How to Take Your New Business From Struggle to Success
September 8, 2022
Read time: 5 minutes
- If you’re thinking about or have recently purchased a struggling business, you may be wondering what you’ve gotten yourself into.
- During your overhaul, consider utilizing business process management (BPM) to help streamline everything from emails to workflow.
- You can post your banner to Twitter, YouTube, Facebook, and more.
- Before You Make the Decision If you have yet to make your new business official, there are a few things you should consider before you sign on the dotted line.
- Even if you’re not entirely comfortable with the stability of the current economy, a great piece of advice here is to look at uncertainty as a potential doorway to new opportunities.
If you’re thinking about or have recently purchased a struggling business, you may be wondering what you’ve gotten yourself into. The answer: whatever you make it. Some Web Studio, LLC shares tips on how to go from struggle to success with a bit of hard work and diligence for either starting a new business or buying a new business.
Tips on how to make it with a bit of hard work
Evaluate Your New Business Structure
If you’ve bought an existing business that does not have an official structure, now is the time to form an LLC or other legal entity. If you go the LLC route, which is great for many small businesses, you can separate your struggling business’s finances from your own. Since money is tight, consider using the formation service to handle this process yourself online. Make sure that you understand the rules and regulations specific to your state before you begin.
Update Your Processes.
Slow and outdated manual processes may be part of the reason why the business was struggling in the first place. During your overhaul for your new business, consider utilizing business process management (BPM) to help streamline everything from emails to workflow. This will give you an opportunity to reduce man hours so you’ll save both money and time. No matter what you choose, spend some time each month making sure it’s working so that you can make adjustments as necessary.
Optimize Your Invoicing Process
One redundant – yet critical – process that can be streamlined and made more efficient is invoicing. Automated invoicing ensures prompt payment, which in turn ensures steady cash flow. To make sure you get paid on time, set clear payment terms, invoice immediately, and accept a variety of payment methods. You can utilize an invoice maker free online that allows you to create professional-looking invoices suited to your new business. Branding with your invoice is simple: just choose from an assortment of editable templates and customize your invoice by adding your name, logo, brand colors, and any other information.
Consider a Branding Overhaul
Another reason for the new business struggle is that they are managed on a very public level. In this case, rebranding may be in your best interest. Accelity notes that updating your brand can give you a fresh and modern look and help you reach new markets. Plus, it will help remove the negativity from the new business ideas you plan to build. To start the rebranding process, begin with your logo and then utilize social media banners to share the news. You can save money by doing this on your own by utilizing a banner creation site. You can post your banner to Twitter, YouTube, Facebook, and more.
Need help with rebranding your new business?
Some Web Studio offers an array of marketing and communication products and services, from branding and web design to website SEO and graphic arts. Reach out for a consultation. If you are launching a community business and need help establishing a web presence, Some Web Studio can help you create a website customized to your business’s audience and needs.
Before You Make the Decision
If you have yet to make your new business official, there are a few things you should consider before you sign on the dotted line with your new business. A few steps you can take now are:
- Do the math. Even if you’re not fully comfortable with the stability of the current economy, a great piece of advice here is to look at uncertainty as a potential doorway to new opportunities. Even if the business is currently suffering a loss, pay close attention to the numbers to see if there is potential for gains in the future.
- Look at the competition. According to Patriot Software, a marketing analysis can help you better understand your customers and the competition. Spend time looking at similar businesses within your local demographic or target market. This will allow you to pinpoint the nuances of your new business that make it unique.
- Confirm all legal matters are settled. Gone are the days when business transactions could take place with a handshake and good intentions. Today, buyers and sellers need to ensure that all legal matters are taken care of, such as nondisclosures and unsettled debt not to be assumed by the buyer. Don’t take the due diligence process lightly, and use this time to ensure the business is legally and financially in the shape presented to you.
When you’re buying an existing business, you inherit both resources and problems. But, through simple actions, such as rebranding, having an automated and robust invoicing system, restructuring, and reorganizing processes, you can take even a crumbling foundation and turn it into a business empire.
Guest Post by Marcus Lansky.
Marcus Lansky of Abilitator.biz is an entrepreneur and small business owner who was born with a severe spinal condition, Marcus took the challenge to be able to walk again. With the will and aid of numerous individuals from the medical field and supporting friends and cheerleaders, he was able to take his first steps and take on the world. He then created his company (Abilitator) and website (abilitator.biz), as a way to reach out and help those who are disabled and show them that becoming an entrepreneur is a very achievable goal.