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A Computer and Internet Glossary
A Guide to Advertising in the Media
Cashflow Problems How to Get Your Money
Do You Have Staying Power
Finding Your Work from Home Business Niche
Hiring Staff To Increase Profits
If It All Goes Right The Exit Strategy
If It All Goes Wrong Don't Rush to Bankruptcy
Keeping Your Customers Loyal
Mentally Preparing Yourself for Business
Preparing a Marketing Plan
Putting It in Writing Contracts for Customers
Real Work from Home Job or Scam
Reviewing Your Performance
Setting Up a Company
Start a Work from Home Business
Tax Tax and More Tax
The Pros and Cons of Working From Home
The Three Rs of Making Money Working from Home
The Top 5 First-Year Mistakes
The Top 5 Start-Up Mistakes
Trademarks and Copyrights
Venture Capitalists and Business Angels
What To Do When Customers Complain
Work from Home Business Opportunity
Work from Home Employment
Work from Home Insurance
Work from Home Opportunity Tips
Work from Home Programs
Writing a Business Plan
Home-Biz Ideas
Business Plan Database
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CoreCommerce Shopping Cart Software

 

If It All Goes Wrong Don't Rush to Bankruptcy

It's a sickening feeling when you realize your debts are starting to stack up, your marketing strategy seems to be failing, and it appears as if you'll never be profitable.

Now, you find your family is getting stressed, your business can't pay its bills, and customers are starting to make angry phone calls asking why the work they paid for isn't happening.

By this point, most people are ready to throw in the towel. There's some good reasons why you shouldn't be one of those people.

A Proverb

There's an old Chinese proverb that states: "the temptation to quit will be greatest just before you are about to succeed." Nowhere is this more true than when you're operating a home business. You might feel as if you're failing, so much so that you feel like giving up. The paradox, though, is this — you haven't really failed until you've given up.

Never Fear

If you really want to, there will always be ways to raise money for your company. You've probably accumulated all sorts of debts for things you don't use, not to mention possessions that could be sold or downgraded.

Did you know the average person has thousands of dollars worth of random stuff just lying around in their home? In other words, you can always find the money if you're really determined and not afraid of losing everything.

The only thing you should really try to protect is your house and some money for basic food — everything else is expendable. Never forget, the worst thing that can really happen to you is that you'll have to go out and try to get a job. Would that really be so tragic?

Fear is a major enemy in business. You should never give in to your fear and give up before you've given it your all. So many home and small businesses fail because their owners chicken out and run away at the first sign of trouble.

The Captain Goes Down with His Ship

When the chips are down, the only thing you can do is to stake your personal success on the success of your business. So what's the point in bailing out before you have to since you're guaranteed to lose money that way.

Someone once said the difference between an average Joe and an entrepreneur is this: the entrepreneur will not give up on a business until his creditors come and take everything he owns — and even then he might try to hide from them and keep things going from his friend's basement.

Don't Tell Customers

It might seem dishonest, but for goodness' sake don't tell any of your customers that things are going wrong because your business is in trouble. They'll quickly run a mile from you, putting your business in a far worse situation than it was before. You must always try to make it appear as if everything is going just fine — admitting problems will put the final nail in your business' coffin.

Try a Voluntary Agreement

If your creditors are ready to start knocking on your door, it's best that you try to get a voluntary agreement with them before you ever consider declaring bankruptcy. This is when you negotiate your debts down to a lower level using the threat of bankruptcy, and your creditors sign an agreement with you to say they'll leave you alone once you've paid that money.

The Absolute Last Resort

I simply can't get across to you how much you should not consider bankruptcy as a viable option — ever — unless you're absolutely forced into it. Consider it the same as suicide — the absolute last resort. Would you commit suicide because your business was going badly? I hope you answered no — which means you shouldn't consider bankruptcy either.

Having a bankruptcy on your credit record will stay with you for a long time and will affect everything you do: your credit rating, your employment history, and even in the way you think of yourself every day. It's better to have everything wrestled from your hands than to give it up voluntarily — otherwise you'll torture yourself wondering what would have happened if you'd kept going just a little longer.



Super Affiliate Handbook

The Super Affiliate Handbook
How I made $436,787 in 1 year Selling Other People's Stuf Online
by Rosalind Gardner

The amazing true story of how one woman, with no previous business experience, earns 400,000+ per year ... selling other people's stuff online!

In her down-to-earth, sincere and often humorous style, Rosalind Gardner guides you through the entire process of building an affiliate marketing business on the 'Net. In 236 pages, and more than 68,000 words, you'll learn how to pick the best programs, negotiate a commission raise and save time, money & effort on everything from affiliate software to web hosting.

To learn exactly how she does it, Click Here.

 

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by Jennifer Marshall

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