I want to start a business but I am nervous about the current state of the economy in the US. I know that there are often opportunities in every type of economy and certain types of companies can still flourish, but if the risk for failure is much higher then I’d rather wait.
I am unsure what to do because I don’t want my fears to rule my decision making here. Is this a bad time to start a business in the US?
It may be a bad time to start certain kinds of businesses, but that doesn’t necessarily mean it’s a bad time for you.
In a book by Dan Miller I read about 20 years ago he said there were two main reasons small businesses fail.
Poor marketing (ie not enough sales)
Poor financial controls (ie spending too much money)
It’s really that simple. You have to bring in more than you spend and keep doing it consistently.
Only you can decide whether the business you are considering starting will be able to do that, but that’s what you need to do.