Since you are here, we can conclude that you saw the opportunity for profit in the air duct cleaning. You are not the first person to do that, many other recognized that opportunity before you. But, don’t be disappointed, the majority of those people failed to earn money in this business. There have been many reasons for their failure, and we will try to mention those reasons. We will also give you alternatives to those mistakes. The easier way to do that is to give you an example of a bad investment in the air duct cleaning business and tell you what you should change.
Now, this is a common way people enter this business (that leads to bankruptcy):
Owner takes a loan to gather enough resources to start the company
They buy high-end equipment
Investment into office and staff is next
They pay for two or three advertisements
And they wait for the business that rarely comes
In essence, they do everything any sane owner would do. Just look at the top company in St Cloud and you will see that these steps are contrary to everything a successful company does.
Successful start of the business
Taking on a loan to start a business is a bad business move. It should be the last source of money for the initial investment. Go to other sources of the cash just to avoid loans. You can even pair up with someone and become a partner.
Buying high-end equipment is another no-no in this line of work. That kind of equipment costs too much, and it might take years before you get your money back. The best option is to check online for second-hand equipment. You can also ask around for auctions held by different banks. They might have some stuff you need since they took it from other people who couldn’t repay their loans. That kind of equipment is barely used, and it will last for a long time. And the best thing is that its cost is only a fraction of its real value.
Office and staff are a bad investment for new businesses
An office is a huge investment you can avoid. Hiring five or six workers is also something that won’t help you during the first month or two. Both of these investments are bad for a newbie in air duct cleaning.
You don’t need an office, as no one will visit it. All of the official business is completed over the internet, and those that perform administrative chores can do them from their homes.
Having five or six workers from the day, one will create unnecessary expenses. You just started, and you won’t have as much work as you might think. Stick to yourself and one worker and expand as your reputation brings in more work.
In the end, spending money on all those additional expenses forces the owner to increase the prices and that turns many customers away. By following this article, you will be able to set a competitive price and still have a good profit margin.
A very simple definition would say that there is not enough money left in any form of it, no matter what you try. Whether you’ve made some bad business decisions or you’ve simply been a victim of circumstances and market crises, there is a scary possibility to get to the point where you are not able to pay all your bills and debts anymore. At this point, you can declare a bankruptcy.
In legal terms, bankruptcy is a procedure that enables a person to get a slate clean by discharging most of the bills or by getting some extra time and conveniences to pay the accumulated overwhelming bills.
As a common quote says: No money is better than owing money. If you find yourself deep in debts, though, filing bankruptcy might be the only way out. Even if this procedure does help you eventually, going through series of legal steps and administrative procedures can be quite scary and confusing for non-lawyers.
“Bankruptcy Info for the Fairfax Community” blog emerged from the idea and intention of helping Fairfax citizens who faced bankruptcy. The major goal is to explain thoroughly all aspects of bankruptcy procedure, offer all kinds of valid legal information and knowledgeable guidance that debtor might need when filing bankruptcy.
The mere fact that someone hit the financial bottom is devastating enough. Overwhelming and confusing legal procedures can make a situation look even worse, especially for those who lack knowledge about legal system, their rights, possibilities and responsibilities. The blog will try to gather all the needed data and sum it at one place, so the debtors can ,at least, find out easily what they are about to go through.
Residents of Fairfax community file bankruptcy in one of four courthouses of the Virginia Eastern District Bankruptcy Court. Many steps can be done online, but you’ll have to visit the court in person at least once.
Most of the rules and requirements during the bankruptcy process apply generally at all courts, but you should anyway check out those specific laws and local rules of the Virginia Eastern Bankruptcy Court.
The blog will guide you thoroughly through the process of filing bankruptcy if you decide to do it pro se, meaning without hired lawyer.
You will find detailed descriptions of three major types of bankruptcy: filing under the Chapter seven, eleven or thirteen, explaining requirements, possibilities, risks and options these types involve.
Blog will, also, serve you lists of all the court forms you will have to submit to the court, including federal forms (used nationwide) and local forms (specific for the Virginia Bankruptcy Court and Fairfax citizens).
Among all the basic information, you can go through separate section where different additional aspects of process and legal terms will be explained. Here you will find out about alternatives to bankruptcy, technical properties of the process, details about facing a judge, meeting your trustee, types of debts (dischargeable and non-dischargeable) and many other legal steps that your particular case could include.
All the served information are valid and trusted, coming from legal experts and people experienced in these fields of legal system. The major policy and idea is to present explained procedures and all required information about filing a bankruptcy in order to help all Fairfax residents facing financial collapse to easily go through that phase, especially those who are non-lawyers and plan to file bankruptcy without hiring an attorney.
Even though we often hear the word “bankruptcy” in movies and in popular culture, not all of us understand this notion completely and we do not think deeply about the effects which this process can leave on a person or on a business. Bankruptcy is the name which we use to describe the legal status of a person or a company when they become unable to pay off their debt, and they use bankrupt as an “exit”. This decision has some benefits and even advantages in certain cases, but it also leaves serious consequences on the business and personal aspects of a human. Besides economic elements, bankruptcy still has very bad social connotations within our society and it is frowned upon, which leaves psychological wounds on people who file for such an action.
Bankruptcy can be granted by state or federal court, and once this process is successfully completed – the party that filed for bankruptcy will have all of its debt obligations wiped out. This means that a company or a person can have “a fresh start”, but not everything is as lovely as this may sound. Besides being costly and a complex process, bankruptcy involves some side-effects which are not noticeable at first, and you have to look deeper into our legal and economic system to grasp all of those details. For instance, the person who goes bankrupt will have problems when raising a new loan, since bankruptcy seriously affects your credit history and your credit rating. However, banks are now “softening” their policies when it comes to people who have bankruptcy in their history and they sometimes allow them to have a loan, which was not a common practice only a couple of years back. But, the fact that you filed for bankruptcy will remain in your credit records for 7 to 10 years, and this can be a problem with some banks and financial institutions. Also, this can cause problems when applying for jobs.
Hypothetically, if you own a company, let us call it St Cloud Air Duct Cleaningor something, and you want to file for bankruptcy because your debt is exceeding your financial capabilities – your first step is to hire an attorney, and a good one if possible. If you do not have money for a lawyer – use free legal service, but always seek legal guidance in these matters. Within 180 days before filing your case you are obligatory to attend a credit counseling, which usually lasts about 60-90 minutes, costs $50, and can be done even by a phone or online. Once you finish this step, you will receive a certificate and then you can file all of your papers. After you finish with the filing, you will be required to participate in debtor education, which can be a bit more costly and perhaps can last a bit longer. Either way, you will end up with another certificate which will signal your full readiness to be proclaimed bankrupt, and after the court makes the official decision – your debt will be wiped out.