Source: Entrepreneur | Repost QBScott 11/8/2021 –
Running a new business requires a solid strategy supported by proven facts. While it is usually possible to get your business off the ground, there are always factors that may impede your dream of being a successful entrepreneur. According to the U.S. Bureau of Labor Statistics (BLS), 65% of businesses fail within the first ten years.
Here are six important things to keep in mind before starting a new venture.
1. Strategy is key
According to the BLS, 20% of new businesses fail within two years. This suggests that high failure rates are primarily due to poor planning, lack of knowledge about what it takes to start a company or insufficient funds during critical stages of development such as marketing campaigns, product-design-development costs and staffing decisions.
Businesses should be based on sound research and planning, including acquiring adequate capital, having the proper structure in place and assembling an effective team to carry out operations; these are all factors that can significantly impact growth and success for any firm.
It is essential to have a strategic business plan to know what you’re getting yourself into before taking such major steps towards becoming your own boss; learning about potential pitfalls ahead of time will better prepare entrepreneurs when making strategic decisions. If done correctly, starting up a business may take longer than expected, but it can bring tremendous rewards once everything falls into place.
Author: Scott Meister, CPA
I help small businesses, accountants, bookkeepers, office managers, and business owners with their accounting needs. I’ve used QuickBooks since 2002 and train folks on how to use it efficiently. I create high-quality video training tutorials for QuickBooks and post them on QBScott.com.
Certifications include: Certified Public Accountant (CPA) | Certified Bookkeeper (CB) | Advanced Certified ProAdvisor for QuickBooks Desktop | Advanced Certified ProAdvisor for QuickBooks Online | Certified ProAdvisor for QuickBooks Enterprise | Certified ProAdvisor for QuickBooks Point Of Sale