Monthly Archives: March 2011
Is your new business venture based around a new product? If so, beware. Statistics show that less than 3% of all new products fail to gain $50 million in sales in their first year, the benchmark for a new consumer product.
Many people incorrectly assume that a slow economy is a bad time to start a business. However, the evidence indicates that this is incorrect.
If you’ve developed some specific skills at a particular type of business, you are might wonder if you can deploy them by working for yourself. Developing a few general business abilities adds the final components you need for starting your own business.
When you’re considering forming an LLC or other type of business, knowing when to take the plunge is on the mind of every new entrepreneur. The decision is rightfully tough, isn’t it? Many who are wishing to start a business are currently working jobs that they may not love but they do love the steady income, days off, benefits, and after years [...]
Do you have a unique skill based on years of experience in a certain field? If you do, you may be considering a move from working for somebody to owning your own consultancy business. Your experience may be invaluable to others and you believe that they will pay for that experience.
According to the United States Census bureau, small business formation has been on a steady decline. In fact, a recent study found that only 403,765 new small businesses were formed in the period ending March 2009. That is 17% less than one year prior and the lowest amount of new businesses on record since 1977.
Research has confirmed what experienced entrepreneurs already knew—that a weak economy is the best environment for starting a business. A study by the Kauffman Foundation reveals that more than half of the largest and fastest-growing companies in the US were founded during economic downturns.
There are plenty of issues for an entrepreneur to worry about when starting a new business. Every founder of a new corporation experiences fears. But somehow new companies get started every day.
For small businesses that start as local or home-based operations, the major objective is quickly building cash flow. This is critical to creating a thriving business. Only larger ventures with outside capital are engaged in long-term commercial innovation. Most new businesses are simply a way for the entrepreneur to attain financial independence.
If lack of substantial financial resources is keeping you from starting a business, consider what other entrepreneurs are doing. As it turns out, most new businesses appear to begin with limited capital.