Why Businesses Often Fail?

1. You start your business for all the wrong reasons.

What is the main reason you started your business?

Would it be to make a lot of money?

To have more time with your family?

Or maybe that you wouldn’t have to answer to anyone else?

If one of the above is true, you’d better think again.

2. Poor Management

Lack of relevant business and management expertise in areas such as finance, purchasing, selling, production, and hiring and managing employees.

3. Insufficient Capital

Business owners underestimate how much money is needed and they are forced to close before they even have had a fair chance to succeed.

4. Location, Location, Location

A bad location could spell disaster to even the best-managed enterprise.

5. Lack of Planning

Many small businesses fail because of fundamental shortcomings in their business planning.

6. Overexpansion

Overexpansion often happens when business owners confuse success with how fast they can expand their businesses.

7. No Website

Simply put, if you have a business today, you need a website. Period.