In this article series, I have reflected on the 7 reasons why small businesses fail, according to ‘BusinessKnowHow.com’. In summary, the reasons cited for small business failures are as follows:
- Starting a small business for the wrong reasons
- Poor management of the business
- Lack of funds to finance the business
- Location (for a traditional business)
- Poor business planning and speculation
- Over-expansion of the business
- Lack of website to promote the business
Today I intent draw conclusions in the context of a Home Based Network Marketing business, such as my own, as well as offering further suggestions on how each of these barriers can be overcome. Continue reading
We have already analysed and reflected on 6 key reasons why a significant number of small businesses fail in the first 18 months. Most of these reasons have focused on factors which can inhibit growth, but we have also considered the impact of unmanageable, rapid growth.
According to the article on ‘BusinessKnowHow.com’, the final reason why small businesses fail is because they have ’No Website’.
We have already reflected on 5 of the 7 reasons why small businesses fail (according to an article on ‘BusinessKnowHow.com’). It should be apparent that all of these factors have something in common. They all represent obstacles which may prevent a business from growing fast enough to be sustainable. As expected, lack of growth accounts for the majority of small businesses failures in the first 18 months of operation.
Today’s discussion may seem a little counter-intuitive on first inspection, as the sixth reason why small businesses fail is: “Overexpansion”.
Having reviewed 4 of the 7 fundamental reasons why small businesses fail (according to an interesting article on ‘BusinessKnowHow.com’), it is evident that many home-based Network Marketing businesses have a better than average chance of success. They offer high potential returns for low investments and are not subjected to the geographical constraints of some traditional businesses. What’s more, they cultivate a culture of peer support and mentoring, which can help to fast-track a new associates business to success.
Today we are going to explore the fifth reason why small businesses fail: “Lack of Planning”.
If you have been following my blog over the last few weeks, then you will know that I have been discussing an interesting article that I read on ‘BusinessKnowHow.com’, which outlines the 7 reasons why small businesses fail. I have been reflecting on each these ‘reasons’ in the context of my own home-based Network Marketing business to better understand how to help fellow home business and small business owners to succeed.
Reason number 4 is a little harder to contextualise as a home business owner, but I believe that I have some valuable insight to share nonetheless. So let’s consider reason number 4: “Location, Location, Location”. Continue reading
In my previous blog posts I discussed the first 2 reasons why small businesses fail, according to an interesting article on ‘BusinessKnowHow.com’. I reflected on each of these reasons in the context of my own home business, highlighting some of the benefits of Network Marketing instead of a traditional business ventures.
In this post we will be looking at one of the fundamental barriers which prevents many people from running, or even starting a small business in the first place. We will delve into reason number 3: ‘Insufficient capital’. Continue reading
In my last post I discussed an article that I read recently on ‘BusinessKnowHow.com’, which outlined the 7 key reasons why small businesses fail. I provided my personal reflections on reason number 1: ‘starting a business for the wrong reasons’ and offered some possible solutions for getting your business back on track if you have lost sight of the importance of offering real value to your customers.
In this post I will discuss reason number 2, which sites poor management as one of the primary reasons why small businesses fail. Continue reading
I recently read an interesting article on ‘BusinessKnowHow.com’ which outlined the 7 reasons why small businesses fail. The article also offered some useful insight on how to avoid these common pitfalls.
I have been running a home business since 2006 and I attribute much of my accomplishments to my ongoing pursuit of information and strategies that enable and empower me to succeed. Some of what I read I discard, but often I read things that strike a cord and stimulate change in my own business. This particular article offers some valuable insight for small business owners, so I have decided to review each of the 7 reasons and provide my own reflections in the hope that it will help to guide other small business owners. Continue reading
In today’s economic climate, it is important for us all to be open to new income opportunities. People working in the service industries are particularly vulnerable, because when their clients or customers become uncertain about their own financial futures, it is usually non-essential services that are first to be sacrificed.
Multiple Income Streams for Health Professionals
Most health professionals find ways to generate additional income in their businesses. Looking back on my time working as a Personal Trainer, I used to have my own one-to-one clients, I used to deliver group exercise classes, I used to attend health seminars and I even did some health events in conjunction with the local council. Having different streams of income provided stability in my business, because if I lost a client then I could take on an extra class and vice versa. Continue reading