There are many paths to success, but starting your own business is often seen as the most direct route. And it’s not hard to see why: according to a recent study by Wealth-X, 68% of individuals worth at least $30 million in the US are self-employed. By owning your own business, you have complete control
No matter how well a business is running, there will be months where cash flow is tighter than others. This is especially true for small businesses and startups, which tend to be more volatile in revenue streams. For financial institutions, helping these businesses manage their cash flow can be a win-win-win situation. For one, it
Employees refusing to report to work can provide a lot of challenges for businesses. According to the U.S. Department of Labor, “an absent employee may cost a business from $200 to $2,000 per day.” That’s a lot of money! Absenteeism might be an issue, but what if they just flat out left? There are a
Real estate can be an excellent investment if you know what you’re doing. Unfortunately, many people don’t, which is why so many ends up losing money in the market. If you’re considering investing in real estate, you must learn as much as possible about the process first. This guide will teach you the basics of
When it comes to manufacturing, there are a lot of things that you need to consider. There’s the cost of the materials, the cost of labor, and the cost of packaging. For many companies, packaging can be one of the most significant expenses in product manufacturing. Packaging may be an expensive part of product manufacturing,
If you’re the beneficiary of a business trust, it’s important to know how it works. This article will explain the basics of trusts and why beneficiaries need to be aware of their responsibilities and rights. What is a Business Trust, and When is it Necessary? A business trust is a legal entity created to manage
Nowadays, it’s more important than ever to have an excellent online reputation. With the rise of social media, anyone can learn about your business with just a few clicks. And if you don’t have a positive online presence, potential customers will go elsewhere. There are a few reasons why online reputation is so important. Consumers
The construction sector is a wealthy industry with healthy businesses. Building a home costs around $300,000, and firms usually get around 10%-20% of that project. That’s a huge profit margin, especially when the firm knows what it’s doing. However, construction firms don’t only build homes; they also build buildings as well. A singular building can
Businesses, like any other venture, involve a certain amount of risk. While it is impossible to eliminate these risks completely, there are steps you can take to minimize them. This article will discuss some essential measures to protect your business from various risks. 1. Make sure you have adequate insurance coverage. This is perhaps the
Bankruptcy is a relatively common financial occurrence in the United States. It’s estimated that about 500,000 to 700,000 people and entities file for bankruptcy yearly. Chapter 7 bankruptcy is the most common type, accounting for about 70% of all filings. In Chapter 7, also known as a “straight bankruptcy,” the debtor’s assets are liquidated and
