by Jenny Spinner

Created on: January 08, 2009

Sometimes businesses go wrong. Actually is 99% of the time in just five years and 100% in 300 years but 99.99% is closer to ten years just to give you the idea that just one business in 10k actually survives that time long. Why does it happen? Why do people let their businesses sink so quickly? I found the most important answer in business. Do you remember that competition is what makes the world improve and that if you do not update yourself you will be out dated? Well, most businesses do not update themselves and they are simply surpassed by the ones that do. When the vinyl came to the market it had the best sound you could ever imagine and hear. Now the vinyl is long gone... But how about making a super vinyl player? No body will buy it because it's outdated. People want the best not the latest. The nivyl is too big, too noisy and cannot be transported like these new mp3 can. Now with iPhone you don't even need the MP3 anymore. All you need is to connect yourself to the internet and listen to your favourite stream. You see, you cannot make a better horse. You must do a new horse. What if in a stand the sales man shown you a gold horse for cheap? Would you get it? NO! When it comes to new technology this is even more important. What about that people that just want to keep doing what they already did for 30 years or more? They end in bankruptucy or unemployed. When it comes to furniture this is also true. You cannot expect good furniture to be sold. You need the latest furniture. Just like the news that after one day it's long gone... GOOD! Now how do you close a business you cannot run any more because you lack ideas, people, will, money, brains, whatver? You need to pay all the people you owe such as wages, insurance, debts and more. Once you pay them all you need to close your bank account and then you always need to go to the social security and tell the business jsut closed down. Most of the time you can pay even yourself an indemnization to avoid leaving the business with empty hands, but of course check with your local law first. What applies in one stste may not be applied to aother state. The business bank account is the last thing being closed since you need to transfer all that money to somewhere else. Do be cool while closing the business, check if you are clean and you do not have any law suit against you. Finally make sure you are ready to stat another business.

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