Here are the Top 10 reasons why small businesses fail.
- There is no market (42%). Don’t fall so much in love with your idea and more of solving a market need.
- Run out of cash (29%): At the beginning, costs will be double what you calculated.
- Wrong team (23%): Find a team that believes in your mission and has the skills you don’t have.
- Your competitors are better (19%): Work until you are better. Work on your product to make it better &easier for your customer.
- Price problem (18%): Prices must be well communicated and proven. Giving customers a price without a balance of value can make some people not want to do business with you.
- A product/service difficult to use (17%): Identify everything in the product/service that the customer may encounter difficulty with and change it.
- There is no business model (17%): A clear path to growth must be clear for your team, your customers and potential investors to buy.
- Bad marketing (14%): If marketing isn’t your thing, hire a marketing company that has a measurable track record of success in your area.
- Bad customer service (14%): Never ignore customers. Share their comments with the team and resolve any problems they have.
- Bad timing for the service or product (13%): Sometimes it is too early or too late to launch a product/service.
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