Did you know that a large percentage of businesses don’t make it past the one year mark? In this day and age, it can be difficult to build a business up. Especially when there are millions of other companies that are already established in what they are doing. In this article is going to be the pros and cons of starting a business, to help you better decide on whether to take the leap into entrepreneurship.

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Starting a Business

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When you’ve always wanted to be an entrepreneur, you can often find yourself rushing when it comes to choosing a business idea and getting it underway. However, if you want to avoid business failure, it’s important that you’re able to make the right choices for your business and your future success. So, you have a lot of decisions to think over. One of the first you should be faced with is the type of market you will work within. It’s easy to assume that you’re going to go for a business to consumer set up. However, you may find that going for business to business could be able to offer you a successful start.

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Starting a Business

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Elon Musk isn’t one for taking a conservative fiscal route. Despite the fact that both his businesses, Tesla and SpaceX have been around for more than 10 years now, both are still heavily in debt and financed from outside. Given the demand for electric vehicles and satellite launches, many people are still at a loss as to why, but Musk is sticking to his guns, pursuing a course of high growth and high debt, despite what the pundits might think.

 

Musk’s strategy hasn’t always been easy. Back in late 2008, both his companies hit crisis point. He desperately needed an injection of cash, or the whole thing would have gone under. At the 11th hour, just before the Christmas break, Musk got the money he needed, and his business survived, even thrived.

 

There’s are a bunch of reasons Musk doesn’t like bootstrapping. Here’s why.

Read More Elon Musk Doesn’t Like Bootstrapping. Here’s Why

Starting a Business

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If you’re stagnating in a boring and repetitive day job and only really come alive when tinkering on a project around the house, then perhaps setting yourself up as a self employed plumber could be your gateway to entrepreneurship. Many people think of startups as risky endeavors that require enormous overheads but training to be a plumber is surprisingly low risk. Sure, it requires training but many learn as apprentices, gaining skills incrementally while getting paid. So, no need for expensive tuition fees!

 

You will have some initial outlay for tools and vehicle leasing, for which we recommend Leasewell, but these costs pale in comparison to the spiraling costs of student loans or the many and varied overheads that go with the kinds of startups that require leasing a premises like opening a shop, cafe or restaurant.

 

Low risk and relatively low overheads are only some of the advantages of a career in plumbing but there are many more:

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Starting a Business

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One of the major roadblocks that potential business owners and entrepreneurs face is that they don’t have the funds to bring their idea to life. However, there are a wide range of different options out there that get help get you off the ground. Sometimes, it helps to know all the different choices you have before you select one that is right for you. So, with this in mind, let’s take a closer look at the different methods that people have for funding their business idea.

 

Personal Savings

 

Obviously, this isn’t an option for everyone, but a huge number of businesses are still funded with personal savings. Even if you do have the amount of money you need, you also should take care that you still have enough to cover your living expenses while you are attempting to grow your business. You are likely to find that you have to forego a salary until your business starts enjoying some success.

Read More How to Find Funds to Start a Business

Starting a Business

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So, your business is expanding quickly and hurtling towards its long-term goals. Like many US business owners, you might have plans to open a new branch somewhere in the EU. While you don’t necessarily have to deal with some of the big challenges you’d have setting up shop in say, Asia, there are still various obstacles you’ll need to overcome. Here are a few things every US business owner should know before opening an EU branch.

Read More Setting Up In The EU: What You Need To Know

Starting a Business

Bootstrapping your startup is the art of funding your enterprise out of your pocket, and building it up to a stage where you can attract investment. And while bootstrapping is certainly cost-effective, there are, of course, inherent problems with the method. You have to get some sort of traction, first and foremost. And you will have limited funds to make your dreams come true.

 

Plus, it’s important to remember that there are no guarantees you will get the funding you need beyond your personal investment, meaning you could walk away with nothing. With this in mind, here are some smart suggestions on how you can bootstrap your business and prepare it for a successful future.

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