Signs That Your Business Might Fail
November 18, 2019 | Mason Roberts
Starting a business is a marathon. It is a long process, with many twists and turns. There are countless things that can go right, and even more, that can go wrong. Starting a business is extremely complex, leaving a lot of room for failure. Actually, studies have shown businesses fail more often than not. Only the lucky ones make it. So, if you are an aspiring business owner, have this in the back of your mind. Rather than letting it negatively affect you, though, let it fuel your drive. You should work that much harder because of it.
While working hard in your day to day life, be aware of how it is going. Does your success rate seem to be looking up, or are you faltering? There are some tell-tale signs to look for. It does not have to be that you cross your fingers, close your eyes, and hope that everything is working out. There are ways to recognize that your business has a fault. If you want to be the best business owner you can be, with a strong chance of success, it is smart to educate yourself with this. Here are the biggest signs that you may be hit business failure:
1. The Math of It Is Off
Many entrepreneurs depend on their instincts over logic. They believe they make better decisions off of feelings rather than facts, and while this is good to have, you cannot solely rely on it. A strong instinct for what is right or wrong is something that an aspiring business owner should have. You cannot gain that from anywhere else besides just trusting yourself, and being confident. Once you have this, look at the facts of your business. Review the spreadsheets and sales. Look around your place of business, and be sure you know who your target market is. These are things that involve a good amount of research, with tons of percentages and charts.
Marketing also plays a big part in this. Are the numbers right in who and where you are banking your marketing strategies? If you believe that something is off, it probably is. Once you find this is the case, be quick to fix it. This is not something that will resolve itself. As the business owner, it is your responsibility to give it a push in the right direction. You are the one to fix the issues, so it is better to get to it sooner rather than later.
2. You Do Not Know How to Begin Your Goals
It is so easy to get caught up in a fantasy. You can have a big-picture vision for yourself and your business, but overlook the process to get there. If you have ideas of things you want to accomplish but have no idea how to get there, this may be a sign to take a step back. Reanalyze what you are setting out to do. In order for it to be a success, you need a plan to get there. Nothing will just fall in your lap, waiting for you to put it into action. You have to be the coordinator of your own future. No one else will do it for you. If you want to be accomplished and live the life you dream of, you need to have a clear focus for it. Look at your options, and think up the most efficient plan possible. This is the best way to achieve all of your goals in the smoothest way possible.
3. You Have Not Fully Committed to Your Goals
Again, it is very easy to get lost in your own mind. You can have ideas and goals, but never truly intend to attempt them. No matter how much you may want to, they may not be concrete in your eyes. This is where many business people fail to meet their own expectations. They know that they will not be reprimanded by anyone, so do not hold themselves accountable in the process. Well, it is time to become responsible for yourself. If you have business ideas blooming in your mind, write them down. This is not to say that everyone will be a winner, but it is better than letting them just float around in your head. The best way to start on the process of becoming an accomplished, respected business owner is to write down all of your aspirations. Make them clear, and matter-of-fact. Do not leave them up to interpretation. Doing this may just stress you out more than necessary. Write your goals down as if they are already accomplished. Be confident going into it. This is the most efficient way to be sure you are doing all you can.
4. Your Goals Have No Real Meaning
Like I said, starting a business is a marathon. It will more than likely take you a long time to get close to where you want to be. This means you need to care. Your business needs to be a passion of yours. You cannot go into this on a whim and depend on the fact that you’ll be up to the task in the future. It is a hard task that you need to be ready to do. A great way to be sure that you will be ready to take on whatever is thrown your way is that you make sure your goals have a reason behind them. Something needs to drive you. Especially when you are taking on a career choice that can take many years. You must love it, and have a reason to tell yourself over and over again why you are doing this specific thing. You may need to give yourself a pep talk in times of trouble.
No one wants to admit that their career is failing. It is hard to do and takes a special kind of person. If you want to be a success, you must become that special kind of person. Be the person who can look at themselves in the mirror, say “this isn’t working”, and fix it.