Most small businesses fail. I’ve read countless reports showing most fail within the first year. Of those that survive one year, most fail within five years. The statistics are disheartening. Yet, my business is going on nine years and I’m no Einstein. Most businesses providing you goods and services started as small businesses. They overcame the odds.
You have to overcome the odds too. You have to be ready to:
· Trade personal time for business development time. This includes turning off the TV at night and working on your business.
· Objectively measure your time. If you work 9:00-5:00, get home by 6:00, and finish dinner by 7:00, schedule time every evening for business development. This may involve a serious discussion with your family. Tell them you are building a business and need to devote significant time and energy into it. They will probably understand if you are honest and open in advance.
· Be cheap in your personal life. Postpone your upcoming vacation, large-screen TV purchase, and new car. Sell your boat, unless your business requires a boat for its day-to-day operations. Spend this money instead on tools, training, and marketing for your business.
I’ve seen successful businesses and I’ve seen downright failures. I believe I can walk into a business, talk with staffers and within 30 minutes, tell you if the business is successful. I don’t need to read the financials or talk to their competitors. Staff already knows. From Escape the Cubicle