Why Do small businesses fail?

According the US Bureau of Labor Statistics, only 44% of businesses survive the first 4 years in business. How can you improve your chance of long term survival as small business owner?

(1) Must have three years of income in the bank because no small business is profitable the first years.

(2) Must have capital in the bank for all the business needs. Do not start anything without capital and do not count on a banks support the first five years. Bankers know the failure rate too.

(3) Must have a deep knowledge base about the business. You must not be surprised by anything the first three years.

(4) You must be focused and self motivated and be ready to work without a break countless hours and days.

(5) The product or service MUST satisfy a consumer NEED and you must do it better/cheaper than anyone else ever has.

(6) Your company has to have a “Why”. Without that well defined “Why” you will not be successful.

(7) Luck is important but more important is what you do with Luck. (see my previous blog post about luck)

What do you do if you do not have the capital to start your dream business? Keep your current job and start a home based business for $640.00. In three to five years you can make $10,000 a month if you are good and the same in  seven to ten years if you are not so good. This could be your retirement plan.

Full time $3,000 to $5,000 a month is possible in one year. YOU DO NOT HAVE TO BE A SALES PERSON. Find out more at www.sendoutcards.biz/107314    Call me if you have questions.   919 349 7874