Being a small business owner comes with its share of challenges and rewards. This Top-Business-Degrees.Net infographic showcases the keys to success and the high risks involved.
If you’re looking for security, independent restaurants and retail stores are definitely not the way to go. An astounding 80 percent of retail stoares fail within the first five years due to fierce competition and the significant initial investment they require. When it comes to restaurants, owners may be skilled at their craft but inexperienced when it comes to matters of business — something that fans of shows like “Kitchen Nightmares” and “Restaurant Impossible” know all too well.
If you want to succeed, you’ll want to smart small and resist tying up too much cash in overhead at the beginning. You’ll also want to know your market, listen to your customers and maintain quality merchandise. Marketing your business and location are also key.
Check out the infographic below for more insights on the most tried and failed small businesses.
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(Photo credit: Top-Business-Degrees.Net)