The idea of building a better future is a good start. It’s just a matter of how you can make that possible. Taking that leap from being an employee or stay-at-home mom to an entrepreneur can genuinely be risky and scary.
So, as I have always advised my clients, it should always start with a good set of goals and a great business plan. However, having a solid business plan may not be a guarantee that your business will not fall off the cliff due to overspending. Why? Because there are things that you, as an entrepreneur, should look into to ensure that you are walking on the right path. And, unfortunately, some entrepreneurs rarely realize the mistake until it gets them down the hole. Missing out the overspending for months or years can significantly affect the business, leading to its collapse.
Strengthening Your Financial Power
Entrepreneurs may find themselves on the brink of bankruptcy without even realizing what they did wrong. In their minds, they have made everything possible for the company’s success and yet could not find where the errors are. Sleepless nights and troubled days can lead anyone to a nervous breakdown. Fortunately, you can save your striving business and slowly reach your goal with an in-depth analysis and willingness to change your “unrealized” bad habits.
How do you prepare your company for sudden bankruptcy?
You know how technology can be a tremendous help to a business. And you can see how many people have embraced building a business online. And during these times, the internet, I could say, is the biggest savior to all of our striving fellow countrymen. However, one should also be aware of how to set a limit on spending on technology. For instance, Facebook has become the primary social media used in building and promoting online businesses. Through sponsored ads, individuals are likely to see from their news feeds certain products or services that they are likely to avail of. For companies to get across the right people, they have to set their target market and the amount they are willing to spend on marketing. As a business owner, you get to control all of these. You just need to establish a set budget for a certain number of days or weeks and how extensive you would want your products to be advertised. I have heard others spending Php5000.00 a week to feature their products, yet they just earn about Php20,000.00 a month. Maybe for some, having a slight loss at the beginning would be okay. Still, if you will just be posting those ads without much thought about the kind of products or services you offer, you are just losing money and wasting your time. Be wise in introducing products that can solve people’s problems and at the same time create engaging posts that can easily lure mere onlookers into customers.
Let’s say you have started your business for some time, noticing that you have reached your ROI. So, what’s the next step? Is it to travel? Purchase the latest iPhone? Expand the business or place it on an investment, perhaps? There is no right time now if you think you have the money to invest in another industry, real estate, or the stock market. Here’s one thing you should know about investing. Although this seems to be a good source of money, you need to ensure that you only deal with legitimate companies and have the EXTRA cash for it. I have seen others wanting to start an investment because their offer can be pretty tempting. Still, suppose it would end you having difficulties managing what is left on your bank because of other obligations. In that case, I suggest that you only pursue this step if you have stabilized your business well. Taking out a certain amount from your bank account would not affect your everyday spending needs in the industry and your family.
Have you noticed how many celebrities suddenly created YouTube accounts in the past months? It is because their careers have severely suffered during the pandemic. Not having tv shows or movies doesn’t mean they have to stop doing what they do. Good thing there is YouTube to help not only celebrities but as well as ordinary people. If you have a good following on your social media accounts, you can turn it into a “money machine.” Simply create unique content that would tickle the minds of your followers. With this, it can be a good source of engaging with more customers in the future. This may take a lot of work since you can only start monetizing your site once you have reached a certain number of subscribers. And the number of hours watched by your virtual audience. Not bad, right? Monetizing your digital presence can do wonders for your company. With your company’s broad exposure on the internet, some people might just plan on raining on your parade. Therefore, make sure to maintain a clean image and entrust your social media accounts to the right people.
It’s a total waste of time and effort to build a business if you just let things fall out of hand. Avoid bankruptcy by creating backup plans on how to continue your business when interruptions such as the pandemic occur or to explore areas on how you can expand your business without overspending.
When you have just started your business, don’t be afraid of all the risks that will happen in the future. What matters is that you have set your heart in mind to create a brighter future and empower yourself with the right skill set to support your business all the way.
CHECK OUT more advice from Butz Bartolome:
Strong Tips To Start a Business | Butz Bartolome
An Entrepreneur’s Reflection: Being A Vessel of Blessings To Others | Butz Bartolome
CHECK OUT the Philippines’ top mentor Butz Bartolome as he discusses business matters and SHARE THIS STORY with entrepreneurs and aspiring entrepreneurs who need the advice.
Good News Pilipinas is a Lasallian Scholarum Awardee. TELL US your good news story tips by messaging GoodNewsPilipinas.com on Facebook, Twitter, Instagram, or e-mail email@example.com and WATCH Good News Pilipinas TV YouTube & Good News Pilipinas TikTok for more Filipino Pride stories!