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Top Reasons Small Businesses Fail

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In this 1 hour webinar hosted by BizCentral USA, we take a look at the top reasons small businesses fail and how to avoid these dire mistakes! For more information, please visit: http://bizcentralusa.com/start_business.php

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Top Reasons Small Businesses Fail

  1. 1. Key Speaker Michael Miller Director of Business Development BizCentral USA Administrator Nicole Roach Marketing Coordinator HBIF Meeting 12-09 BizCentral USA
  2. 2. • Introduction to the top reasons small businesses fail • The current state of entrepreneurs & small businesses • Characteristics that can make or break any entrepreneur • The top 5 reasons for small business failure & how to avoid those dire mistakes
  3. 3. This Year I’m Going to…. Start a Business
  4. 4. • Americans dream of owning their own business for variety of reasons:  Pride of ownership  Flexibility  Tax breaks  Prove people wrong  Personal development  Money
  5. 5. Only 44% New 1/3 of of New 50% of Businesses go Businesses in Businesses do “Belly-up” not MakeYear the First upPast Survive it to theFour Years Second Year
  6. 6. A Head for Business Confidence Goal Setter Desire for Responsibility Joe Entrepreneur Organization Good Money Skills Manager Competitive Risk Taker Nature
  7. 7. • Build a Solid Capital Structure  Keep Strict Money Records  Set Aside Seed Money  Evaluate Want vs. Need
  8. 8. • Consider location in regard to:  Customers  Suppliers  Employees  Government regulations. • The selected site SHOULD meet the business’ needs.
  9. 9. • Learn how to market cost-effectively and time- effectively. • Target your marketing efforts with intense research. • Create a marketing plan with a budget. • Excel at customer service – Word of Mouth is one of the strongest marketing tools! • Focus on the 4 P’s
  10. 10. • Keep your friends close, but your enemies closer!  Know their promotions and special offers  Know about updates they make to their website and new communication methods they are using. • Create your unique selling proposition and push it.  Emphasize your USP in your promotions and marketing.  It is your USP that will attract prospects to your business rather than your competition.