Over 80% of small businesses fail within the first 2 years. What distinguishes the successful ones from the failures?
Most small businesses are started by people with a passion. Chefs open restaurants. Mechanics open repair shops. Hair stylists open salons. The list is endless. Unfortunately, passion is not a substitute for knowledge of what it takes to run a successful business.
If you want to know whether the next trendy restaurant will make it, then while you're enjoying your white lobster seafood bisque, think about whether the chef/owner knows what his food costs are, how many times a day he has to fill his tables, and what are his operating margins. If he doesn't know, then don't book reservations for next year. The restaurant will probably be out of business.
If you own a small business, give us a call and schedule a free consultation. We'll help you learn the business end of your business so you can go back to making the best souffles in town. Or you can spend the same hour on the internet reading Frequently Asked Questions.