Thinking about possibly starting a new business? This could be excellent if your entrepreneurial spirit is rising—if you keep a few things in mind. While 40 percent of small businesses are profitable, 30 percent are continually losing money. Nearly half of all small businesses fail within the first year. Despite how great you think your business idea and model is, it’s in your best interest to start small.
A common downfall of many small businesses is that too much cash is tied up in overhead at the beginning. It’s also important to really understand your market by learning as much as possible about your target demographic. To succeed, you’ll need to maintain quality merchandise, listen to your customers, define company goals, and effectively market your business.