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You have heard the saying, "ignorance is bliss". Nothing could be further from the truth. Ignorance of the law does not protect you from jail. In the same way, ignorance of the fundamentals of running a business does not excuse you from failing. Why ask the right questions Asking the right questions ensures the right solutions are applied to the right problems. For example, you are a wannabe farmer who

As a business owner you should always have one eye on your external environment. This knowledge is very useful for restructuring the way you do things. Part of growing as a business owner is innovating periodically. This article briefly touches on how to identify new opportunities in your business. Identify who you are or who you want to be The first thing you need to know about seeking new opportunities

The Asset versus the Transactional Model The transactional model earns income from the customer once without no way of repeating the sale. This is detriment to your financial freedom goals. If you are going to use your business as part of your financial freedom or retirement plan, you need a way of building recurring revenue. While the transaction model is a good way to start, it is not a good

Eventually, every entrepreneur realizes they cannot work in their business forever. For most entrepreneurs, this is the time they begin thinking of exit. Here are ten things you should think about before that faithful day. Standardization The first thing I will like to mention is standardizing services or products. In the onset of a business, an entrepreneur figures things out as he/she develops. As time elapses, the entrepreneur figures

As an entrepreneur, your business has a value. When you are ready to retire from your business, you do not have to close your doors and just walk away. Your business is an asset that can be sold. The value of a business is all about timing. Value goes up and down depending on what is going on in the external environment. Knowing what events affects your revenue is crucial.