4 of the main reasons your business is going to fail

4 of the main reasons your business is going to fail

It's sad to say that your business will likely fail, but it's a sad truth because around 70% of startups will fail within the first 5 years of their existence.  When you start up a business you likely think you're going to be successful because you're unique and have the best idea out there, but you're likely not the first person to be in this industry so you need to be ready for a fight.

It doesn't matter if you're sick, have kids, or have other things to do in your daily life.  If you're not working on your business each and every day, you will fail, and it's no ones fault but your own.  You need to have the right spending habits, you need to constantly be testing even after you've launched, you need to be sure your team is perfect for what you're trying to do, and you need to always be consistent.  And that's what this discussion is all about, so please keep reading.

Wrecklace spending habits
The main thing you can do to kill your business is spending recklessly.  If you're making $150,000 a year and spending $120,000 on a new luxury car, you're going to fail sooner than that 5-year mark I mentioned above.  You can't live like a king when you're making enough to buy one thing, you need to always reinvest the money into your business in order to break past that 5-year mark.

Think about it, if you're spending 80% of your profits on things you don't need, you're never going to be successful.  Now, if you're spending only what you need to on things like food and bills, and investing the rest into your business, you'll likely be successful far longer than that 5-year mark

Not enough testing is, or was, being done
So many companies out there forget that they need to test a product or service before going to market.  This is one of the reasons we see so many products recalled, and that's because it was launched to the public far too soon and the testing just wasn't done.  Not only do these companies have to take back all these products, they have to refund the buyers because now they don't have a car or a washing machine and have to figure out a way to get stuff done without those products.

If you're not testing your products, you better have hundreds of income sources, making millions a month because you're not going to last long as a business owner. 

They have the wrong team in place
One of the biggest company killers is hiring friends and family to do things specialists should be each day.  Many times a person will open a bar or a restaurant and hire their friends and family to do the job, but that's not going to end well, this is because they likely don't have the experience to take orders or tend bar. 

In almost every situation you will be firing your friend, sister, cousin, aunt, grandma, etc. because they will constantly be messing up due to not having the experience you need to push your business.  Now, if you were to hire the right people in the beginning, the products and services you're selling would bring in a great deal of profit because your team actually knows what they're doing and you didn't have to train anyone.

They are very inconsistent in what they do
You MUST be consistent in what you're doing, especially with a business, and that's because you need direction.  If you're all over the place and trying to do everything at once, you will be stretched too thin and likely fail within 5 years.  This is another spot where the right team members will help you succeed, and that's because they can take over certain jobs you were doing, which lets you focus more on running the business and be less stressed doing it.


In conclusion
Businesses don't last long if they are spending recklessly, aren't testing every at every stage, have the wrong team in place, and are inconsistent in everything they do.  I can talk from experience when it comes to starting up a business and having it fail simply because you didn't have the right team.  I had a friend bring his brother into the mix and we brought him on as a partner, soon after that he was buying sushi and bringing girls on dates while using the company card to pay for everything, and it failed within the first year solely because of this one person.  The beginning stages of your business are the most crucial, so get them right on the first try and you'll likely be successful down the road


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Tommy Carey