The U.S. Small Business administration tells us that there are over 300,000 new businesses started each month in the United States. Half of these will not make it through the first year. There are many reasons new businesses fail including lack of planning, money, and uninsured losses.
A Few Tips on Starting a New Business
Develop a business plan that includes a mission statement, description of your products and services, target markets, competition review, how you will market your business and financials. Many people overestimate first and second years’ revenues, so be conservative.
Make sure you have adequate business insurance. Many people do not consider insurance, then a loss occurs, and you start your business with an uninsured loss. You will need employment practices liability and worker’s compensation if you have employees.
Find resources in your local community that can help you grow your business. This may include your local chamber or other organizations.