Cindy is the COO of Beauty Bar Medispa.
According to statistics published in 2019 by the Small Business Administration (SBA), about 20% of business startups fail in the first year. About half succumb to business failure within five years. By year 10, only about 33% survive.
That is quite an alarming statistic. For those starting a new business, purchasing an existing business or re-evaluating their current business, building a strong foundation is essential to achieve success. Without a strong foundation, your business is more likely to end up in chaos. Anything built on rock will have a much better chance of thriving than if it were built on sand.
1. Execute an effective business plan knowing that you will more than likely need to allow for adjustments as you go. Focus more on listening than on what you already know or what you have done