Did you know that 50% of new businesses fail in the first 5 years? In fact according to small business trends 70% of new businesses will go to the wall in 10 years. It’s as if the deck is stacked against you right from the word go.
The reasons behind this can be:
1) Lack of experience.
2) Personal use of business funds.
3) Poor location.
4) Poor inventory management.
5) Over investment in fixed assets.
6) Poor credit arrangements.
7) Insufficient capital.
8) Unexpected growth.
Get one of the above wrong and your business will struggle. get two or three wrong and pretty soon your business starts to suffer from all eight. Is it any wonder so many people are turning to home based businesses.
With a home based business it is possible to eliminate many of the pitfalls of starting out on your ownTax Credits
The hardest part is probably finding the right opportunity. Find your self a mentor that cares about your success and isn’t just in it for the money and you are half way there, but choose wisely my friend. so many people out there promise you riches beyond your wildest dreams and then miss out one vital piece of the jigsaw that makes it impossible to make cent one.
With a good internet business, location makes no difference you can run it from anywhere, Pay yourself a salary but remember to pay your taxes. There is no inventory as you need not deal in physical products, only digital. The only fixed assets you probably need to start are a lap top and a cell phone. Pick the right program and you can make money from almost nothing and then reinvest in your business, and as things grow just add a little here and there to as required to take it to the next level.