If you don’t have a business plan, write one. This will take some time, but a solid plan is essential to a successful business. According to the United States Bureau of Labor Statistics, 50% of businesses fail within the first five years. It’s likely that those hardworking entrepreneurs didn’t write a business plan or didn’t stick to the one they created. Do you need some help getting started? The Small Business Administration offers resources to help entrepreneurs calculate startup costs and create a business plan.
Advice for first-year business sense could (and does) fill entire books. To keep things simple, here’s a top-ten list of the things you must do to build your business on solid footing:
Did you make it through your first year in business? Congratulations! Here are eight more tips to keep you on track:
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