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We used to hear that 50 percent of new businesses fail in the
first year, and that
95 percent fail in the first 5 years. Actually,
the current business start-
latest statistics from the Small Business Administration
(SBA)
show that two-
least 2 years,
and 44 percent survive at least 4 years.”
The question is, why do new businesses fail at all? After examining
a number of
opinions on this subject, I have identified 5 reasons that
capture the most vital
challenges I believe face someone who wants
to start a new business …
1. Starting a small or home-
for the
wrong reasons.
I have a great idea for a new business. I want to make a lot
of money. I’m tired of
answering to someone else. I want to spend more
time with my family. Those are
great reasons – but the wrong reasons. The
right reason is that you have identified a
need and you are convinced you have
the expertise and drive to not only provide that
need, but to also effectively
connect with and deliver your solution to the right people.
This is critical
for you to capitalize on the
2. Failure to set clear goals.
When asked, “Do you have a clear picture of where you
want to be in 12 months
from now? 6 months? 3 months” – many self-
they don’t. Goals need to both
Studies show that when you activate your commitments, you have more
staying power.
The best way to activate those commitments is to set a goal -
is especially true for a small business startup.
3. Inadequate sales and marketing effort.
Many experts point to poor management,
but without an effective sales and marketing
effort, there will be nothing
to manage. How to advertise your business is only a small
part of this issue.
To achieve weekly sales targets, you need to constantly prospect for new business.
Prospecting brings to mind images of panning for gold – and that is exactly
what you
need to do. The gold nuggets you seek are your weekly sales targets.
Consequently,
prospecting must become the center of your weekly and daily
activity. Your weekly
prospecting activity is your critical path to success.
The Internet has exploded to the point where sharing your expertise and networking
online offers exploding opportunities to grow your business. Social Web Marketing
has become mainstream.
4. Insufficient capital.
New business owners frequently underestimate how much money is needed to both
start their business and keep it running a year or two until they are well established.
Without sufficient capital, the business typically fails before it has had a fair chance
to succeed.
5. Lack of a significant web presence.
If you have a business, even if it serves a regional or local market, prospective customers
or clients will look for your web site as a sign that you are a legitimate, established
business. At the very least, a new business should begin with a professional looking
and well-
to contact them. Additional ways to generate revenue on the web site can be added later.
Elsewhere on this web site, we provide a presentation titled 7 Reasons Why Ever
Small
Business Needs a Website.
But a web site is only the beginning of establishing
a significant web presence. Social
Web Marketing has emerged is the true competitive
edge strategy for small and home business owners and self-
If you are planning to launch a small business startup, our coaching services can
help optimize your time, expand your knowledge, and make wise choices ... Check out
our
four unique coaching options.
Remember that the Internet is your best source for new customers and clients -