What You Need to Know Before Opening Your Small Business
Opening and Running
Opening and running your own business is an attractive proposition for a number of reasons. Many of us equate being our own boss to being free of many of life’s most common stresses. In reality, though, starting a new business is a lot of hard work and the odds are stacked against even the most astute of entrepreneurs.
The majority of new businesses will fail, half of them within five years of opening, and this is nearly always due to cash flow problems. Those looking to start a new business should familiarise themselves with the real nature of the business landscape and shouldn’t make any assumptions based on what is generally held to be true. For example, while many of us imagine that it is the biggest corporations that account for the most jobs in any given industry, research tells us that, in fact, most of the working population of the US are working for small businesses.
The challenges of the business market in the United States are pushing more companies every year towards opening their base of operations overseas with the EU being a popular destination and groups such as cbsgroup.com making tax competitive locales such as Malta accessible. The infographic below offers an overview of some of the common misconceptions that can end up sinking an unprepared business.