Investment Updates
Do You Know What Kind Of Business Not To Open?
Published Tuesday, January 13, 2015 at: 7:00 AM EST
Do you plan to open a small business? Do you have a specific type of business in mind? Well, here's another thing to think about - what kind of business not to open.
The state of the economy can have a lot to do with whether a particular business succeeds or fails. For instance, it wouldn't have been a good idea to open a carpentry subcontracting business during the recent housing slump. A new building supply warehouse or a lumberyard also would have been unlikely to prosper. Depending on current economic circumstances, some kinds of businesses may be destined for failure. Also, some businesses are just more difficult to operate successfully than others.
Almost half of all new small businesses fail within the first five years. So don't add to the failure rate by opening the wrong business. Here are several examples of companies that might fit that description:
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