How not to fail as a business

Would you like to know exactly how NOT to fail as a business? Ouch. Yes, I said that dreaded word “fail”. I’m sorry, but it’s necessary sometimes to think about it. And, It’s completely okay to dislike failing. As people though, life is filled with moments where we succeed and other times where we can’t seem to do anything right. So what? A lot of the really successful entrepreneurs and business owners failed miserably at one time or the other. Thomas Edison failed 1,000 times to get the light bulb to actually work. I’m glad he didn’t quit. Imagine what Las Vegas would look like without lights.

It’s inevitable that we will make mistakes here and there. However, your business doesn’t have to fail. In fact, it can thrive. Building and maintaining a business takes hard work, sweat, tears, and a completely insane sense of motivation.

Let’s talk about the Top 5 Reasons Businesses Fail

Numero Uno – Launching before you are ready!

Opening up your shop or company is a time to celebrate and cut the ribbon. Be careful though. Make sure everything is ready first. 20% of new companies close down within the first year in business. Entrepreneurs are no doubt super excited to unleash their products to the world. They have so much anticipation and passion to make it work. Steady yourself though. Careful thought has to placed into the design, structure, and strategy of your new business.

Think long and hard about the following before you make the move to get started

  • What value are you going to bring to consumers?
  • Just exactly who is it you are trying to reach?
  • What is your business model, your mission, and your company vision?
  • Are you financially able to withstand the first 24 months in business?
  • How will you create a Brand that people will overpay to have?

The BIG Number TWO – Not finding your Niche

It’s incredibly vital in business to offer products and services that consumers will be truly excited to purchase. Why should they buy your coffee mugs, when they can go to Target? What is it about your Sales Strategy that would drive people to your webinars to learn from you? Have you found that thing that people don’t know they need and will bring tremendous value to them? The Brands that I truly appreciate bring meaning and enjoyment to my life. Your business needs to find that “thing” that works and performs better than other impostors out there already.

Say what you want about that fruity logo with a bite taken out of it. You know, that one that shines brightly at every Panera and Starbucks table across the world. The one that doesn’t put things on sale, because they don’t have to. Yes, that one. Discover the right Niche to offer the world. If you do that, your Brand will sell itself.

They say there isn’t anything new under the Sun. What an overused cliche. That’s not true at all. There is an opportunity is to give people something they didn’t even realize they needed.

Let’s move on to Number THREE – Bad, Bad, Marketing Approach or none at all

Getting your target market to notice your product is the challenge. That definitely hasn’t changed since time began honestly and it never will. You have to advertise. You have to market your stuff. But, at the same time, you can’t just throw money away thinking the more you spend will equal higher sales. Nah, it won’t work like that.

Create a strategic marketing approach that will be efficient and effective at the same time. Make use of all the FREE options you can and then pay for only the truly brilliant advertising campaigns. Social Media Marketing has been huge over the last few years. With the explosion of Facebook Ads, Instagram Stories, and YouTube Channels, marketing your products has created an unlimited potential for sharing your business.

The Content of your Ads is more important that you Advertising Budget. Any and everything you put out for consumers to digest on the internet, on the radio, or on television needs to be the most innovative and fulfilling content you can come up with. Your business should have a marketing strategy that consists of targeted goals on a continuous basis. Plan ahead and be very consistent with your delivery and focus.

FOUR – Having the Wrong people working for you

Choosing the right talent and skilled people to join your workforce is a big deal. Yes, they need to show up on time and actually work, but a whole lot more thought needs to go into who you hire. And, they don’t necessarily have to be in person either. There is a huge wave of virtual assistants and remote professionals just waiting to be found. The talent pool is global.

Give each candidate a thorough interview that discovers if they have what it takes. Question them and test them so you know exactly what they are really good at. Make sure they fit your business culture. Give them an assignment to work on to prove their worth. Let your GUT instincts help you choose the right people too.

Keeping the right people around your business will elevate growth and define your Brand.

#5 or Cinco – Lack of Innovation and Creativity

Huge companies eventually file for bankruptcy and go out of business because they do not innovate. Even if their products were at one time the talk of the town and annual profits beat expectations year after year, without innovation and creativity, eventually their success will fade. Blockbuster, the big rental video store, is a prime example. Had they made time for R&D and looked forward as technology changed, perhaps they could be doing what Netflix is doing now.

Continuous improvement of product design and a commitment to the needs of consumers will enable long-term success for any smart business. You don’t have to be able to see the future, but you definitely better predict where it’s going. Keep a good thing going, but don’t settle for just that.

Oh, and as a business owner, keep improving your own abilities. Surround yourself with creative people. Stay on top of how commerce is changing. Be creative. Think outside the box every once in a while.

Businesses only fail if those who run them let them fail. May your business succeed and be very profitable.