The U.S. Small Business Administration reports that 95% of businesses fail within 5 years. How does one overcome such odds? What website marketing strategies can overcome such statistics? In this article, I will present a synopsis of the prevalent understanding as to why so many businesses fail, and a solution which can result in long-term, wealth generating business ventures.
The first task is to understand WHY so many businesses fail. The second task is to learn from those who fail and take steps to avoid the same fate.
So, let's first learn why so many businesses fail.
"Small businesses often fail because of lack of planning . Let me make a bold statement: the single-most vital part of your business success is your business plan. Why? Simply put, your business plan specifically and concretely lists your goals for the next few years. It spells out, step by step, how you're going to meet those goals, and gives you something to measure your performance against at the end of your business year." How NOT to be a Small Business Failure Statistic By Eve Jackson
"Nobody likes to think about failure. Business ventures are driven by people with a will to succeed... Your initial business plan is your blueprint for success. Failing to stick to the plan, failing to put in the kind of intense research needed to begin with or, more commonly, failing to seek out and heed professional advice, are common ways in which a business can get off to a bad start." Why Businesses Fail - HNB Bank
"Nine out of ten business failures in the United States are caused by a lack of general business management skills and planning. A good business plan helps identify the mission; cost structure; market; external influences; and strengths and weakness of a business." Small Business Development Center, Troy State University, Troy, Alabama
"Running a business, whether it be an offline multi-billion dollar company or an online part time home business, they share many similar traits. One of the biggest obstacles I have endeavored to translate to many, many small business / home business people, is a very simple phrase...... 'Treat It Like a REAL business, Because It IS a REAL Business'. The fundamental reasoning behind so many failures in small business, is the clear lack of willingness to act like a real business..." Fail to Plan....or Plan to Fail? by Gary Durkin
The reports are clear: businesses fail for two primary reasons:
They don't plan out their business, and
They don't acquire the necessary business skills and knowledge
So, if one were to learn from the experiences of others, and take steps to succeed, an internet business owner, whether just starting out or expanding a venture, should:
Plan out their business operation, and
Acquire the skills and knowledge it takes to succeed
It's not hard. Yet, so many, year after year, do not follow such simple advice. So many say the same things:
"I don't need to plan... I'm just a small business"
"I work from home, why would I need a plan?"
"I'm too busy fighting fires to sit down and write a plan."
And the statistics do not change, year after year. So, what can reverse the pattern of failure?
Proper Education. The Internet is rife with "Get Rich Quick" schemes and promises for "Success in 30 days." Yes, there are some who succeed quickly, just like there are some who win the lotteries, but the odds are overwhelmingly against you. The only REAL, PROVEN, and TIME TESTED way to succeed, is to plan out your business and learn the necessary skills and knowledge.
In this regard, there are no shortcuts. Success is that journey we often read about, a pattern of one successful day followed by another successful day. Read. Listen. Learn. Plan. Today, find a source of information that will teach you how to build a successful business. Learn the website marketing strategies that are working today. Don't worry how long it takes. But start today and learn the skills you need to succeed. Do that, and you can join the 5% of successful, long term, wealth generating internet businesses. I call it the 5% club. I invite you to join.
