If you are going into business for yourself, you need to be aware of at least one fact. The vast majority of businesses fold with their first year of operation. So, Why small businesses fail? This fact is less a reflection on the businesses or the people running them than on the unforgiving nature of the free market. There are many moving parts, regardless of the industry you are in, and getting everything right involves great levels of finesse and planning. The irony here is that, unless you are already an established business owner:
The odds of your small business turning a profit are astronomically low.
One step that you can take to strengthen the odds of your business working out is extreme budgeting. Assume that you need to save as much money as possible and then work to cut your costs.
Get your budget down to the bare minimum, sparing only those operating expenses with which you could not keep your doors open. Once your small business has achieved some success, you can start to celebrate. Now is the time, however, for being stingy and scrimping. If you come across two business expenses that can be compounded into one, cheaper business expense, get to compounding!
Keep your business running
Your livelihood now rests in your ability to keep your business running. If this realization hits you like a ton of bricks, it is better that it hits you now as opposed to later. Should your business fail, you risk a whole slew of negative outcomes, up to and including homelessness. This statement is no exaggeration: you are your own safety net now. Without an employer, you answer to yourself first and last, granting you both independence and responsibility. Find a way to keep cash flowing through your small business or end up with the hordes of entrepreneur who could not hack it.
If you don’t want your small businesses fail, you cant check this useful 3 Keys to Succeed in Business.
One Solution on the horizon
As far as cutting your costs go, there is no simpler option out there than Appy. Merging all the business software you will need into a single, affordable package. Appy will dramatically reduce the money that you are spending on launching and maintaining your business. Instead of blowing a huge portion of your capital on software:
As an entrepreneur, Appy is your best friend. Why? Because saving money is your primary goal. Increasing your revenue is great, sure, but unless you are making more than you spend, you are done, just one more small business folding in the first year of operation. Make the right move now: Appy is your path toward solvency.