Small Business Owners: How To Increase Your Chances Of Success
In this business climate, if you are not as savvy or in the know
, you might as well decide to call it quits. For your small business to be able to succeed, you must know all the key areas of your business inside and out. If you don't know these key areas, then you must have a staff that is qualified to do the work and more.SBA statistics show that over 90-% of start-up businesses fail in the first year. Why is this so? This happens for a number of reasons. Let's look at the short list: Business owner's experience, financial situation, external factors, and internal factors.
This list can be broken down on the basis of each individual small business owner. Examining the list brings to mind that there might not be enough capital to operate the business prior to becoming profitable, that is, after gross income minus all expenses, taxes, and all other financial obligations. It also brings to mind the fact that the business owner might not have prepared for external and internal factors that can affect a business, which can include staffing, timing, obligations, mandatory requirements and many other factors.
Assessing your business model, business plan, marketing plan, human resources (external and internal), and your personal and business financial positions is vital. You need to determine if you are in the right industry for your skills, or if you need to improve your job force. This is where a personal skills assessment would be useful. This would include your skills, weaknesses, strengths and much more. It would help you discover whether you are in the right business or if you should venture into another type of business.
Access to capital is another major contributor to start-up businesses failing so quickly. You must determine if start-up capital resources are a positive or negative factor. Knowing how you will gain access to capital through a variety of methods is important. This will assist you to stay in business longer.
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