Strategies For Success During Economic Downtimes


The primary objective of every business venture is to maximize profits and minimize expenses. Operating at a loss is not the goal of any business module, and those that are not prepared for obstacles will find it very difficult to recover from the risks associated with down times.
The first three years are the most critical for any small business. Statistics indicate that more than 80 percent will fail during that time. Overcoming the odds takes a combination of preparation and due diligence, but anyone willing to work hard and not shrink under pressure can find tremendous satisfaction both emotionally and financially. Read entire article...

2 comments:

Erin W. said...

Neat post. I'll keep this in mind because I plan on running my own business soon. I know it'll be tough, so I can use all the help and advice I can get. More recently I've been thinking about buying a business instead of starting one from scratch. Maybe a franchise? Home based? I’m not sure. Do you have any suggestions? Advice? Thanks.

Brianna Smith said...

Erin - I can tell you this now... Running a business will be tough. I'm sure there will be days you'll want to give up, but if you stick through it and persevere, becoming an entrepreneur will be worth it. That being said, there are a lot of resources on-line if you're looking to buy a business instead of starting one from scratch. I know there's this site called BizTrader.com, and it's like this on-line global marketplace where you can buy or sell a business. You can also use it to find a lender, broker, etc. Local small business groups are also good because you can network, and they can update you on the area you plan on doing business. Good luck!