This is a follow up post from "the secret to getting ahead"...
The numbers are staggering, according this article the highest percentage of failure is in the plumbing/HVAC field and the lowest is in Religious Organizations, and the percentages only get higher the longer you are in business. But why do businesses fail?
Number 1 - according to the article - Incompetence - not enough market research, poor planning - not enough working capital.
Number 2 - Unbalanced Experience or Lack of Managerial Experience - not enough experience - not enough working capital.
Number 3 - Lack of Experiences in line of goods or services - because you didn't do enough market research you stocked all the wrong product, no one is interested. Wasted advertising budget - Not enough working capital.
There is a reoccurring theme throughout the top 3 reasons why business fail. Not enough capital [money] - and the money you do have you spend on the wrong things.
I believe the key to bulletproofing your start up is to first and foremost make sure people are going to want to buy what you have or what you are going to create [market research]. A great way to do this, as well as get cash, and get future customers. Do a kickstarter campaign, or Indiegogo, or any of the others like this. This is an awesome way to 1. begin to build an audience for your product/service 2. Get cash to be able to produce your product/service 3. If you do not get funded you may want to look at how you have your product/service structured and make adjustments accordingly.
IMPORTANT DISCLAIMER: If you do not get funded at first attempt, try again. Failure is apart of the entrepreneur process, and all you wantrepreneurs and side-preneurs need to understand this, fail forward.
Until Next Time, Get Started -