Surprisingly, 80 percent of new businesses fail before reaching their two-year anniversary. And the reason they do so is simple: their owners run out of capital to reinvest into the business. On average, it takes three years for a new business to start turning over a reliable profit. During this time, it is up to you, the business owner, to keep putting money into the business. If you fail to save enough to get your business through the first few years or if you blow through your startup capital too fast, you may set yourself up for failure. Following are a few ways you can save on startup costs so you will have more money during your first few years of operation.
Don’t go right out and purchase a building or a bunch of expensive equipment until you know your business is going to be successful. Instead, look …Read More