Avoiding Small Business Pitfalls

If you are thinking about starting your own business, take a look at this infographic, which recounts the top five reasons why 50 percent of businesses fail and how you can avoid becoming a statistic. Track your expenses and your receipts. Employee related costs eat up a large percentage of the budget of a business, so plan carefully before you hire. Minimize the number of employees you intend to have, or hire independent contractors instead so that you will not need to pay benefits on top of salary. Make sure that you have done accurate market research and can identify your potential customers. You should be able to offer them something unique that your competitors cannot, or first time customers who show up to take advantage of a promotion will not return.


Infographic Source: http://www.namesandnumbers.com/resources/info/avoiding-pitfalls

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