Six Best Financial Hacks for New Entrepreneurs

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One positive the pandemic left was a surge of new business startups. This has continued. In 2023, a record 5,481,437 new businesses started. However, these entrepreneurs face many challenges to creating a successful business. The odds are stacked against them.

That’s because 70 percent of new businesses don’t survive beyond two years and 50 percent don’t survive past five years. But you can hedge your bet by incorporating these six hacks into your business plan.

1) Follow a Business Plan

When starting a business, everyone develops a business plan. Financial institutions or investors probably won’t even look at you if you don’t have one. If you don’t have one, develop one now.