Owning, operating, and building your own business provides satisfaction and pride. There are also risks and challenges. Not every start-up business succeeds.
Many small business start-ups fail in just a few short years, if not sooner, according to the Small Business Administration. Don’t let that happen to you. The time and effort you invest in working on your business before you get started working in your business will pay off handsomely.
The Global Entrepreneurship and Development Institute ranks the United States as the best place in the world to start a business. If you want to start in the Golden State, you’ll find yourself with another leg up. California boasts the highest startup survival rates in the nation at 82.3%. California has one of the highest rates of new entrepreneurship as well. Couple that success rate with year-round perfect weather, the most beautiful beaches in the world, Disneyland, and you’ll wonder why you never considered a startup in the first place!
Of course, starting a new business on your own isn’t all sunshine and rainbows. There are many things to take into account. There’s almost no way you’ll be an expert in all (or even most) of the skills required to start a successful business. Topics will vary depending on the type of business you intend to start. But here are 5 things which are an absolute must!