Be careful. If you are serious about making money, building value in a saleable business, and supporting a family with small business avoid these pitfalls. 1. Avoid businesses with low barriers to entry. Any business that can be gotten into and operated for cheap is going to be full of dummies, fly-by-nights, illegals, etc. Stay …
According to the Bureau of Labor Statistics 20% of small businesses fail in their first year, 30% of small business fail in their second year, and 50% of small businesses fail after five years in business. Finally, 70% of small business owners fail in their 10th year in business. Ignore this. These statistics include all …
Stupid people say “It takes money to make money!” This is actually an excuse poor people and spiritually poor people make for not trying to launch their own business. Smart people are always trying to make money by using as little money as possible. In fact, ROI or ROC is a measure of how much …
I have a good friend who had a low 8 figure contract to sell his small business. It fell through. His largest customers were not willing to renew their contracts with him, not because they were dissatisfied, but because they weren’t sure what pricing and inflation would be like over the next twelve months. This …