$0  (0 items)

Shopping Cart

No products in the cart.



5 Reasons You May Have a Failing Business (and how not to)

by on January 23, 2018 in The Biz

In less than a year and a half, 80% of new business owners will watch their money and dreams go down the drain. It’s a sad reality–not meant to discourage your journey as a business owner but a viable way to learn from others mistakes. Though each circumstance may be different, there tend to be surrounding malpractices that all lead to disaster. We are sharing these 5 reasons 80% of businesses fail within a year so that your business doesn’t have to be another failing business or unfortunate statistic.

Picking a Partner

Started from the bottom now we…bankrupt.

There really is nothing like growing a business and making bank with your best friend from middle school, but choosing a business partner based on your personal relationship is sticky territory. Look for credentials in your partner that really add value to your company. Experience starting, growing, and operating a business is where you want to start with your partner candidates.

Ignoring Copy Cats

Patent your products! I’m actually holding a megaphone as I say this because it’s SO important. It costs a little coin but nothing will cost you like finding out a competitor has ripped off your idea and is selling it 70% cheaper than you are.

Sad Margins

Even though you may be in the beginning stages of your business, it’s important to create margins for your product and services that are sustainable.

Many people want to practically give their business away just to get people in the door. With a well-developed business plan surrounding a product or service that solves a real problem-people will pay. Stop giving away your margin, you’ll only devalue your business long-term.

Forget Your Customers

Passion can kill any smart entrepreneur.

If your passion has you believe so much in your business that you ignore your feedback, you’ll be your only customer. Social media marketing his highly integrated into modern business plans because it makes for a two-way discussion. Instead of ads talk at people they now encourage conversation.

You mean we customer will tell us how to improve and even buy from us? Yes. Yes, they will. Updating your marketing techniques will help you know where to find your target audience and exactly how to reach them.

Skip Professional Advice

I’m glad you’ve got an MBA and your dad’s an accountant but there are SO many aspects of a business that are critical to its success. These aspects require personal attention. From marketing to the books, to inventory management- the list goes on and on. As a smart business owner, its necessary to not only hire and delegate but seek advice from professionals. This should be done on a quarterly basis while your company is in its early stages. Professionals can help spot red flags that could help rescue a failing business.

On the bright side, a lot of failed businesses come back twice as smart. So if you must–fail fast then get back at. Otherwise, pay close attention to the 5 reasons 80% of businesses fail within a year so that you won’t.

 

 

 

Tags: , , , , ,

Copyright © 2008-2018 Bargain Business Plan, Inc. All Rights Reserved. | Terms of Service | Acceptable Usage Policy | Privacy Policy

Terms of Service:
Client and Bargain Business Plan (“BBP”) agree to the following terms and conditions:
1. Services. BBP shall prepare a business plan (“Business Plan”) for Client upon the terms and conditions set forth herein.
2. Compensation.
2.1 Payment in Full: Client shall pay BBP in full prior to commencement of or preparation of the Business Plan by BBP.
2.2 Split Payment Option: BBP will offer Client the opportunity of choosing a split payment option. Should client choose the split payment option, the following payment schedule will apply:
i. Client shall pay BBP 50% of the full amount due prior to commencement of or preparation of the Business Plan by BBP.
ii. Client shall pay the remaining balance due upon completion of the Business Plan or 30 days after the first draft of the
Business Plan is delivered to Client (through electronic mail or any other method), whichever is sooner. BBP is authorized to process the remaining balance due at that time.
iii. A valid credit card is required for all accounts unless waived by a BBP manager. Client agrees to pay any fees, commissions, and/or costs associated with any action instituted for the collection of monies due BBP for services rendered.
3. Revisions. Revisions to the Business Plan will be completed free of charge for a period of 30 days after the first draft of the Business Plan is delivered to Client (through electronic mail or any other method). Any changes beyond the 30 day period will have an additional charge depending on the nature of the change.
4. Confidentiality. Except as otherwise required by law, or unless Client grants express written consent, at any time during or subsequent to the preparation of the Business Plan, BBP agrees to keep confidential and not to disclose to any party any of Client’s confidential information, including, but not limited to the nature of the services being performed by BBP, the terms and conditions herein, any data submitted to BBP by Client, and any data regarding Client obtained by BBP in the course of preparing the Business Plan, without the prior written approval of Client, which may be withheld in Client’s sole discretion. Confidential information excludes information that: (i) becomes generally publicly available other than as a result of disclosure by BBP; (ii) becomes available to the BBP on a non-confidential basis from a third party that is not bound by a similar duty of confidentiality; or (iii) is in the lawful possession of BBP prior to disclosure by Client.
5. No Personal Liability. Neither the BBP nor its directors, officers, employees, agents, subcontractors, and representatives (collectively, “Representatives”), shall be personally liable, whether directly or indirectly, by reason of any default by BBP or its Representatives in the performance of any of the obligations of BBP or its Representatives herein.
6. LIMITATION OF LIABILITY. IN NO EVENT WILL BBP, OR ITS REPRESENTATIVES BE LIABLE FOR (I) ANY INCIDENTAL, CONSEQUENTIAL, OR INDIRECT DAMAGES (INCLUDING, BUT NOT LIMITED TO, DAMAGES FOR LOSS OF PROFIT(S), BUSINESS INTERRUPTION, DENIAL AND LOSS OF LOANS AND INVESTMENTS, AND THE LIKE) ARISING OUT OF THE USE OF OR INABILITY TO USE THE SERVICE, OR ANY INFORMATION OR TRANSACTIONS PROVIDED ON THE SERVICE, OR ANY DELAY OF SUCH INFORMATION OR SERVICE, EVEN IF BBP OR ITS REPRESENTATIVES HAVE BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES, OR (II) ANY CLAIM ATTRIBUTABLE TO ERRORS, OMISSIONS, OR OTHER INACCURACIES IN THE SERVICE AND/OR MATERIALS OR INFORMATION THROUGH THE SERVICE PROVIDED BY BBP. BECAUSE SOME STATES MAY NOT ALLOW THE EXCLUSION OR LIMITATION OF LIABILITY FOR CONSEQUENTIAL OR INCIDENTAL DAMAGES, IN SUCH STATES BBP'S LIABILITY IS LIMITED TO THE GREATEST EXTENT PERMITTED BY LAW.
7. Entire Agreement. This represents the entire agreement between the Parties and supersedes and cancels all other contracts, agreements, representations and understandings between the Parties, whether written or oral, expressed or implied, with respect to the subject matter hereof. These terms and conditions may not be modified or amended except in writing signed by authorized representatives of both Parties
8. Execution. This agreement may be executed in one or more counterparts, in electronic form, at different times and places. When Parties have executed, either physically or electronically, a counterpart of this agreement, it shall be binding on all Parties notwithstanding that all of them may not have signed the same counterpart. A facsimile or other