Entrepreneurs are likely to see most challenges as opportunities. Since most know well the ups and downs of starting a new business, they also know the kinds of financial issues new companies bring. Among them is the feast or famine cycle of income. New enterprises tend to sell in surges, which often leaves the business owner and contractors with no income for extended periods of time.

The answer to this problem, at least for some hard-working business owners, is to start a second business. The theory, at least initially, is that the sales deficits from each business will be canceled out by the surges from the other. It makes perfect sense, and it even works occasionally. Here are some other reasons why a side business is often a good idea for an entrepreneur.

Practical Education

Selling two different kinds of products presents two entirely different markets and two entirely dissimilar categories of customers. Learning how a new market works and navigating its intricacies is of vital importance to anyone interested in running their own business. Whether it is getting new funding from a site like easychoicelenders.com, finding new talent from an Internet job board or seeking new clients, one of the keys to learning your own primary business is to study the experiences of others. The magnitude of this truth can be measured in the number of business books that are published every year.
Read More Why Every Entrepreneur Should Have a Side Hustle

Entrepreneurship

If you’re new to buying life insurance, then you need to know about the state and federal laws that govern insurance companies. They can be tricky to understand because laws are regulated differently. For example, employee sponsored life insurance policies are regulated by federal laws, which preempt any state laws for personal policies.

If you’re married and you live in a community property state, once you purchase a policy, then the law states that you both are equally entitled to the policy. If you’re concerned about your income affecting your premium rates, there’s no need to worry. Income is never used to determine premiums. In most states, your age and gender will determine your premium rates.

Read More Life Insurance for Entrepreneurs

Entrepreneurship

It is a question a lot of young people ask themselves now, is it worth getting into debt for the price of an education which may, or may not, guarantee you a successful career? Or is it worth starting out at the bottom of the career ladder and working your way up, but without that piece of paper that says you are qualified? There are cases for both sides of the arguments, and let’s weigh up both options.

 

The Price Of An Education

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From a professional perspective, getting a formal education is definitely a way to get ahead of the game. If you are looking to break into a niche part of a business, it is almost necessary to have a suitable background where you are schooled in every aspect of business processes. By going to a university that has ties with specific industry sectors, this will prepare you better for your chosen career. However, most people go into an education without a fully formed idea of what they want to do with their lives nowadays. The price of an education is a major achievement in a professional sector if you know what you want to get out of it, but there is also the financial aspect! It is arguably more beneficial for people to go to college as a mature student because they will have a better idea of what they want out of their professional career. But on the other side of this coin, there is a sizeable amount of debt. Luckily, some organizations can help with this. From bursaries or grants, to debt consolidation resources like on consolidatestudent.loan, and so, combining this approach to education with a clear, defined idea of what sector you want to work in, a degree can be the ace in your deck.

Read More College Before Career, Or The Other Way Round?

Entrepreneurship

At one point or another, the majority of business owners are tempted to expand their businesses internationally. Very few business owners actually take this leap and set up shop abroad, but it is something that, at one point or another, most business owners will consider doing. To be able to set up a successful business abroad, there is a lot that needs to be taken into account – it isn’t necessarily an easy process, as there is a lot that could potentially go wrong. However, if you are smart about things, you can reduce the risk of anything going badly wrong. Below is a guide to all of the most common things that can go wrong when setting up a business abroad, as well as hacks for avoiding making these mistakes. Take note, and you can give your international business every chance of success.

 

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Read More Setting Up A Business Abroad: What Could Go Wrong?

Entrepreneurship

Starting a business is just about possible for anybody these days. What with us all living in the information age, the internet can teach us pretty much anything we need to know about starting a business. Lots of people started out with nothing and made millions by creating a business and branding themselves online. Of course this also means you can make a business from the most convenient space; your bedroom. That being said, if you want your business to grow, it’s important that you know the right time to move.

 

A Loss Of Motivation

A loss of motivation could mean that your business simply isn’t doing it for you anymore. However, it could also mean that you are simply sick of your surroundings. It can be difficult to differentiate home life and work life when you work from home. This is one reason many people choose to move into an office. If you don’t think you can afford an office alone, there are many shared office spaces you could look at.

 

Your Business Is Growing

When your business is growing, it only makes sense to grow your business premises. You don’t want to slow down the growth by avoiding the inevitable for too long. Of course you need to be sensible and avoid rushing things, but once you have established steady business, it could be time to move. The good news is, you don’t have to get tied into a lease for 3-5 years either. With serviced offices, you get all of the benefits of a traditional office, with just a few months commitment to make at most.

Read More When Is The Right Time To Move Your Business Out Of Your Bedroom?

Entrepreneurship

Many nascent entrepreneurs find themselves gravitating towards the service industry. The ubiquity of bars, restaurants and clubs combined with the glitzy image of successful celebrity chefs and restaurateurs from Ken Hom to Gordon Ramsey adds an unrealistic showbiz veneer to what is, in reality a punishing and capricious business landscape. While it’s absolutely true that fame and fortune can be found in the catering industry, it’s far from the harsh reality that most in the business experience every day.

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If you combine culinary ability with a savvy business mind, the restaurant business can be very lucrative. After all, people aren’t going to stop needing to be fed any time soon. But don’t be bewitched by fantasies of high profits, wealth and status. In order to make a success of your restaurant you’ll need to go into the business with your eyes wide open.

Before you start scouring mama’s recipe books and scouting for the right premises, you’ll need to ask yourself these serious questions…

Read More 4 Questions You Should Ask Yourself Before Opening a Restaurant

Entrepreneurship

When you have a trade, chances are that you’re self-employed. This means that you are likely to be in charge of all of your own insurance policies. You may think that you can count on luck to get you by, but failure to sign up to effective insurance packages can result in your paying out large amounts of cash, in the long run, should you be unfortunate enough to experience loss, accidental damage, theft or other forms of personal injury. So, here are a few aspects of the job that you might like to consider taking a policy out on.

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Read More Aspects of the Job that Every Tradesperson Should Insure

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