Starting a business is easy. Keeping a business running is the hard part! Over the past several years (2008-2012), during the recession, there has been a spike in small business start-ups. Now I am on the fence questioning if operating a business is a good or bad thing simply because there are nearly more businesses failing than are starting!
Most people have been laid off their jobs for whatever reason and, during this time, they have decided to embark on some small-business venture that seemed so far away previously. In doing so, I think we have gone about it somewhat ill equipped for the challenge. Starting a business ranks high as an American dream. In reality, it must become more than a dream.
It takes planning, know-how and good old-fashion hard work. I have listed some key items you should unquestionably consider in your plan. Business plan that is. This list should help jump-start your business and keep it going in the right direction.
After you have checked off the items above, ensure that you have a mitigation plan in place and steer clear of any pit falls. I have listed some of those below, which account for reasons that most businesses fail.