Survival Tips for New Business Owners

Survival Tips for New Business OwnersThis August, I am starting my fifth year in business. Statistics show that 8 out of 10 new businesses fail within the first three years. According to the Small Business Administration (SBA), only 51 percent of new businesses survive at least five years. Pretty daunting numbers, and add to that the worst recession since the Great Depression.

I can write a book on the lessons learned and the roller coaster ride it has been. I am amazed every day that I have accomplished so much and have survived when so many do not. I am especially proud of the work I have done for many clients who have hired me and trusted my expertise to help them. Not only is my business in the 51 percent, I am especially proud of two personal achievements in the last six months:

I often say that starting a business is like jumping off a cliff. For me, it was a well thought-out, strategic decision, yet nothing ever truly prepares you for what it will be like until you’ve made the jump. And trust me, the great recession did make it harder.

If you are thinking about starting a business because you have lost your job or are done with corporate bureaucracy, you can do it if you are prepared to make the jump. If you already know your expertise and the type of product/service you want to offer, I can share some key points that were critical to joining the 51 percent. (If you don’t know the type of business you want to start, you’ll need to figure that out first.) Continue reading »