Starting a small business can be one of the most exciting moments of your life, and I love it! It's adrenaline pumping, new, challenging and I am addicted to it.
On the other hand, it is stressful, scary, and not knowing what you are doing half the time can scare the crap at of you, but it doesn't last for long and something exciting comes along and you are on to the next challenge.
Many people have asked me how did I know what business to go into and I honestly can't say - it was just gut instinct. It starts with an idea or an opportunity presenting itself and it just snowballs from there.
There are many things to think about when starting a small business from financing it (small business is like at baby - at the start it needs lots of time, new things and cash to fund it), to marketing and advertising it (to get the cash coming in), to getting advise from trusted consultants and advisers such as lawyers and accountants, not to mention finding out the rules and regulations that govern the state that you will be operating in.
Then there are the statistics ...
The latest statistics from the Small Business Administration (SBA) show that "two-thirds of new employer establishments survive at least two years, and 44 percent survive at least four years."
While these statistics are much better than previously stated:
There are generally reasons why small businesses fail or close in the early years of business, and these include:
1. Starting the business for the wrong reasons
2. Poor management
3. Insufficient capital
5. Lack of Planning
6. Over expansion
7. No Website
Read more about the above at: 7 Reasons Why Businesses Fail
While others say Location! Location! Location! I say Passion! Passion! Passion!
Because without a love and passion for what you are doing you don't have the drive to get done what needs to be done every day in small business!
As I said earlier starting a small business is like having a baby and with babies you are lucky enough to get the hormones to love and put up with the work and money it takes to have a baby. Unfortunately you will only get this with a business if you love and are passionate about what you are doing!
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