Depending on whose stats you pay attention to, approximately 80% of small businesses fail within their first 5 years of operation.
In many cases, its not that a particular business could not succeed; there just wasn’t sufficient time to figure out how to succeed.
Which brings us to the worst small business financing strategy ever.
Here’s how it work.
The would be entrepreneur develops what they believe to be a sure fire business plan that can’t fail.
Unable to locate any form of start up capital, they start their business with credit cards as the only source of financing, and an expectation of sustainable business results within 3 to 6 months.
If everything goes well, the debt will be retired within a year and funds will start building in the bank account.
Sounds Good, right?
I mean the thinking lines up perfectly with all the get rich quick business opportunities that exist on and off the internet today where some of them even try to convince you to use your credit cards because the opportunity is soooooooo good and can’t miss.
The problem is that every business can miss.
Every...
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