The quest for self-employment, to MAKE YOUR MARK, to BE YOUR OWN BOSS, to show them HOW ITS DONE can be on many people’s minds. Many of us think that if WE were in charge everything would be better. We often say….I will treat my employees better, I will be MORE creative in problem-solving, my products will be better and more thoughtful, I will monetize something I love to do and so on. In many cases, we believe opening our own business will be our method to leave our lasting LEGACY in this world!
In practice, many of these things can be TRUE, but in many cases, the reality of self-employment is that: it is REALLY hard work, little to NO holidays, many compromises, financial insecurity, a VERY low success rate and not a ton of glory. Once I started my own business I suddenly had a TON of respect for anyone who is BRAVE enough to set out on their own and work to manifest their hopes and dreams through self-employment!
Do you think you have what it takes? Here are the top 5 reasons businesses fail and the top 5 things you can do to stack the odds in your favor of having a successful business enterprise.
Top 5 reasons for business failure
Lack of planning/poor management
Lack of product demand/offering not unique
Not focused/trying to do too many things
Lack of guidance/mentorship
Top 5 actions to take to help your business succeed
Build a solid/realistic business plan
Do detailed research on marketplace and competitors
Keep your personal expenses low and re-invest into the business
Be open to feedback from mentors or a coach
Start early and get the biggest tasks done before lunch
Starting your own business can be EXTREMELY fulfilling and can lead to personal and financial success by monetizing doing something you are passionate about! Often in the beginning we are asked to do almost EVERYTHING (chief cook & bottle washer) for our business and we need to be prepared with the proper supports and plans when we hit the enviable barriers that will pop up along the way.
Start out prepared for everything, know your competition and have people in place to help when you need them and you will have a GREAT chance to succeed!
David W Fyfe
Business Consultant and Trainer