On Overcoming Hurdles: How Small Businesses Reach Success

On Overcoming Hurdles: How Small Businesses Reach SuccessRunning a small business in today’s economy is no easy task. According to Forbes, around 80% of small businesses fail within the first 12-18 months. Without a doubt, running a business requires a great deal of determination, passion and patience. But if you have an idea for your own start-up, don’t be deterred from opening up shop. Some of the biggest companies in the world began right where you are now and they had their tough times too. It’s important to realize that there will be difficult moments along the way but if you can get through them, you and your business will be stronger and better equipped for it. These hurdles can difficult to overcome, particularly if this is your first stab at the business world, but if you can stay positive and determined, your success will be all the sweeter.

1) Financing

Because of the general bad shape the global economy is experiencing currently, finding useful financing for small businesses can be easier said than done. People are afraid to invest in something that has a 50% fail rate. This can be especially true if your business is attempting to compete against a larger, corporate conglomerate. But don’t be discouraged, there are small business loans, business credit cards, and there are also grants for specific groups like women in small business, non-profits and educational grants. Try using social media sites or online crowdfunding applications like Kickstarter to help you build your business. You have to be creative with your fundraising and be prepared to not receive all the funding you initially set out to get, but if you can stay determined and work hard at raising the money, you’ve already won half the battle.

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