Updated: Nov 4, 2021
Five years. That’s the life span of most small business ventures. Yes, most of them close or go bankrupt before they have even gotten off the ground. Business is a tough business to be in. To make sure your business succeeds, start by asking: Why do so many businesses fail? Let’s break it down.
Small Business Success Surprise #1
First, let’s start with the actual business, the day-to-day operation. All small businesses need to know what costs and losses are occurring. It is also an enormous responsibility for new entrepreneurs to learn bookkeeping, taxes, scheduling, team building, and more. As you learn and grow, know it is okay to seek training or coaching where you have a need.
Small Business Success Surprise #2 (But Most Important)
Second, but always first on our mind, customers.
They may not always be right, but their money pays the bills. Think about your interactions with your customers and strive to create a good customer base. Ask for referrals, network in your local community, join local small business groups and create a solid marketing plan that includes more than posting on social media. Target your buyers, but remember to think and plan for the cost.
A Giant Small Business Success Surprise: YOU
Last, it’s time to look in the mirror.
Talking about you, the entrepreneur, the daring small business owner. You are a risk-taker, but are you also willing to make sacrifices to ensure your business will thrive? You have to give your time, money, sweat, and definitely tears to a new business venture. So many times, you are the one opening, closing, and working all the overtime. You have to find your real reason WHY this business is important to you. Your personal motivation is vital to enduring those long hours and starting the next day with a smile.
When you add these together, your day-to-day operations, your customers, your motivation, they equal the success of your small business.
If all these three elements are well thought out and working together, you will increase your chances of survival. It takes so much to be your own boss, but there are incredible benefits, too. Remember, it is okay if you are having difficulty putting all the pieces together, most owners do, but those that reach out have a higher success rate. Consider hiring a small business coach to put you on a path to success.