Why your small business will most likely FAIL

work revised Is my small business going to fail

You might be thinking who is this guy and why does he think my business is going to fail he doesn’t even know me. Hey don’t take it personally but the truth is with the amount of businesses being started every day that just means that the number of failed small businesses increases exponentially.

Was there a Business Development Strategy?

Business Failure for me falls into 2 categories: A Business closing it’s doors or a Business not making money. Both reasons seem to go hand and hand, but what the statistics fail to mention is how many small businesses are still in business but they’re not making enough or even any money. Imagine that, working hard day in and out on your business for little or no money.

This was not the dream

This wasn’t the dream you had when you started. You were so confident in your idea that maybe you even quit your job to pursue your new business, but why did it happen? I’m going to say you didn’t plan or implement your business development strategy.

Expert in starting and failing my own business

Ok let me give you a little more background on me. I am one of the top experts in this field. What field you ask? I am an EXPERT in starting my own business and failing. In fact, I was so good at failing that I’ve started and failed at least 5 of my own businesses since 2001.

In 2003 I started a small web development company while working full time in IT. Business was going really well, and word of mouth spread. It seemed like every week I was booking a new client. Running a successful business gave me the validation I needed, and I got to feel like I belong here.

Feeling validated with my business

Running my own business while still employed allowed me to escape the boredom and unfilled goals and dreams I had in life. At one point I had so many clients I remember looking at myself in the mirror and saying this is it baby! I’m going to be so successful and turn this business into an empire.

Didn’t see the leads drying up in my business

Then the inevitable struck, I failed. The client referrals dried up and I wasn’t actively pursuing any additional ways of getting new business. I stopped getting new work, and I didn’t do anything about it except think about what I can do to get new work.

Eventually I just let the business fade away, part of it was because of the financial security I had with my FT job, but part of it was I scared of failing and being judged. And looking back that’s exactly why I didn’t seek new clients for fear of failure, and in my eyes not being good enough.

Growing a business

Over the years I have worked my way up in the corporate world and most recently have been working in a Senior Management role in charge of the operations for a Mid-Size service-based firm in Manhattan. My role was simple, create the operations (structure) for each of our clients and provide them with top notch personnel.

Got caught in the corporate ladder

Part of my job was figuring out how to keep all our employees motivated and maintaining excellent relationships with my clients who helped us to continue to grow. When I started at the company, we had around 100 employees, and by the time I left we had grown to over 600+ employees within the 4 years I was there. During my time there I worked what felt like around the clock 7 days a week and just felt unfulfilled and underappreciated.

Returned to my roots Entrepreneurship

I eventually left and started applying to jobs when I thought “if there was ever a time to start a business the time is now”. I was tired of building up someone else’s business that I had no equity in, so I started my own Work Revised.

What business will I start and what services will I offer

I took the time to research and plan what I was going to do. I decided to become a Digital Operations Consultant for Small Businesses. With my experience doing over 75 startups for clients, setting up their operations, and my background in Web Development I know I can help develop, structure, and grow small businesses.

For me starting this business has been such a blessing. It gives me so much flexibility to work from home most days and allows me to spend more time with family.

Trouble I had starting and running my own business

For me working with my clients is my passion. I will never let them down. Once I setup a plan and strategy for them it’s go time, and I always perform.

My problem is and always has been “I can take care of others, but I can’t take care of myself”. It sounds silly but if we don’t first take care of ourselves, how can we expect to take care of others?

Business Strategy

Now looking back at all my business failures throughout my life I noticed two consistent issues:

  1. It’s not about an idea, it’s about how you execute.
  2. You can’t do everything yourself – ask for help.

This time was different

This time was different, and I wasn’t just going to let my business and my dreams fade away. I talked with friends, family, and colleagues about some of the struggles I was having running my own business.

Feedback I received

If you don’t focus on your own business as being the number #1 client, then eventually you won’t be in business to help other small business owners plan and grow their business.

Sometimes failure is exactly what you need to reach your true potential. And sometimes failure isn’t necessary at all. You must be willing and open to ask for support when needed. You don’t have to learn the hard way like me and think you need to do everything yourself.

Building a business doesn’t have to be hard

I know starting a running a business can be overwhelming with all the options out there. How do I optimize my website, do I need a website, what’s a sales funnel, do I need an email list, how do I start a business, how do I find new customers, how can I target local customers, do I need this plugin, how can I accept payments, what’s a standard operating procedure, do I need procedures, what’s a business strategy?

If your asking these questions you’re definitely going to want to ask for help. Don’t waste too much time trying to figure these things out. Let someone set them up for you and train you how to use them after the processes and procedures are in place, so you can focus on your actual business or service that you offer.

Have you experienced a business failure, roadblock, or maybe you just a great success story? Leave me a comment and let me know what you think I’d love to hear it. And please don’t forget to share this article for me.