Today, you invest all your money that you earned during your lifetime and start a business.
In six months time you find that your business is incurring heavy losses. What will you do next?
First of all I would suggest that no one should invest all their money into one venture. You should always diversify so that if a business fails there is still hope for something you invested in to succeed.
Second, six months is not enough time to see if the business is a sucess or failure. Depending on the type of business it is it could take as long as 3 to 5 years before it succeeds if it is a lucrative business so stick with it for at least the 3 years before you make a decision to terminate it. If it doesn't take off or at least start to take off by the third year then get out and start over.
WIthout knowing what your business is or how you are losing money there really isn't much advice anyone can give you. However that being said try going to www.score.org it says it helps you by setting you up with someone in your field who is retired or semi retired mentor who might be able to help you and give you some good advice. I hope they have someone who works in your field and can give you some good advice otherwise all I can say is try lowering overhead and see what you can cut out of your budget to give you alittle more wiggle room.
Six months is very short time to estimate about business sucess or failure.
Compare your products with your competitor , if they are in good position try to improve your business and remove loss gaps from it.
Otherwise if they also suffer with losses then not wait for long time, bind up your business and start another one.
I suggest you always keep a monetary back-up that continues to grow from sound investment and interest. Consulting with a certifed financial advisor to determine your risk tolerance before getting started is also wise. The best way to grow a business is to start simply, build your client base and then gradually expand as necessary. All of the best!
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