Starting your own business, as you’ve heard from a million other people, is one of the most rewarding things you can do. Nothing like becoming your own boss and striking out for the American Dream™, right?

Or at least that’s what they tell me. Me, I come from a long family of people with greatideasfor businesses that never quite work out, and I’m on that list myself. A while back I went vegetarian, and after learning how occasionally difficult it could be to find restaurants that can cater to my dietary needs, I briefly considered opening my own!

Most small business owners are aware of the difference between revenue and profit. You could be an ecommerce store with a million dollar turnover each month. However, if you take out the cost of procuring these products, holding them and add the cost of marketing your products, you might probably end up with just a few thousand dollars.

This is not inherently a bad thing. As long as you are measuring the performance of your business with profits and not just revenue, you are on the right track. The trouble however is that most businesses, including large corporates, fail to understand the importance of working capital. Many times, businesses fail, not because of losses, but because of their inability to manage working capital.

There is a saying that states that you never get a second chance to create a first impression. As an owner or a manager of a company, you ought to know that a client starts deciding whether or not to do business with you the moment that they step through the doors to your office and long before you open your mouth.

It Starts in the Parking Lot

Everyone knows that reputation can make or break any business. In the pre-Internet days, getting bad press for your brand meant that you had a short-term crisis to address. In today's online marketplace, bad news about your brand can have impacts on company strength long after the initial shock of the crisis has passed. If you want to build long-term brand success, it's essential that you know how to make bad news go away. It's possible when you adopt proactive reputation management practices.

Running a business takes a number of talents, talents which are not always easily obtained.

In order to best oversee a company, having as much hands-on experience and education in managing employees is crucial. That said are you comfortable when you look at your education and skills in order to open and run a business down the road?

Opening the doors to your restaurant for the first time will be one of the most exciting moments in your life. Entrepreneurs have an incredible amount of flexibility with their day-to-day operations, but it doesn't take much for all of that had work to go down the drain. Here is a look at seven things every business owner needs to keep their restaurant in the green.

While auctions themselves are as old as human civilization, online auctioning is a relatively new occurrence. Still, seeing how trade is generally migrating into the digital environment, it draws in a lot of people. Sure, some are just looking to purchase an item they need at a more affordable price, but others have different plans. Those most ambitious are already conceiving ways to make a fortune from online auctions. Here are few tips we have learned by observing them.

As today's business world becomes more competitive, successful entrepreneurs are having to work harder than ever to stay ahead of the competition. Whether it's customer service, technology, or any of the other numerous aspects of business, it's clear it takes more than just a great idea to make a million dollars. Therefore, the best entrepreneurs constantly navigate the uncertainty of the business world to find the best ideas that can be used to their advantage. If you're an entrepreneur and looking to be the best at what you do, here are four ideas that will guarantee success.

Human resources is a pivotal role in all business. You not only have to build the workforce, you have to maintain it. There may be employees who aren't living up to expectations, others who produce but refuse to conform with the company culture, and the constant need for balancing pay rates and benefits for everyone. Even in small companies, HR management can be a nightmare. Fortunately there are ways to reduce the headaches.

If you run your own restaurant, it is important that you always remain compliant with the law so that you can stay in business. Certain violations could cost your restaurant its business license, and you will want to know the facts so that you can stay better protected. Here are four mistakes that could put your restaurant’s business license in jeopardy.

Serving Alcohol Without the Proper Permits