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By: Uchenna Ani-okoye

Business Survival Tips

A business is the best way to gain your own financial freedom, whether you start your business big or small there are many benefits to having your own business. You should be aware that many businesses fail within the first three years of starting. So, it should be your goal to get past the three-year mark, if you have decided to start up a business. The reason why a lot of businesses fail within the first three years is because of lack of discipline. It is common to use credit when starting a business, or have people owe you money. The problem with being owed money is that it may make you spend more than you can afford to.

Starting your business slowly

A good way to start a business, is to do it gradually. You should be very strict about how much money you spend when you are starting up your business. There are huge businesses which started extremely small in the beginning. Businesses which started small usually have a good chance of growing. There are some businesses which started small and are now huge, Laura Ashley, Marks & Spencer's and Tesco's. You should remain disciplined when you are starting up a business, it is not necessary to buy all the latest equipment when you first start out.

Accounting for your cash flow

When you're in business cash flow is very important. As big rule is, that you should never assume that you will be paid money on time. For the most part getting paid on time doesn't usually happen. A good way to speed any payments that need to be made to you, is to write out a contractual agreement to begin with, making clear that you will charge interest on any late payments you receive.

These tips should help you focus when starting up your new business for more tips there are many resources online you can look at.