Preventing Failure

Factors that Help Prevent Failure

Although there are no magic guarantees that will ensure success for your small business, the following points should be considered because they will help your ultimate profitability.

" Network with other business owners in similar industries ..."

  1. Make sure you have enough money put together before you start up a business.
  2. Don't borrow money from the family and don't ask the family for advice (unless they have experience in that area).
  3. Make sure you develop a business plan and a mission statement.
  4. Always obtain accurate financial information on your business in a timely manner from your accountant.
  5. Make sure you profile your target customers.
  6. Make sure you profile your competition.
  7. Network with other business owners in similar industries.
  8. Don't go into the business unless you are doing so for the right reasons.
  9. Don't f...

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