Businesses don’t always see light at the end of the tunnel. There can be downfalls. This can be due to poor management, incompetent workers, bad decisions, and other factors. When you find out that your company might go bankrupt, you should take certain steps to save it from sinking.

1. Find out how much money you must pay to the creditors if you want to stop your company from going bankrupt. Then calculate how much you need monthly to survive. Try to think of ways to pay the creditors and run your family. It can be by selling your fixed asset like holiday home or through some passive income.
   
2. Try to reduce the cost of business. You should consider the cost of labor, income tax, office rent, utilities, interest expense, etc. If necessary, you can layoff a number of employees who are taking high salaries, provided that they are not vital to your company. You can shift to a smaller office and reduce office hours to save utility bills, as long as it doesn’t affect the operation of the business too much.
   
3. Re-negotiate contracts with people involved in the business like your suppliers, banks, and other parties. For example, you can request your bank to lower the interest rate for your credit or you can ask the leasing company to extend your leasing period.
   

You have to go through a very hard time to pull your company from this dreadful situation. But you should stay calm and do what is necessary to save your company from going bankrupt.…

Most of us have a full-time job. Some of the money that we earn is usually put aside in a savings account. But you can make good use of this money and earn more from it through passive income. Even if you have some spare time after you come back home from work can be utilized by doing a part-time job. The main thing is that you shouldn’t keep your time or money idle. Here are 3 types of passive income you can generate.

Make YouTube videos

Making videos has become a child’s play. Anybody can make a video using mobile or a simple digital camera and upload it to YouTube. If making YouTube videos is your hobby then you can change it into an earning source. You can do movie reviews, tutorials on any topic, music, etc. and upload them to YouTube. Just attach Google AdSense to the videos. There will be ads in your video and whenever a visitor will click on the ad, you will get money. You must promote these videos on social networks to increase your income.

Affiliate marketing

If you have your own website or blog, then you can earn money through this technique. You can promote a certain product on your site and get paid for the service. You can either get a flat fee or get a commission from the sales.

Photography

If you know photography and think that you are quite good at it, then it can become your source of income. You can sell your photos to sites like iStockphoto or Shutterstock. You can earn by either getting a flat rate or a percentage of the pictures sold.

Write an e-book

You can write an e-book. It will take a lot of effort to write the book, but it will pay off at the end. You will be able to promote your book on your own site or use affiliate marketing to do so.

All these will generate passive income for you if you can take some time to find the right job and do it dedicatedly. You will eventually be able to make a lot of money from it.…