If you are planning a startup, know this: you are statistically unlikely to succeed. According to Forbes, nine out of ten startups fail. They may have run out of cash, have ineffective management, fail to properly market their product or service, or some combination of all the above.
But you are not destined to fail. Before you even think about opening your doors to the public, you need to ensure that your business is prepped for success. Here are five factors that commonly cause startups to fail and what you can do to keep your future business afloat:
1. Financing Your Startup with Predatory Loans
Getting startup capital can be a struggle. Bootstrapping your business is a challenge for most starting entrepreneurs, so getting a loan can seem like a wise move. Continue reading