However it is very important to consider that, as said by a motivational speaker Zig Ziglar, “When you can dream it you can achieve it.” Even when it becomes obvious that the business model might not be “the one”, regard it as a detour towards success. Failure is an essential the main business, although admittedly it is a fantasy that those who failed once will flourish in their next endeavours.
Focus on what you do better than anyone else:
Each and every one of us has a unique set of talents and abilities. While your skills may not always be anything out from the ordinary, you are able to often work miracles with everything you have, simply by believing in yourself. You will see that the work will speak for itself, especially if it is something which excites you, regardless of the growth and ubiquity.
Sweat the tiny stuff:
an organization will go a long way if the founder and employees focus on even the absolute most minor details, which regularly have the ability to produce or break it. Selling and servicing a brand name value, maintaining a formidable social networking arena, and impeccable customer support might seem like minor things in the short run, but in the long term, it’s this that will set your organization apart from others. Making sure your employee are talented and inspired workers who gives the company their all ought to be the priority, an area that way too many business owners neglect.
10. Learn From Others
One of the very iconic examples is that of Steve Jobs, Co-founder of one of many largest technological companies on the planet Apple Inc. Adopted by way of a lower income family, Jobs dropped out of college because he didn’t think that a degree would benefit him in virtually any way. He was sacked from his own organization, wherein he proceeded to begin two more extremely successful firms and then returned to revive Apple from bankruptcy.
Successful entrepreneurs have intense ideas due to their future and are usually asking themselves “What next?” All said and done, your journey like the majority of entrepreneurs should be providential in a way. be sure that there are great amount of ups and downs. The greatest lesson that to learn through the journey is one that’s often repeated – Invest some time building yourself and your company.