Small Business

If you are:
  • Thinking about starting a business
  • In the process of getting your business off the ground
  • Struggling to make your business profitable..

...stay tuned!

SBA statistics indicate that up to 50% of businesses fail within the first year and up to 80% within five years.

"Want to create more jobs?" in the Minneapolis Star Tribune 10/23/11 by Ron Wacks (CEO of Microbusiness Strategies) stated:

"If you started 100 generic businesses, after five years 80% of them would fail with no intervention whatsoever.  In another five years you would have only four viable businesses.  But if you introduce only one variable, which is offering them qualified and appropriate technical assistance, our research has found that after 10 years, you would have 64 viable businesses."

The Top Reasons Businesses Fail:

  • Insufficient capitalization (Most people overestimate their income and underestimate their expenses)
  • Lack of management skills (Most have the TECHNICAL skills but do not know how to manage)
  • No or an inadequate Business Plan (Good planning forces you to think through all aspects of your business)
  • Owner NOT working out of his gifting (what you're really good at) and passion

The Business Plan:

You DON'T have to develop a written business plan to start a business.  But a comprehensive, realistic plan will greatly increase your chances of being successful.  Would you build a house without a blueprint?  Would you drive cross country without a map?

You CAN do it on your own.  But utilizing the services of someone who knows the ins and outs of the business planning process and how to implement will greatly increase your probability of success and accelerate that process!

Dick McCormick   /   /   763-276-0586