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However, it doesnt have to be that way, with some careful planning and strategizing.
Calafati suggested the following nine ways tokeep your small business from failing.
Sometimes businesses may start off more slowly than you anticipate, he explained.
Is it possible to get an interest-only period in the beginning?
Be Wary of Predatory Lenders
Its important to do your research to avoid predatory lenders.
Dont look for the easiest money.
Look for the best money.
A lot of these people are so happy to help and happy to help you avoid their pitfalls.
Business owners love to talk about everything that goes wrong, so they could be a great course.
We will help you.
We will guide you.
Look to your banker and ask if youre missing anything in your business plan.
Small business development centers are at mostevery major universityin the country and even community colleges.
Theyre funded by taxpayer dollars.
He said theyll do everything from offer free advice on your business plan to helping you make financial projections.
Some even have mentors they can match you up with.
Research Your Market
Researching your market is very important to any successful business.
Do your research on your market, Calafati said.
Do not believe what the franchise material tells you.
Thats penny wise and pound foolish.
You really do need those people.
Ultimately, small businesses benefit from as much planning in advance as possible.
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