What can I do to prevent my business from failing?
2007-02-17 10:32:51 · 8 answers · asked by JASMINE 1 in Business & Finance ➔ Other - Business & Finance
Their idea to make money doesn't work out like they thought.
2007-02-17 10:39:21 · answer #1 · answered by Nusha 5 · 0⤊ 0⤋
Two of the biggest reasons for failure are improper (or no) market research and running out of money.
You can have what you believe is the greatest business idea in the world, but if who you perceive to be your customers don't want or need it, you will fail. Before getting started, ask friends and family if they would be interested in buying (your product) if it was available at a reasonable. If you have the funds, you can hire a market research company so you eliminate the polite answers from family.
Most new businesses (retail, anyway) make very little to no profit for the first year or two. Make sure you have enough to get you through the tough times.
2007-02-17 10:44:48 · answer #2 · answered by Brian G 6 · 0⤊ 0⤋
Most businesses fail due to lack of ideal or product, and in alot of cases, Location. If you want to prevent your business from failing, then try moving it to a well populated area i.e. NYC. This way you will have more customers, and more willing employees that you do not have to pay a high salary to. Make sure you keep bringing in new ideals and new products, but most importantly keep your price ranges fair.
2007-02-17 10:45:21 · answer #3 · answered by Anonymous · 0⤊ 0⤋
From a personal observation, small retail and service oriented businesses do not put an emphasis on customer loyalty and satisfaction like they used to. Just kind of seems like people do not know how to run a small business, or are not willing to sacrifice the long hours necessary to make it profitable. Probably because we are such a short term goal society now
2016-05-23 23:48:51 · answer #4 · answered by Anonymous · 0⤊ 0⤋
Treat yourself as an employee of the Business, And most important..always remember..The Money isn't yours..It belongs to the Business..You only get a salary. Make sure you pay all the proper Taxes...
2007-02-17 10:39:09 · answer #5 · answered by nalla 3 · 1⤊ 0⤋
Accountabilty or lack there of. Profit is the difference between income and expenses. Too many companies concentrate on the income. Control your cost. A dollar saved is also tax free.
2007-02-17 12:08:49 · answer #6 · answered by Anonymous · 0⤊ 0⤋
To ensure your business stays viable and especially if you have no partners to help you, you need to be an economics whizz, an IT professional, you need to know everything about your product ,
you need to be a marketer, a networker, know all about the laws regarding your industry and keep up with current trends...
2007-02-17 10:44:25 · answer #7 · answered by Freddy F 4 · 0⤊ 0⤋
Under capitalization in most cases.
2007-02-17 10:38:00 · answer #8 · answered by bam_bam_co 2 · 1⤊ 0⤋