Why do small businesses fail? Inexperienced Management Lack of Vision and Business Knowledge Poor...
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Transcript of Why do small businesses fail? Inexperienced Management Lack of Vision and Business Knowledge Poor...
![Page 1: Why do small businesses fail? Inexperienced Management Lack of Vision and Business Knowledge Poor Planning Inexperienced Management Lack of Vision and.](https://reader035.fdocuments.us/reader035/viewer/2022062422/56649f215503460f94c397ab/html5/thumbnails/1.jpg)
Why do small businesses fail?Why do small businesses fail?
Inexperienced ManagementLack of Vision and Business Knowledge
Poor Planning
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Market Research. • Find out if there's any genuine market for
their product and/or services• People start businesses because they want to
do a particular thing or love a particular product….it's not about you, it's about them - your potential customers.
• Make a business plan - you'll do the market research you need to do and find out whether or not there is a market for your product.
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Things to eat in Walden
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Money
• Before starting a small business, you need to figure out how much money you need to live
• How much money is needed to run your business.
• You can't ignore the money and just assume that somehow enough of it will come in each month. Nor can you ignore your bills.
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Is There a Demand for It?• This is the part
that's about you and you have to get it right or your small business is doomed.
• Too many people leap into selling their product or service without even considering the answer to this basic question.
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Plan for Growth
• Plan for success. • What happens if you don’t want
the business anymore?• Sell the Business?• Hunt for a buyer – put plans on
hold – train others – find someone with skills/interests that match business
• Create a transition plan – bring in new partner so you can move forward rather than waiting around
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Exit Strategy• If you want to sell a business, it has to
be saleable. • Many small businesses aren't because
they're dependent on one person's talents and personality.
• Others might be if a person gets their business into selling shape.
• But is selling in the open market the best possible exit strategy for you?
• The best time to choose an exit strategy is when you're starting a business, not when you want to get rid of it.