Post by Trade facilitator on Jul 23, 2021 16:47:53 GMT 1
How To Deal With Errors That Cause Early Death To Small Businesses (Part 2)
In this article we are going to conclude our series on how to deal with errors that cause early death to small businesses.
In the first article we were able to list and deliberate on some of them like:
1. Starting a business for the wrong reasons or with a wrong motive:
A lot of people start businesses for the wrong reason or motive, for example; taking the bandwagon system. Starting a business because others started; do you know that some people start businesses out of frustration? Just because they are frustrated, they think that starting a business will solve all their problems. No! It may even worsen it.
2. There is no market for your product or service or that the market is too small to guarantee the survival of the business:
Yes, it is true; some people start a business without finding out if the product or service they want to sell has a ready market or if the market is large enough to accommodate the new product.
3. Insufficient working capital
You must have seen businesses close down due to the inability of the promoters to raise enough working capital to continue the business. If you start a business based on the promise from someone, it may fail.
4. The location is an important factor for brick and mortar business
If you intend dealing in brick and mortar business that requires you having a shop for people to visit, be sure that the location is where people can easily find you in order to do business with you.
5. Lack of business plan
Never start any business without a proper business plan, it is the plan that will show you the direction to follow; imagine an airplane without compass or accurate navigation equipment.
Our company trains people who are interested in starting their own import and export businesses, and also those who want to improve their existing businesses. Call or email the Admin and you will be glad you did.
In this article we are going to conclude our series on how to deal with errors that cause early death to small businesses.
In the first article we were able to list and deliberate on some of them like:
1. Starting a business for the wrong reasons or with a wrong motive:
A lot of people start businesses for the wrong reason or motive, for example; taking the bandwagon system. Starting a business because others started; do you know that some people start businesses out of frustration? Just because they are frustrated, they think that starting a business will solve all their problems. No! It may even worsen it.
2. There is no market for your product or service or that the market is too small to guarantee the survival of the business:
Yes, it is true; some people start a business without finding out if the product or service they want to sell has a ready market or if the market is large enough to accommodate the new product.
3. Insufficient working capital
You must have seen businesses close down due to the inability of the promoters to raise enough working capital to continue the business. If you start a business based on the promise from someone, it may fail.
4. The location is an important factor for brick and mortar business
If you intend dealing in brick and mortar business that requires you having a shop for people to visit, be sure that the location is where people can easily find you in order to do business with you.
5. Lack of business plan
Never start any business without a proper business plan, it is the plan that will show you the direction to follow; imagine an airplane without compass or accurate navigation equipment.
Our company trains people who are interested in starting their own import and export businesses, and also those who want to improve their existing businesses. Call or email the Admin and you will be glad you did.
