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When starting a new small business, it can be tricky to figure out just how much cash you will need to get things off the ground as well as a plan to maintain the business long-term. According to the U.S. Small Business Administration, most microbusinesses cost around $3,000 to start, and home-based ventures cost somewhere between $2,000 and $5,000.
The U.S. Bureau of Labor Statistics reports that over the last two decades, around 20% of new businesses failed within the first two years, but, on the contrary, 22% of businesses were still in operation 20 years after they began.
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Brittney Meredith-Miller
Brittney Meredith-Miller is assistant editor of PropertyCasualty360.com. She can be reached at [email protected].
