60 percent of the small businesses that fail in the USA fail due to lack of cash, not lack of profits. Using a lean mentality, think more creatively of how to avoid paying for anything that is not absolutely necessary. How many times have you heard of a story of a successful business that was started in a garage, in an apartment, at a friend’s business and so on? The reason you heard it is because its true. Keeps your costs and resources as lean as possible in the early days.
Telling your friends and family that you are starting a business is the easy part. Building a business is much harder but rewarding. If you are going to try and create a successful business, know what you need to focus on and understand the key principles of the business that will help you hedge your bets to actually surviving, and hopefully, one day thriving.
Manage your cash flow and avoid loans.
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