November 7, 2019 | Mason Roberts
Thinking about starting a business seems so interesting. I mean, who would not want to be their own boss? You have control over every aspect of your career. From the location to management, to employees, and more. Everything you have a passion for you can add, so long as it is in the budget. Anything you dislike that has wiggled its way into your business, you can throw out. Everything is up to you. This is what drives so many people to push for entrepreneurship. They do not even think of the possible negatives that can come of it. But, if you’re being honest with yourself, you must become comfortable with the fact that your small business can fail. Actually, statistics say that more startup businesses fail rather than succeed. They say that once your business is off the ground, it is likely that it will come crashing down in the first few years.
This is not to deter you away from your dream. If you want to start a business, do not let the statistics of failure scare you away. There is a possibility that you will fail, but there is also a chance for success. You can be part of the accomplished group. If anything, this is to make you aware of the chances of failure, and what you can do to overcome the obstacles thrown your way.
First, you must become comfortable with the fact that it will not be an easy road. It is difficult. It will feel impossible at times. Actually, it may seem unreachable more times than not when building your business from the ground up. Acknowledging this fact is the most important first step. You need tough skin in business. Start growing it now.
Failure is a possibility. Do everything you can to avoid it. Here are the biggest reasons as to why you can suffer from business failure.
1. Not Being Able To Deliver Your Product At Great Value
So, let's say you have the best product idea. It’s unlike anything else and is hitting all the marks. Your target audience seems to have wanted this product from a business for some time, so you are hopeful you will succeed from this. Now, your finished product has come in and is not what you envisioned. It is made out of cheap material and is put together half-heartedly. The bad news is, though, that you cannot return it. You simply do not have the funds to get better quality product. When sticking with this product, the chances of you failing has exponentially raised. If you find yourself in a similar situation, the best thing to do is make sure you are using all of the right materials and factories to produce it. If you have to make prototype after prototype to find what works best, do it. Educate yourself on how the product must be executed, and do so.
2. Disconnect Between You And Your Customers
Your business can not become a success without your customers. It is just a fact. If you do not have people purchasing your products, you will not make any money. The whole goal is to make revenue, right? Well, if there is a disconnect between you, your business, and your target audience, you will not even reach half of the success you wish too. If you know that this is your problem, it can be easily fixed. The best way to make sure your customers are intrigued by your product is to research them. Do your homework on who they are as people. Decide on who your target market is, what their age range is, where they live and dive in. This will help you in incredible ways. Most importantly, you will know what advertising platforms to use. Advertising is non-negotiable when trying to bring clientele into your business. If you do not put your business on display, how will they know you are there? In doing this, you must be outgoing and confident. Make clever videos, aesthetically pleasing pictures, and intriguing captions. No matter where you put it, it should help you in several ways. Also, let them know who you are as a boss. If you have specific beliefs that you want to achieve in your business, let your customers know. This may incline them, even more, to come into your establishment, now that they feel comfortable with who is running it.
3. Lacking Authenticity
Countless businesses that truly struggle are those who are not real with their customers. If you do not get the least bit personal with your customers, they may start to think you are hiding something, or do not have as true intentions as you led on. Now, more than ever, customers are very aware of the businesses they are putting their hard-earned money into. They want to know who they are giving more success to, and if they have good intentions for the world around them. So, in your mission statement, advertisements, or social media platforms, talk about what you are aiming for. Be transparent to your customers. They will appreciate it more than you know. They will value what you are trying to accomplish, and your clientele list will grow.
4. Lack Of Strong Leadership Skills
The businesses with weak owners will crumble. If not that, there will be someone bigger, with stronger opinions, who will come in and manipulate the business. If not now, it will happen eventually. If you want your business to be part of the few who succeed, you must work vigorously to become a strong, levelheaded leader to your employees. It is your business, so you must be there for them, and yourself. If you are not strong, it will fail. That is just the way it is. Owning a business that is a success is a hard road to get through. You will hit obstacle after obstacle. As the boss, you must have the instincts to get through, and become established.