Lots of people become small business owners. Only a few survive.
According to data from the U.S. Bureau of Labor Statistics, about 20% of U.S. small businesses fail within the first year. By the end of their fifth year, roughly 50% have faltered. After 10 years, only around a third of businesses have survived.
Why do so many businesses fail?
1. Owners don't pay attention or listen to the real issues affecting their bottom line. Or they are not determined to get their business operating effectively at any cost.
Often business owners rely on defending what they know instead of changing what isn't working. "They intoxicate themselves with work so they won't see how they really are." - Aldous Huxley
2. The owner relies on luck and never creates a solid business development plan.
And this takes time and hard work. And when we are excited to launch our new cool pool cleaning business, we may not see how important this is. "It's just cleaning pools, right? How hard could it be?" Well, it maybe more challenging that we think.
3. Businesses don't fail because of lofty reasons; they fail because of the little things in every detail of their business. Like:
The critical details!
Many owners are simply happy to talk about how great their product or service is, and simply bypass these issues. Or, for single-owner businesses, sometimes to simply keep up with demand, or get through the day.
In our small business mastery coaching we will make sure you identify and tackle the major roadblocks to business ownership. You will learn:
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