Why Small Business Owner Fails?
From few weeks I am researching about why 80 to 90% small business fails in few weeks or months. Is there any analysis or anything wrong that everyone is repeating when they start new small business? Then, yes. Here, I have collected 20 massive mistakes small business owners makes when they start new small business.
So, let me explain that all mistakes in this post.
1. If you are expecting too much in short time or just want to earn lots of profits within few weeks and months then, you are making first mistake in your small business.
2. If you don’t love your business or someone is forcing you to do that business or service then, that is your second mistake.
3. Are proper planned ! do you have good business plan? I generally recommend all entrepreneurs to hire professional business planner to plan your small business in effectively way. So, not having a good business plan is your third major mistake.
4. Do you have any strategy or plan for implementing your efforts to grow your business. If you get any trouble in your business then, what should you do! are you prepared with troubles or stress! do you have any plan for it! if no then, it’s count as your mistake.
5. Starting new business required lot of attention in present market. If you established any new business without learning market research at business location then, you are fired from your new business.
6. Having proper amount of money is very important. But, before money, you have to calculate, how much money you should need to establish your new business? Do you have ! if no then, it is your mistake.
7. Are you wasting your money without learning any marketing and advertising tricks and skills! then, you are just throwing your money into dustbin.
8. Are you empty or have nothing but you are thinking about i have something to go forward without doing hard and smart efforts! if yes then, you are fool man.
9. Are you smart! or don’t love to trace your results! If you are not cared about your results then, you are doing major mistake. Because, tracing your business results makes you think about you are growing or going to loss!
10. Don’t know what plans to set.
11. Assuming the product/service will sell itself. Without proper work no one will buy your product.
12. Don’t know the target audience?
13. Don’t know the competition?
14. Hiring wrong person to do marketing for your new business! You are going to do this big mistake that fails you and your business.
15. Underestimating the value and potential of existing clients is the big mistake that small business owners makes. Because, they attracted to find out new clients to make more profit.
16. Not offering giveaways and novelty items to your clients and employees
17. You selected wrong niche for your new business.
18. not participating in community.
19. Don’t have own an informative, responsive and representative website to connect with more users and clients.
20. Do not appreciate the value of the online internet media and power of internet.
Do you’ve any question about small business start up or how to grow small business in 2018? If you have any doubt then, share your questions, thoughts and confusion about small business.
What are the reasons why business fail?
More than 85% of business fail as result of proper planning as many business owners believe all they for business to survive is money. In a reality every business is 40% money and 60% proper management. A lot of business failed as owners lack, knowledge of problem solving goods or service, customer satisfaction, marketing techniques, production management just to mention a few.
How do you stop a business from failing?
Its very possible but not easy to stop business from failing. All you need is to see your business as your life line instead of thinking to start another business is the one you are running now fail. Also, sit down to evaluate where are getting it wrong and change your approach to get better result.
Success or failure is not about the business but about the person in charge of business. Every profession in life requires learning process the same is for business, stop seeing as what you only need is money. Develop your mindset like entrepreneur by learning what successful entrepreneur know
What is the survival rate for new businesses?
The survival rate of every business is determined by the business knowledge of the business owner. In nutshell, a person of strong business mindset and vast knowledge about the business world have higher rate of business survival than a person who lack all aforementioned quality.
Do you have a good business ideas? Are thinking of how to successfully implement your viable business ideas?
Kindly reach out to me for a guide on how to start a successful business.
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