Archive for July 15, 2013
Did you know that there are 23 million small businesses in America today, and these businesses account for about 55 percent of all sales in the US? Owning and running a business can be rewarding, but daunting at the same time, especially for those new to it. There are several steps you can take, however, in order to ensure that your business not only stays around, but remains profitable. Here are our three top tips for small business owners.
1. Know basic finance
This sounds obvious, right? Surprisingly, however, the biggest source of failure among small businesses is financial incompetence, accounting for 46 percent of all tanking businesses. This includes entrepreneurs who embark on running a business without paying taxes, price by emotion rather than market value, live too high, and do not pra