Learning how to start a business and actually starting a business are easy. Over a recent five-year span, there were an average of 4.7 million businesses started each year in the U.S.
On the other hand, starting and growing a successful business is anything but easy. The Bureau of Labor Statistics (BLS) estimates that one in five businesses fail in their first year, nearly half within five years and close to two-thirds before they reach 10 years.
Succeeding as a business owner takes more than smarts, hard work and a great idea. A successful business focuses from day one on establishing and maintaining profitability. There are many ways to define a “successful business,” but making significantly more money than you’re spending on a consistent basis tops most people’s list. No matter how you get there, or how long it takes, your business’s financial success is the result of keeping a steady focus on the bottom line.
Unless you’re one of those rare unicorns whose ultimate goal is to sell their bright idea to a megacorp, your new business will need to generate more revenue than it spends relatively quickly and consistently. Achieving your ultimate business objective has six stages: planning, securing funding, registering, launching, establishing and creating value.
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