When starting a small business, a lot of entrepreneurs often make the mistake of overpaying for certain expenses. To be more specific, most small business owners spend more than twice their initial expected cost just within their first year of operation.
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This overspending led to a large chunk of small businesses failing not long after they started simply due to the lack of funds. Statistics from the Small Business Administration Office of Advocacy revealed that only 80 percent of small businesses were able to survive during the first year of operation.
That might sound healthy, but after a 5-year mark, only half of those businesses survived.…Continue reading