Why is Your New Business Failing?
According to the Small Business Administration, 20% of new business don’t survive the first year. That’s a lot of money and effort down the drain on behalf of America’s entrepreneurs!
There are many reasons why this happens, but many business’ that fail make similar mistakes. Below are just a few. If you are contemplating starting a new business venture, make sure to do your homework, listen to the experts and prepare yourself to work long hours and not see a financial reward for several years.
· Poor overall Management – Lack of proper planning
· Lack of Sufficient Capitalization
· Lack of Market Knowledge
· Owner Not Delegating Responsibilities
· Staff Not Trained
· Lack of Accounting Knowledge and Principles
· Technology Lagging – Not using Social Media
· Expanding Too Soon
All too often entrepreneurs forgo purchasing the proper insurance in the beginning in order to limit expenses. This is never advised a it’s just as easy to have a loss at the beginning of a business cycle as it is any other time. A loss that is not covered by insurance can easily put a small business out of business before it’s even had a chance to get off the ground. Let one of our staff members educate you on the proper insurance coverage which is necessary for any new business Click here to Request a Call Back.