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Start A New Business

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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-up picture is better than that. The
latest statistics from the Small Business Administration (SBA)
show that two-thirds of new employer establishments survive
at 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, we have
identified 5 reasons that capture the most vital challenges
we believe face someone who wants to start a new business …

1. Starting a new business or professional practice for 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.

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-employed people have to admit that they don’t. Goals need to both push and pull you toward a specific desired outcome.

3. Inadequate sales and marketing effort. How to advertise your business is only a small part of this issue. Prospecting must become the center of your weekly and daily activity.

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.

5. Lack of a significant web presence. At the very least, a new business should begin with a professional looking and well-designed web site that explains who they are targeting, what they offer, and how to contact them.

We can coach you to successfully
launch your new business!