STARTING A NEW BUSINESS
STARTUPS is the catch phrase in today’s business environment. There prevails an impression that going into business is real easy. All you have to do is start a website and start selling. Or, to make it even easier you start selling through Amazon, Ebay, Overstock or the like. The whole world will come to your web store to shop. It’s that simple.
Nothing could be further from the truth.
Starting any new business, whether online or otherwise, carries many risks. The risks start as soon as you decide to take that critical step and invest money. The rewards come only after you have run your business the proper way, by being careful every step of the way when you start your business, and along the growth of your company.
People who start businesses are always optimistic; and they should be, otherwise no one would start a business. But many people don’t prepare properly before they start and ultimately run into trouble. According to the U.S. Census Bureau 49% of startups fail after 4 years, and as many as 25% fail after the second years in business.
Among the common mistakes that young business people make are:
• No market demographics
• No business plan
• Insufficient Capital
• No experience with the product
• Taking partners
• Wrong location
• No knowledge of business basics
• Not spending money prudently
The list goes on. There are fundamental rules in business. These same business practices must be utilized whether you are running a one-man operation or running a company with 100,000 employees.
Pre planning before you start your business is critically important. It might be the deciding factor whether your business will succeed or fail. According to the U.S. Census Bureau, 25% of new businesses fail after 2 years. A more frightening statistic is that 48% of new businesses fail after 5 years.
We have personally started businesses and eventually sold them. We have the experience and knowledge to provide you the guidance you need start on solid ground, as well as ensuring that you avoid the usual pitfalls and mistakes.