Wednesday, October 22, 2014

SUBSCRIBE ONLINE - CLICK HERE!    
 
SPORTS HEADLINES

 See this weeks print edition  

for these stories:

  • Bowling Results
  • Area Golf League Results
  • Tribe Field Hockey Loses In PAC-10 Playoffs Await District Tournament Berth
  • Perkiomen Golf Beats Renaissance
  • Grandview Speedway to Honor Drivers at Annual Dinner

 

SPORTS GUIDE
...
 
SPORTS SITES
 

 
 

 

Business News Article
Return to Previous Page

Small Business Survivors Plan for Success
2013-11-07

        Fear of failure is an understandable concern that can give even the ablest of prospective entrepreneurs cold feet about starting a new venture.  Those doubts are amplified with every news story heralding the number of failed or closed small businesses.

        But a look behind the numbers reveals that small business entrepreneurs have a better chance at success than they may realize.  In fact, a review of business closings by the Wall Street Journal’s Small Business editors shows that the number of outright failures is highly exaggerated.

        Nearly a third of business closures that government statistics assume to be failures are not really failures at all. These businesses were considered a success by their owners who simply sold off the pieces or closed them to retire or pursue other activities.

        Data from the U.S. Census Bureau’s Business Tracking Series show that about 65 percent of new businesses are still operating after four years. That means new ventures actually succeed more often than not.

        But the more resources a new business has to start with, the better its chances. That includes money, of course, but other assets such as market savvy and the right people. Here are four factors that improve the odds of new business survival:

        People. If you can afford to hire employees, do it. Well-staffed businesses have better survival rates than solo operations.

        Startup capital of at least $50,000. Not easy, perhaps, but businesses that start with less have higher failure rates.

        A college degree for the owner. Better yet, enroll in a college-based entrepreneurship program.

        Home beginnings. To keep costs low, start initial stages of your business from a home office.

        So why do small businesses fail in the first few years?  The most common reasons include competition, mismanagement, high rent and insurance costs, high debt, inability to get financing, loss of clients and difficulty with collections.  Most of these factors can be addressed early on through good research and planning, having a thorough business plan, and getting advice from trusted, objective sources.  Unforeseen and uncontrollable factors that lead to business failure may still arise, but doing your homework will definitely put the odds of success in your favor.

        To learn more about building your small business, contact SCORE .  SCORE is a nonprofit organization of more than 10,500 volunteer business counselors who provide free, confidential business counseling and training workshops to small business owners. Call 610-327-2673  for the Pottstown SCORE chapter, or find a counselor online at www.pottstownscore.org. 

 

 


 

 

 

 

SPORTS PREVIEW
...
 
JOIN THE BUSINESS DIRECTORY
Join our Business Directory today and get the introductory rate for a full year.
Click Here.

 

 
 
SITE MAP   ADVERTISE WITH US!   LOCATIONS SERVED
Home Editorial
News Photos
Sports Business Directory
Obituaries Classified Ads
Calendar Contact Us
  Advertise with the Town & Country... It's the weekly paper that people read, not just look at!  Click here to learn more or sign up.   Serving the municipalities of Bally, East Greenville, Green Lane, Hereford, Lower Salford, Marlborough, Milford, New Hanover, Pennsburg, Red Hill, Trumbauersville, Upper Hanover, Upper Salford
The Town & Country is now available at 64 locations throughout the region! Pick up your copy at any of the locations here, or better yet, have it delivered directly to your mailbox!  Click here to subscribe.



Local News for Local Readers since 1899.
© Copyright 2009 and Terms of Use
Site Design by Bergey Creative Group