Starting your own business is not without risk. About one-third of all small businesses in the United States fail in their first year. Many businesses aren’t profitable until after their third year. Many people have to declare bankruptcy because they can’t pay back the loans they took out when they started their business. If you can make it, however, owning your own business can be a highly rewarding experience. The key is to weigh risk and reward.
All businesses have startup costs. Even selling lemonade on a street corner requires you to buy the lemonade, a table, and a chair. Most businesses start small, with a combination of business loans and investments from benefactors to get started. All of your profits once you start with these investments are weighed against the cost of setting up and running your business. The reason that businesses struggle to make back their investments initially is because they often have trouble developing a customer base in the early days. If you can develop a business plan that details how you will find customers, you will start with an advantage over many other businesses. Developing a marketing strategy doesn’t need to wait until you have an established, profitable business. The more work you put into finding customers when you first start up, the less you will have to do when you’re struggling to keep your business afloat.
Tammie Hawkins started her own event planning business after working as an event planner for six years in Los Angeles.
Follow Tammie Hawkins on Social Media:
https://www.facebook.com/public/Tammie-Hawkins
All businesses have startup costs. Even selling lemonade on a street corner requires you to buy the lemonade, a table, and a chair. Most businesses start small, with a combination of business loans and investments from benefactors to get started. All of your profits once you start with these investments are weighed against the cost of setting up and running your business. The reason that businesses struggle to make back their investments initially is because they often have trouble developing a customer base in the early days. If you can develop a business plan that details how you will find customers, you will start with an advantage over many other businesses. Developing a marketing strategy doesn’t need to wait until you have an established, profitable business. The more work you put into finding customers when you first start up, the less you will have to do when you’re struggling to keep your business afloat.
Tammie Hawkins started her own event planning business after working as an event planner for six years in Los Angeles.
Follow Tammie Hawkins on Social Media:
| https://www.crunchbase.com/person/tammie-hawkins |
| https://www.linkedin.com/pub/tammie-hawkins/17/7aa/99b |
https://www.facebook.com/public/Tammie-Hawkins
