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Want your business to survive and thrive?

July 10th, 2008

You may have heard the statistics that half of small businesses fail in the first year. The Small Business Administration says it’s not quite that bleak. They report that two-thirds of new employer establishments survive at least two years, and 44 percent survive at least four years. (Still that’s 54% that don’t make it four years.) These results were similar for different industries.

Major factors in a firm’s remaining open include an ample supply of capital, being large enough to have employees, the owner’s education level, and the owner’s reason for starting the firm in the first place, such as freedom for family life or wanting to be one’s own boss.

 Other studies have pointed to the following causes of failure as…

• Lack of experience

• Insufficient capital

• Poor credit arrangements

• Personal use of business funds

• Unexpected growth

If you want to be successful, follow those who have been successful. Business credit is key to that success!

One Response to “Want your business to survive and thrive?”

1. Gail E Haywood Says:
   September 4th, 2008 at 12:55 pm

   Hello Gerri,

   First of all I want to thank you for your advice for small business owners. I’m a member of the StartupNation community. What a wealth of knowledge you all provide.

   I started my small candle making business officially in 2001. I spent the two years prior to that on testing, testing, testing…. I wanted a quality candle that I would be proud of, and would love to use for myself, family and friends. Safety has always been of great importance to me also. I try to educate all customers on the safety issues of using candles in their homes. I do carry insurance on the business also.

   The problem for me as a small business owner is that I have no credit of my own. My husband and I have very good credit but most is in his name. I do have two credit cards in my name and have used them occasionally for business purchases. However it is not a business cc. One of these cards is paid off and I no longer use it. How would I go about getting a business credit card in my situation? I would like to have web site to sell from and be able to order some supplies on a larger scale in order to save money on products and shipping costs.

   Thank you so much for your time and advice.

   Gail E Haywood
   Autumn Mist Candle Creations

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