Starting a new business can and will be an exciting roller coaster of emotions. During the process of planning and starting a new business your successes provide elation and the highs are really high. However, when you have a failure or disappointment the lows are really the pits.
Maybe you have an idea for a totally new product idea or service. Or, you have identified a need in a geographic area for a particular service or product that a franchise will fulfill very well.
The initial rush of planning the new enterprise is exciting. You gather your product or service ideas, you look for a location, you envision yourself as the owner, boss, CEO of a successful enterprise. Then reality enters the room and the amount of work to be done is overwhelming. New experiences are encountered and you may not have all the knowledge or experience needed to make some decisions.
The leading causes of small business failures are:
- Incompetence: 46 percent
- Unbalanced experience or lack of managerial experience: 30 percent
- Catchall category (includes neglect, fraud, and disaster): 13 percent
- Lack of experiences in line of goods or services: 11 percent.
The best bet is do not go it alone. Build a team of professionals that you can rely on to help you make the best decisions. This team should include a certified public accountant, attorneys, business coaches, business consultants, a source for business education and depending on the enterprise, you may need some information technology help. These professionals can offer their experience and training to help you avoid or get through the pits you will encounter.
If you want to start your own business, don’t let these startup statistics put you off. If you have built your access to business professional team, you’re much more likely to succeed.
So fasten your seat belt, contact me and let’s go for a ride.