There are a number of reasons why starting your own business can be a liberating and life changing experience. The allure of being your own boss is undeniably appealing, and by starting your own business you are putting yourself in total control of what you do.
Unfortunately, many new business owners greatly underestimate the scale of the challenge they will be facing; the odds will be stacked against you, regardless of your business savvy. There are roughly 543,000 new businesses formed every month, yet after 5 years half of them will have failed, usually due to problems maintaining cashflow.
It is important that anyone considering either starting their own business, or investing in a new venture, has a good understanding of exactly what they are getting in to. The more research you do beforehand, the less stress you will have in those important first months.
Although the odds are stacked against new businesses, this doesn’t mean that you shouldn’t pursue your own business. The infographic below was designed and researched by Elena, investment advisor at csbgroup and tells you everything you need to know before taking the plunge with your own business venture. Starting a new business is challenging, but ultimately very rewarding when you succeed.
James Hendrickson is an internet entrepreneur, blogging junky, hunter and personal finance geek. When he’s not lurking in coffee shops in Portland, Oregon, you’ll find him in the Pacific Northwest’s great outdoors. James has a masters degree in Sociology from the University of Maryland at College Park and a Bachelors degree on Sociology from Earlham College. He loves individual stocks, bonds and precious metals.