Tips For Not Going Bankrupt After Starting Your Own Business

One of the most rewarding things a woman can achieve is starting her own business.  A business which reflects her own personal morals and beliefs, and sells products or services that she stands by and believes in.

It can be a heart-wrenching experience when something that meant so much to you simply didn’t get the inertia it needed and crumbled in your very hands. Shockingly statistics show that 80% of all businesses fail within the first 2 years.  

Don’t be another statistic! Take note of these tips for making your business stand the test of the first delicate few years of its life.

Keep Your Debt Under Control

One of the biggest contributing factors to people going bankrupt is their debt becomes too overwhelming and they become buried alive.  Keep your debt under control and create the minimum amount of debt possible while still maintaining a healthy pattern of payments.

When shopping for equipment for your business or any other expenses before you launch, cut costs where you can.

The fanciest office chair isn’t going to make a difference to your client.  Instead, focus your energy on the quality of your goods or services.  An excellent product brings in more clients than expensive and unnecessary office equipment any day.

Hold off On Employees if Possible

A common experience that many female business owners share is that they were their own and only employee for the first year.  No one said this was going to be easy!

Starting your own business requires a deep and intense burning passion that leaves you willing to do whatever it takes to succeed.  This kind of dedication and willingness to take on all the responsibility initially will have a huge payoff in the end. Keep your eye on the goal and don’t waver.  Be a business warrior!

Keep Expenses at a Minimum

If you think that you can do without something, then do without it.  By only making the minimum possible purchases you can ensure that you don’t overspend which can likely lead to bankruptcy and the collapse of your beloved business.

Try making a list of all of the things that you would ideally like.  In the column next to your list brainstorm possible ways to avoid having to buy these things.  Get creative! You never know what kind of ideas that you can come up with to replace the purchase of some unnecessary expenditure.

Be The Best

The best way to avoid failure and knock out the rest of the competition is by eliminating it completely. By being the absolute best of the best in your field you can ensure that you cancel out the competition and guarantee yourself success.