InvestigateTV – The U.S. Bureau of Labor Statistics (BLS) reported that 1 in 5 businesses fail within the first two years and 45% fail in the first five years.
According to financial experts like Danetha Doe, those statictics make it essential new business owners have motivation, determination and know their “why” before launching a new venture.
Doe, the owner of the website Money & Mimosas, said there are lots of ups and downs as a business owner and a your “why” is going to be the thing that sustains you and keeps you motivated.
She shared four tools every business owner needs to succeed:
Financial system: Online bookkeeping program like QuickBooks Online, Xero, or FreshBooks track money coming in and going out.
Data Tracking: Understanding your customer base and business trends allows you to see what does and doesn’t work and gives insight on how to grow your business. Shopify is a good solution for product-based business owners.
Organization Method: Programs like Asana, or Calendly help organize your tasks and better meet business goals.
Online Presence: Whether it’s a website or social media presence, you need a way for potential customers to find your business.
If you are interested in starting your own business, Doe provided ideas for funding your business. The Small Business Administration (SBA) has a guide on 10 steps to start your own business and USA.gov connects you to resources at your state level.
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