Top Reasons Why Businesses Fail & How To Avoid Them

“If you really look closely, most overnight successes took a long time.”

— Steve Jobs

Fresh new businesses spring up all the time, but, only a few really make it. Not everyone can be Mr. Big-Boss-Man-Money-Bags with luxury cars and a limousine ride with hired chauffeur everywhere they go. It takes hard work and planning. You might have a fresh new idea that you find innovating, but is it something that works as a business? Maybe you’re executing your ideals all wrong. Possibly diving into this war zone of competitive businesses too blindly.

Have you ever seen a business open up and close it’s doors within just 2 years? Ever wonder why? We see it happen all the time, but what do these failing businesses all have in common?

Naturally, no entrepreneur (Big or small) want to think about potential failure of their own business. However, knowing what the potential pitfalls of business failure can prevent the inevitable for most people.

Not Being Clear Enough About The Product / Service

You have to know exactly what you want to deliver when running a business. Being crystal clear about your product or service is important when trying to engage with a potential consumer. You have to know what your business is, and be able to effectively communicate with potential customers about your product / service. When you’re unable to communicate your message can be lost in space.

For example: if you’re selling heath food products for weight-loss, you don’t want to have a pizza day at your shop.

So what do you have to do?

1) Be Clear: Being clear about your product is important. Knowing what your business delivers to the client will help you better understand your own business and communicate better with a positivist outreach to customers.

There is a contraindication to driving, but I still had to drive. I wasn’t particularly afraid, as the drug starts to act on me after many hours. Of course, you shouldn’t driveafter the useof Valium, as the reaction and brain activity slow down a lot. You shouldn’t take the drug without serious indications, because there is nothing useful in taking psychotropic drugs. If it is possible to recover without taking such serious drugs, I don’t recommend you start taking it. You can also develop addiction, and then it will be hard to refuse from this drug.

2) Brief but Comprehensive: Perfect your selling point with the customer by finding the correct balance of keeping it short and sweet, but getting your message across. In order to do this, you’ll have to fully understand the business.

3) Reeling Them In: Fishermen cast their lines out and reel fish in, same with businesses. Catchy ads, and slogans can definitely reel people into your business if done correctly. Being clean-cut, simple, short, yet persuasive is the perfect formula for ad success.

Having No Online Presence 

This is the age where tech runs the world and social media is social-mandatory. Everyone has a Facebook, Twitter, Pintrest, Google+, etc. etc. Businesses are taking the social media leap! What a great way to stay in touch with customers, and keep them posted on new products and services your business has to offer.

A website is also extremely important, it helps authenticate your business & provide much detailed info on what your business / company is really about.

What should your web-page have?

1) Home Page: Having a home page on a business’s website comes obvious for most, but you’ll be surprised how many businesses fail on this one simple thing.

  • Keep your home page short and sweet. Be sure to have effective descriptions of what your business is all about with lists of services and products your company provides.

Want to see an excellent example of what a home page should look like?

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2) About Us: An about us page should be a detailed page about what your company is all about. Detailed information on who you are and what you aim to provide!

Here’s a good example of what an About Us page should look like:

Click Here

3) Contact Information Page: Where you’ll provide the address, e-mail, social media and phone number of your company where clients can know how they’ll be able to contact your business regarding products, services, feedback or someone who’s interested in marketing / collaborating with you on a professional level.

  • Whatever the reason is, having your business’s contact information can help your company out big time!

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These are only but a few basics of what your company’s website should entail. A website is important, it shows authenticity and professionalism of your business.

Wrong Location

Setting up your business in the wrong location is a terrible first move as a business owner. A bad location can mean next to no business traffic, which can be dire for a starting company. Don’t make this heartbreaking move! If you’re targeted audience can’t find you, expect to shut your doors soon.

For Example: You’re a deli opening up in a city where most people are vegan. We can obviously see where things can go wrong in that scenario.

  • Location is important! Another good example is an ice cream shop, let’s say you’re opening up a new ice cream shop business in an area. You will have much more foot traffic if you were located on the beach rather than somewhere that snows most of the year.

What should you do? Do your research first! Scope out the area ahead of time, figure out what the locals are looking for that’s not already provided for them whether it’s a product or service that’s in high demand. Maybe it’s your product they’re looking for. You wont know unless you do your homework first.

  • Find out what the majority demographic is. Whether it be age, gender, interests, etc. etc. Figure out the demographic and see if the majority is the targeted market that’ll drive your business to success.

Poor Choice Of Transportation 

When you’re traveling for business, a.k.a. Business Traveling, it’s always smart as the business owner to have a reliable form of transportation taking you from point A to point B with ease.

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Whether it be for a local business meeting or picking you up from the airport and dropping you off to your meeting in another state, we’ve got you covered. Whether your meeting with a client or fellow entrepreneurs for an important conference, it’s always stress free and beneficial to travel luxuriously to your desired destination.

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