In Small Business You Adapt or Get Out!
Published on March 21, 2021
Published on Wealthy Affiliate — a platform for building real online businesses with modern training and AI.
“In Small Business You Adapt or Get out”. Small Business is always in a state of flux.
- Products are upgraded
- New Products come out
- Upgrade to Services
- New companies arrive
- New Manufacturing Processes
- New Materials for Processes
- Companies Merging
And for the same reasons above it can be a disaster for a small Business. Particularly if the business has inventory in stock to sell and they have a fire. Do they have a fire sale to unload their goods? If they put their business on the market the vultures will swoop in and offers will not be fair or good.
On top of that employees will have to be let go or furloughed. If you have loans they have to be paid, rents, electric, water, gas, sewer, taxes and so on also have to be paid even if you are not being paid.
This type of small business brings many responsibilities in order to remain relevant and competitive. With this type of business it is necessary to have a bookkeeper, computer with software and a cloud system to accomplish the job & provide backup.
The cloud makes it useful for access from anywhere necessary whether on a sales call etc. This type of small business is a very expensive proposition for a business whether you buy one or build one.
I had my own 1 person distribution business for 17 years. It took me 5.5 years before I turned the corner from Red Ink to Black Ink.
I had 3400 inventory items. 2 SBA Loans that I paid off and my best year of sales was almost $1,000,000.
I sold the business in 2005 for not much money. Why did I sell it, because the Free Trade Agreements sent the work to Mexico and finally to China.
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There are all kinds of economic pressures & some physical that can assault businesses small and large to cause problems for a business owner. For example, Inflation, slump and the Covid-19 virus of 2020 & continuing into 2021.
If you cannot Adapt you are always at the mercy of the economic world happenings.
That in a nutshell is why I like Wealthy Affiliates. For openers it is affordable and you don’t have to worry about taking $200,000 loans.
Training to do your job to the best of your ability is part of the Package. You’ve got the best support system from members and the support group available 24/7 that is the Cat’s Meow (Merriam-Webster Dictionary).
You’ve got hundreds & hundreds of Video’s available 24/7 at your fingertips. If a super disaster comes along you are flexible to change your direction to face the new challenge.
For example, you know the Vacation industry has gone into hibernation whether it be Planes, Boats or Playgrounds. As an Affiliate Marketer you can make a new Marketing Plan with another Niche (a market share) and soon be putting it back on track to recovery.
Tell me any other type of small business can do that as easily!!! And for the most part, if you are working from home your expenses and overhead do not change.
Other advantages are also premium to that situation. You do not need a Bookkeeper, or sophisticated bookkeeping system, I will get into that one in a future Blog.
As an Affiliate Marketer you don’t have to send out invoices because the individuals paying either send a check or direct deposit. Because of that, for the most part you don’t have to do collections because you are running an accounting cash business.
You do not have to write a Purchase order nor pay Accounts payable. You don’t have to create shipping documents as well.
The Accounting System you use is determined by the Business that you run! As you can see from above, why an Affiliate Marketer can operate as a Sole Proprietor for quite a while.
The ones that I know do not have employees but as they scale up their business they hire Independent Contractors.
If you look at the total picture, your Business is ready for almost every conceivable problem, that is not to say that something can not happen.
If you have a small computer system and there is a fire that night. All's not lost because you have an offsite cloud backup so all you would need is a different computer to restore from the cloud to your computer as of yesterday.
Wealthy Affiliates when you join as a member, gives you all the tools that you need so that you can make a business that you want to be in and proud of.
It gives you Step By Step directions and if you follow them Flawlessly, you can have a business of your own with a cost that is the lowest admission charge in the Affiliate industry.
Good Luck & Happy Blogging.
Edward
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