Reopening Your Business After Bankruptcy

Reopening a business after bankruptcy is tricky, but not impossible. While it may present some challenges, there are some easy steps you can take to ensure that your business continues on the right path and bankruptcy does not keep you from living your dreams.

With a budget, corporate clothing, and a wonderful customer base, you can ensure that attempt at reopening your business is a success.

Tips For a Successful New Start For Your Business

Bankruptcy presents many challenges for reopening a business. It will be difficult to obtain loans. Many lenders are hesitant about lending money to businesses that have a history of bankruptcy. Investors will be wary as well. If you do manage to obtain a loan, you must be ready for the possibility of high interest rates and requirements for personal collateral.

Even with all of the financial difficulty, it is still possible to reopen your business. If you want create a prosperous and fruitful new start for your company, consider the following tips.

  • Stick To a Plan – Create a plan for your business and make sure you stick to it. If your bankruptcy requires you to make payments, be sure to make them on time and in full. Your plan should also include your long-term and short-term goals financially. Also, allow for unexpected expenses in your budget for those times when your low credit doesn’t allow you to obtain the loan you need.
  • Pay Your Bills – According to the Small Business Online Community, paying your bills on time each month is the key to rebuilding your credit after bankruptcy. Some companies report your payment history, whether it is good or bad, to credit bureaus. If you continually pay your bills on time, you will rebuild trust with your creditors.
  • Apply For Secured Credit Cards – Secured credit cards come with high fees, but they can be very advantageous when you are reopening your business after bankruptcy. If you build your balance and make your payments, you will slowly build your credit so you can eventually obtain unsecured business credit. This is an essential part of obtaining a fresh start after bankruptcy.
  • Re-brand Your Business – While the financial aspects of reopening your business may be first on your mind, you should also consider re-branding your business. Use this fresh start as a way to show off your company in a new light. One simple way of doing this is by providing corporate clothing for your employees. This will not only show your customers you are back and better than ever, but corporate clothing will also help to build your customer’s confidence in your brand and in your employees.
  • Reward Your Loyal Customers – There will be certain customers that stick by you, despite your financial troubles. Don’t forget them as you make strides to locate new customers and rebuild your brand. Show them how much you appreciate their loyalty by providing them with discounts or, if you can afford it, small tokens of appreciation.

It can be difficult to reopen your business after bankruptcy, but with the right budget, new corporate clothing, and a few loyal customers, you will have no trouble at all getting your business back on the track of success.

Business After Bankruptcy – Getting the Help You Need to Rebuild After Bankruptcy

Bankruptcy can be a life changing decision that will impact your finances and your social life for many years to come. However, this does not mean you should remain defeatist and defendant once you have opted for bankruptcy.

You should proceed and try to get back to ordinary business after bankruptcy. It is not going to be easy. However, it is not as difficult as others would like you to believe. You just have to keep certain points in your mind and get the necessary help to rebuild your business after a bankruptcy.

For starters, it is obvious that you should keep control over your debt condition. Once you have opted for this solution, you cannot go in for the same option again anytime within the next 5-8 years.

This means that you will be completely without any protection for the next 8 years. If you mismanage your finances, chances are high that you will end up for needing a lot of help to overcome your financial problems.

You must keep a very sharp look out for unsecured debt. Remember that it is a twin edged sword. You need unsecured debt to convince your lenders that you can handle financial obligations responsibly.

Yet, you will have to keep the interest rate down and you will have to manage the costs involved. Further, you cannot afford to lose control of your credit cards once again. This is a second step that you should follow to rebuild after bankruptcy.

It can be very confusing to analyze and compare the different options and choose the best one available. This is where the World Wide Web helps you get the required assistance to overcome your financial problems.

You can make use of credit monitoring agencies that will keep very sharp eye on your credit report and will inform you of any and every change that takes place in the same. This will help you identify problems or possible complications even before they arise.

Next, you can get in touch with a professional credit repair agencies that will analyze your financial condition and suggest ways to reach the credit score in excess of 700 as quickly as possible. There are numerous instances you have used these service providers and have escaped the harmful consequences of bankruptcy despite its mention on the credit score.

Just log on to the World Wide Web, checkout tips and hints and visit different websites before you take a final decision.

Small Business Is Hard Enough: The Challenges of a Small Business After a Disaster

Disasters, I know we all hate that word. As humans we gird ourselves and simply say, “It won’t happen to me”. But the data shows that it’s not if it’s going to happen, it’s when is it going to happen.

According to the Small Business Administration (SBA), 40% to 60% of small businesses fail following a major disaster. The number of presidentially declared disasters has more than doubled in recent years. However, many disasters don’t affect a large number of people like these declared events do. In fact, fire is the leading business disaster.

If that is not bad enough, researchers estimate that approximately: half of business do not survive their first 5 years and 8 out of 10 fail within the first 3 years after a disaster.*

Small Businesses have unique challenges that are quite different from their larger counterpart. Since 52 % of businesses are operated from the owner’s home or property their ability to recover is harder simply because they have to focus to two recovery efforts. There is never enough time to get them both done quickly and easily. If their business is in their home, there is no place for the work to continue. The property damage for a small business owner impacts BOTH the family and their business.

While owning a small business may seem like the American Dream, owning a small business has many challenges. But after a disaster the challenges become more profound. There seems to be recurring views of these owners both before and after the disaster.

Here are 7 challenges Small Business Owners face after a disaster:

1. Illusion of Security

2. Nothing could be done to protect against this

3. Complete 360-degree disaster for the individual

4. Self-imposed limits

5. Imprudent use of financial resources

6. Not understanding what is happening to their customer base

7. Assumption everything will get back to normal

Starting a business is a big achievement for many entrepreneurs, but maintaining one is the larger challenge. There are many standard challenges that face every business whether they are large or small. The largest challenge for small business owner is planning.

Small business owners invest a tremendous amount of time, money and resources to make their ventures successful, yet, many owners fail to properly plan and prepare for disaster situations. You can protect your business by identifying the risks associated with natural and man-made disasters, and by creating a plan for action should a disaster strike. By keeping those plans updated, you can help ensure the survival of your business.

When disaster strikes, having a plan and being able to put it into immediate action can mean the difference between staying open to service the needs of your customers and community or shutting down for a few days.

I know, not another plan! Who has time for that?

Resilience is different from preparedness. Where preparedness is something that you do; resilience is something that you become. In becoming more resilient, you as the owner should take intentional action. Do one thing today. (Just one thing). Do you back up your data? No, then get that done. Do you have an emergency contact list for your employees, suppliers, major clients? No, then get that done. Do you review you insurance policy every year with your agent? No, then get that done. Little by little, doing one thing moves you closer.

You’ve finally achieved your dream. Don’t lose it to a power outage, hacker disruption, fire, earthquake or other disaster. If you’re not prepared, a disaster could put you and your employees at risk, possibly shutting down your business forever.