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Starting 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 picture on starting a new business is better than that.  The
latest statistics from the Small Business Administration (SBA) show
that 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 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.  This is especially true when starting a small business, an Internet business, or a business from home.

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 meet those challenges
     and successfully launch your new business!
 

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