A great brand can help your products stand out from the crowd. Get a crash course in small business branding with our free, curated list of high-impact articles.
We hate SPAM and promise to keep your email address safe. Get started. When a business owner tries to do too many different things, it can cause the business to stretch itself too thin. In other cases, a lack of focus could mean the target niche is too broad. This is why getting really specific with your target customer is important. Do you really know who your customer is? If you do, does your business lack focus? Is it trying to do too many things, or be the best at too many things? In , after operating at a financial loss for years, Steve Jobs returned to a failing Apple.
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What Steve Jobs saw was that Apple was losing focus and was involved in too many projects. Are you making the most of social media? Is your website optimized and appearing in searches where customers are trying to find you? Perhaps you overestimated the market size or your market research was poorly executed. A new marketing plan can reinvigorate your business by giving you a blank slate.
After the housing crash of , River Pools and Spas had to reinvent their marketing strategy. Many business owners believe that during a time of crisis, their best option is to play it safe.
How to Buy a Business: What to Know Before Taking the Plunge
Taking bold risks is often the best course of action to save a dying business. When you think about it, you have a lot less to lose when your business is nearing its end. Private White , a failing factory that manufactured clothing in the U. Eden made a bold move to have the factory pivot from purely manufacturing to selling its own branded products online. This was risky for a failing business since they would now have to carry inventory and focus on marketing, in addition to manufacturing their products.
But that rich payday was overwhelmed by his business losses, and Mr. Trump still paid no federal income taxes that year. Some fraction of that ocean of red ink represented depreciation on Mr. One of the most valuable special benefits in the tax code, depreciation lets owners of commercial real estate write down the cost of their buildings. Trump said during a presidential debate in Trump defended this tax strategy on Wednesday and said in a pair of Twitter posts that this was what real estate developers did in the s and s.
How to Become a Profitable Amazon Seller
Trump points to one of his Atlantic City casinos to illustrate the magic of depreciation. But while this example is intended to show the benefits of depreciation, it also demonstrates that depreciation cannot account for the hundreds of millions of dollars in losses Mr. Trump declared on his taxes. The tax code also lets business owners like Mr. Trump use losses to avoid paying tax on future income — a lucrative deduction intended to help troubled businesses get back on their feet.
The newly revealed tax information sheds light on how those net operating losses snowballed. And the red ink continued to accumulate apace. Because Mr. Trump reported a negative adjusted gross income in each of the 10 years, he was not allowed to deduct any charitable contributions. So while he has boasted of making large donations at the time, the information obtained by The Times shows no such itemized deductions. Potential deductions could have been carried over to a future year, should Mr. Trump have reported a positive income. As losses from his core enterprises mounted, Mr.
Trump took on a new public role, trading on his business-titan brand to present himself as a corporate raider. He would acquire shares in a company with borrowed money, suggest publicly that he was contemplating buying enough to become a majority owner, then quietly sell on the resulting rise in the stock price. The tactic worked for a brief period — earning Mr. Trump millions of dollars in gains — until investors realized that he would not follow through. That much has been known for years. But the tax information obtained by The Times shows that he ultimately lost the bulk of the gains from his four-year trading spree.
The figures do not include an itemization of individual trades.
Selling your business to family? 4 tips for a smooth transition
But The Times was able to align the reported total gains with details on trades publicly documented by casino regulators at the time. As with many things Trump, his adventures in the stock market were more image than substance, helped greatly by news reports quoting anonymous sources said to have knowledge of Mr. An occasional quote from an associate — including his stockbroker, Alan C.
Greenberg — helped burnish the myth. An early and profitable gambit came in February , when Mr. Trump started buying stock in the company that owned United Airlines. That April, The Times reported that Mr. Trump takeover speculation set off a rally in the stock. At the end of the month, Mr. Trump quietly sold nearly all his shares. The next day, The Journal reported that Mr. It was a gross exaggeration. New Jersey gaming regulators later determined that he had purchased only 2. The same tactic continued to work through In all, from through , Mr.
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That could be motivation enough. Time is always a risk, and the more time your business is out there, the greater risk you have. As an owner you have financial goals you are continuously striving for and this applies to selling your business as well. Things to keep in mind when thinking of selling your business are:.
Selling a company is not always only about getting the best price.
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These factors include the caliber, the reputation, the references, the culture, the chemistry and the trust of the private equity firm or other type of firm they are going to partner with. The mindset of an owner selling their business should not be obsessing over the last few dollars of valuation but rather focused more on the quality of people they will be partnering with as a result of the sale. Rudin argues that this is the biggest mistake business owners make in scenarios where they intend to roll over significant equity. Remember, once the deal is done, you have to work with these people.
Make sure they are the right match for you and your company no matter what price they are offering you for a piece of your business. Entrepreneur Media, Inc. In order to understand how people use our site generally, and to create more valuable experiences for you, we may collect data about your use of this site both directly and through our partners. The table below describes in more detail the data being collected.