Are You Financially Fit For Business? Monday, Feb 17 2014 

To establish and maintain a business, finances are needed. Needed finances could include cash, loans, lines of credit, equity or access to family or friends who have financial means. All businesses need finances and will always need finances. Finances are needed to file applications, open bank accounts, purchase equipment, lease or purchase of buildings, licenses, payroll, marketing, professional consultation, and additional cost to do business, etc. This process is ongoing for the life of your business.

Do you have money saved, equity in your home, a loan, good personal and/or business credit or a rich relative? To be successful in business, you should address how you will pro

financially_fit

cure your start-up money and generate enough income to meet the ongoing financial needs of the business.

If you assess that you do not have the financial resources needed initially, then simply address this necessary issue and adjust your start-up time by launching your business at a later time.  This will help you with the unnecessary stress of not having enough financial resources and paying the cost of not having enough money. If your business is already in existence, maintain your financial fitness by obtaining a line of credit, business credit, invest/save-generated income, or obtain a business loan if needed.

Author

Tiya “Ty” Scroggins, MBA

CEO of Scroggins Consulting

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Are You Mentally and Physically FIT for Business? Monday, Feb 3 2014 

ARE YOU FIT FOR BUSINESS, MENTALLY AND PHYSICALLY?

Having a business is more than a job! Having a business for some is your life’s ambition, for some it’s a way to make a living or supplement your income, for some it’s an outward expression of your skillset. Whatever your motivation, it can be stressful. So, my question to you is can you handle the stress, pressure, work long hours and possibly work several positions in your business all at the same time? Can you juggle several things at one time, are you organized, can you be pulled in several directions at the same time, can you manage a work load that changes constantly, can you balance family life and business life which reflects two or more financial obligations. Some business owners operate on a limited amount of sleep (we work a lot as well as being up at night forecasting and developing businesses conceptually).

Fit for Business

The fact is having a business requires both mental and physical stamina. The mental requirement is the brain-power to spend hundreds of hours developing, organizing, researching, planning, and working on an ongoing basis. Remember, you will be asked questions about your business-some things you have not considered before because this venue is new. This mental requirement never changes, years after starting the business you will be utilizing your mental strength.

The physical requirement of a business could include the following: working long hours per day, working 7 days per week, possibly shorter sleeping hours, meetings, travel, and time to focus on business which is time away from your family.

Starting and operating a business is a passion for some; however, you must be mentally and physically strong. Not only is the strength needed in the beginning, it is needed to maintain the business throughout the years. Consequently, you have to be able to self motivate and balance business and personal life. Do you fit the Business owner profile both mentally and physically? I recommend that you consider this before starting a business. Most of us will reconsider this after we have started and we recognize the mental and physical requirement is great but greater than we expected. The good news is that you can adjust as the years go by.

Author:
Tiya Scroggins
CEO of Scroggins Consulting