Are You Really Ready to Start a Small Business?
Despite the entrepreneurial hype of the Silicon Valley era, not everyone is suited to owning a business— and that's OK. Starting and growing a business takes a lot of energy. It's very risky, and there's no shame if you are happier as an employee. Some people don't have an entrepreneurial mindset. Though you can develop entrepreneurial traits, your business would need to be something that you know well, and are prepared to traverse. If these things aren’t prepared moving forward, you’ll need to get them in order before looking to start your small business.
Here's the harsh reality of starting a business: around 70% of startups are no longer in business by year 10, according to Fundera. Even if your product or service is fantastic, there are a host of snags you can hit, from running out of money to running out of steam. To deal with this risk, every entrepreneur should go into this with their own timeline for when they expect the business to turn a profit — and pay its founder a salary. Small Business Trends reported only 40% of startups actually turn a profit and 82% of small business failures are tied to cash-flow problems. It can take years for your business to become profitable enough to pay yourself a living wage, Langer-Croager noted. If you're trying to make cash quickly, you're going to put a lot of pressure on the business that's not going to allow it to grow the way it needs to grow.
In that same vein, it's crucial for an entrepreneur to understand his or her business finances. If you're not keeping tabs on your financials, you could miss important clues that you need to adjust your plan based on actual rather than projected performance. If you know anyone who runs their own business, you've probably heard them complain about marketing - one of many business owners' least favorite tasks. This business is personal, so you're really putting yourself out there when you have to market yourself. You can't overcome your fear of being seen and become an advocate for your business, entrepreneurship is probably not your thing.
If these things are a work in progress, keep working. If things like your mindset and marketing skills aren’t an issue, but capital is posing to be harder than you thought to acquire, that isn’t a deal breaker. SA Capital Partners is a crucial partner to many looking to raise capital for small businesses. A partner to the lower-middle market, SA Capital Partners makes sure that if you’ve done the preparation that the execution is as smooth as possible.
About SA Capital Partners: SA Capital Partners is an innovative financial services firm that specializes in mergers & acquisitions advisory and capital raising for lower middle market businesses. We aspire to give all the tools necessary to complete any transaction. SA Capital Partner’s financial services industry specialists provide comprehensive, integrated solutions to banking transactions. Our breadth of services and industry knowledge allow us to understand each client’s unique business needs. Our goal is to make all financial services available to every small business. Website: www.sacapitalpartnersllc.com Phone: (212)-235-2761 Email: firstname.lastname@example.org #sacapitalpartners #sacapital #sacapitalpartnersllc