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Business Formation and Planning Archives

Why most small businesses fail

Most Colorado entrepreneurs begin their new ventures with a lot of energy and determination. Despite these optimistic beginnings, 8 out of 10 small businesses are forced to close their doors within the first year and a half of opening them. Understanding why so many fail so quickly may help new owners to avoid being a part of these dismal statistics.

Colorado startups advised to strategize business plans

Entrepreneurs who start new businesses may be able to succeed even if they lack material resources or in-depth plans at the beginning. According to the founders of one of the largest wine brands in the United States, Barefoot Wine, there are a number of critical strategies that could contribute to long-term profitability. The winemakers, who admit to not having much direction when they started, told an interviewer that paying attention to details and acquiring business knowledge were both important parts of their own success story.

Modern business planning is data dependent

Colorado entrepreneurs who plan on starting new ventures have to take comprehensive business intelligence, or BI, into account. BI relies on in-depth analysis to elicit usable patterns and models from existing business data. While it has the potential for misuse like any other form of analytics, it can help companies implement improved planning strategies when applied properly.

Things a business owner should review

Small business owners in Colorado should review all of their company's expenses and their business plans at least annually. This can help businesses to better organize while also helping owners to identify areas that need tightening and improvement.

Common business planning pitfalls

Entrepreneurs in Colorado and around the country are often reminded of the importance of planning and the high failure rate of fledgling commercial ventures, but these prudent words of caution sometimes go unheard. Companies with an effective plan in place may find it easier to secure much needed capital and could be better prepared to cope with the peaks and troughs of an uncertain marketplace, but business owners should avoid a number of common pitfalls as they develop their plans.

Common business startup mistakes and how to avoid them

We have previously written that the majority of small businesses fail before they have a chance to become successful and sustainable. There are times when failure can't be predicted and is out of the business owner's control.

New report calls Colorado a small-business-friendly state

Anyone who wants to start a business has many factors to consider: how solid is the business plan? Is there a ready market for the product or service being offered? Can the entrepreneur secure venture capital?

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