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Five Pitfalls to Avoid When Starting Your Own Profitable Business

Having a business of your own will no doubt position you as a wealth creator instead of a job finder. A profitable business must be able to have a decent return on investment. In the quest to achieving your desire to launch into the changing world of business entrepreneurship, there are some likely pitfalls that must be avoided.

Slothfulness

Slothfulness can also be termed as laziness. It is a silent killer of destiny and ideas.

It can kill a business idea, before it even gets off the ground. Be ready to make endless sacrifice and work hard, if ever you desire to succeed in business. Most successful businesses were products of hard work and long hours of sacrifice.

Procrastination

Procrastination is a very common disease that affects a lot of entrepreneurs and business owners. They wait for the big break and delay the start of their dream and vision in …

Financial Management

Earning potential in the Forex trading profession

October 17, 2019November 30, 2019 - by Chloe Richardson

The most common way to make money is through trading in currency exchange. It is the biggest financial center in the world but still, only a few can make profit. There is numerous myth surrounding the making of money. Many people believe it needs extreme precision as the trade is done live. This is true in some cases but most of the time, traders are depending on a longer timeframe. Such trades need to have a solid strategy than quick reflexes. As this sector is online, analyzing the information is always risky. The chances of rumors getting mixed with facts are high and many get slaughtered. It is no wonder folks try to become rich quickly, and as a result, they lose more money than they make. The scammers also try to cheat the investors by showing attractive false offers. It is hard to distinguish right from the wrong when …

Financial Plan

Choose Your Working Capital Financing Source for Business Loans

October 17, 2019November 30, 2019 - by Chloe Richardson

You have choices in sourcing working capital finance and in business credit solutions.

It’s all about understanding the problem and knowing where to look for solutions, so let’s look at these two main problems. Understanding the problem is not something you should read, because as a business owner and financial manager in Canada you live with a ‘crisis’ or ‘challenge’ of capital every day.

Working capital is best understood as your operational capital, and you have an investment in receivables, inventory, that’s where your investment is currently located, and your goal is to monetize those assets in the best possible way.

Textbook definitions don’t really help us – our accountants and analysts ask us to get into the balance sheet, reduce current liabilities from current assets, and, voila! That’s working capital!

One of the biggest contradictions that you need to understand is the problem of assets, profits, liquidity, and turnover. …

Financial Management

Need For Venture Capital Steady in Questionable Economy

August 5, 2019July 7, 2020 - by Chloe Richardson

image source

The downward trend of the economy continues. An old axiom in business says that the best time to start a business is during an economic downturn, but all indications point to the same downward trend in available venture capital.

It seems that most venture capital groups are sitting on cash, riding out the uncertainty that dominates the economy. It’s not that the money isn’t there; the groups are just unwilling to take a chance right now. Why is that?

The goal of most start-ups is to make it to initial public offering (IPO) or to be acquired by another company. The rate of failure in business start-ups is alarming. With the rise in fuel costs comes a rise in the cost of everything else, including capital equipment, labor and supplies, as well as construction and real estate. Companies that will not invest in their own business are very …

Financial Plan

The Benefits of Taking Professional Financial Advice

July 31, 2019August 20, 2019 - by Chloe Richardson

Taking control of your finances can be an important step in securing your financial future. Taking professional financial advice can help you on your way.

The Benefits of Taking Professional Financial Advice — image source

Many of us will go through life without ever seeking financial advice from professional financial advisor, taking advice instead from friends, colleagues and online resources. While this may serve your needs to a certain extent you could be losing out.

You may want to seek professional financial advice if, for example:

You are considering taking out a mortgage
You are looking to join a pension scheme
You are looking for an insurance deal
You are considering taking an annuity
You are looking to make an investment

The financial market is a complex place, with a huge range of products available whatever kind of service you are looking for. From mortgages and investments to savings and pensions, the vast array of products in each …