What are some tips to reduce risk for small businesses?
HOW TO REDUCE SMALL BUSINESS RISK
I make the assumption we are talking about the risk of going out of business normally with a startup and losing our investment capital. So with that said how do we reduce the risk of failure?
4 SECRETS TO REDUCING RISK IN NEW BUSINESSES
First, don’t fall in love with your idea. Test it and make sure you have ample evidence this has a marketplace that is receptive.
Start with a pulse and nothing more. Don’t put any more money in your business initially then what it takes to confirm you have a profitable venture defined by sales with an attractive profit margin.
Only after getting a pulse do you put money into your business and ONLY TOWARDS SALES AND GROWTH. To many business owners waste money on office equipment, signage, etc. Think MINIMALIST
KEEP YOUR DAY JOB during the startup phase if at all possible. There is 168 hours in a week and I would tell you if you could not start a business in the 120 hours leftover from working a job you could not do it in 168. Busy people get the most done.
