Did You Know That 8 Out of 10 Businesses Crash and Burn Within The First 18 Months?
“According to Bloomberg, 8 out of 10 entrepreneurs who start businesses fail within the first 18 months. A whopping 80% crash and burn.”
The 5 Secret Causes of Business Failure Are:
Imagine trying to win in any sport without a proper coach and training programme. Is the world of business not even more competitive than sport?
Why haven’t most entrepreneurs learnt from successful sports teams and stars?
Zero business coaching and training gives rise to a lack of key skills, accountability, discipline, motivation and constructive criticism that a proper coach would give you.
Even the most gifted and talented sportsman in the world, have coaches.
Do you really think you can make a success without a proper business coach?
How is your product going to stand out when you promote it, if it is just like the rest of the competitors products?
Ask yourself the question, does this business opportunity have a USP or two that clients will pay for?
The more USP’s the easier it will be to sell the product.
If they can’t remember or distinguish what is different about your brand then you don’t really have a brand.
If you don’t really have a compelling USP or two, then I would suggest you move on until you find a product that has “legs” where you have some real unique benefit to highlight to your client base.
It’s like having a blunt axe when chopping down a tree, you just ain’t going to cut it in the real business world.
This seems a bit obvious in fact it so in your face that many business start ups neglect counting the actual cost it going to take to get the sales.
One of the most basic mistakes is not having the ability to really work out an effective sales plan that really delivers the sales.
As Mark Cuban from Shark Tank Fame says, Sales cure all.
This means if you have enough profitable sales then you will have the money to deal with most problems in your business.
Therefore the number one focus of a business is sales and how to effectively get enough sales to break-even and then to breakthrough into a profitable business.
Unfortunately, many would-be entrepreneurs do not even have this basic skill and refuse to take the time to develop this skill when starting a new venture.
I am sure you have heard people say,
“good sales people are born that way”. That is false belief that causes many businesses to fail. It is like saying a good dentist is born that way. Like with any skill it is acquired through training, coaching and discipline.
If you are not prepared to acquire the skill of selling or outsource it at price, then your business is doomed to certain failure
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What is the point of trying to sell a product clients do not want. Before you take on any business opportunity you should first start a conversation with the market to find out how they feel about the product you going to offer.
As the saying goes the proof of the pudding is in the eating, in this case the washing. The acid test is always, does the product WOW your clients?
If you really converse with your market you will be able serve them better and even come up with more products that will make them even happier.
Before you start do you homework, in business its called market research for as an entrepreneur its called having a conversation with your market.
You would be surprised by the number of businesses that are started without even having a very basic plan in place.
It’s like flying an aeroplane and not knowing where you are going and how you going to get there…wherever there is ? This just does not make any sense.
The stronger your business model the stronger your business will be.
Due to the lack of basic business planning skills many businesses are started without looking at developing a sales and marketing plan, logistics plan, production plan and the financial and admin plan.
If you don’t have a proper financial model and that means you can’t test the numbers you are in dangerous waters. You could even have great sales and go bankrupt because you are not making a profit or your breakeven is much higher than you even imagined.
This can happen all because you never bothered to develop your financial model properly.
Your business cannot really go beyond the plan you have within your mind, even though it can change and will need to change.
A business without a strategic plan has a very good chance of failing.
Once again do your homework it will save you a lot of pain and money in the long run, on the flip side it will make you a great deal of money if done correctly.
If you do not address these 5 root causes in your new
venture then you are much more likely to fail, despite your best intentions, efforts and your hard earned investment.
On the Next Page I will explain to you more about this exclusive Distributorship Opportunity.