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In reply to the discussion: How realistic is it to think you can save yourself economically with a "start-up"? [View all]nopedontlikeitatall
(44 posts)34. I ran my own small business for a while
it was very profitable and 100% tax free!
However there is risk involved and if your business gets to large you will have a big problem with what to do with all the money you are making which causes the IRS to get curious and now today Fatherland Security too.
You also do not get medical, dental or retirement either.
Then there is the problem with employees, can one really trust them in an all cash business even if they are a friend?
It is a good business and there is plenty of demand for it too today.
I closed up shop not because I was not making money, it was because I was making too much money!
I am sure others have had similar business experiences too.
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How realistic is it to think you can save yourself economically with a "start-up"? [View all]
Ken Burch
Sep 2012
OP
i remember reading somewhere that 90% of small businesses fail in the first year.
unblock
Sep 2012
#1
I wasn't talking about professional practice services, like the ones in your first paragraph
Ken Burch
Sep 2012
#7
Anybody can try, but if you need to make a living figure on putting in 100 hours a week.
dimbear
Sep 2012
#16
my first startup failed, my mother's first two failed, her third paid off, and she's on #4
NightWatcher
Sep 2012
#17
according to statistics from the Small Business Administration about 50% survive five years
Douglas Carpenter
Sep 2012
#23