Why Most New Small Businesses Fail?

Everyone has dreamed about starting a business and being their own boss. Most who pursue that dream find only frustration and failure.

Since 1986, as many as nine out of ten new businesses have closed in their first year. According to a recent survey of failed business owners, “lack of planning” was the number one reason listed for new business failure. Other reasons included were: lack of experience, money, and low sales.

Carol Denbow is a retired business owner and author of the book Are You Ready to Be Your Own Boss? “I think most people just get tired of feeling used and unappreciated at their jobs. They get their inspiration for entrepreneurship out of frustration. They see a company that they feel could be operated better, and they make the decision to go out and try it themselves. They are sometimes shocked at the overwhelming task of operating and growing a successful business. From lack of planning, and out of total frustration, they close their business and return to their employee status.

It’s really a shame; there are a lot of talented people out there who could possibly build a better company. But their lack of planning from the start closes the door on their odds of success, sometimes before they even open the doors of their new business.”

One of the most important calculations when planning a new business, which most new entrepreneurs grossly underestimate, is their personal cost of living. They list all the expenses their new business will have, but they neglect to recognize the total of their everyday personal expenses. The household bills still show up in the mail box, even though the chance of showing a profit in new business might take up to three years.

According to Denbow, the number one reason people listed for wanting to be self-employed was, “I want to work my own hours.” The time needed to get a new business up and running is a main planning issue also underestimated. New business owners most often need to invest many more hours than they did while working for someone else. Most new entrepreneurs quickly come to realize they have committed to more than the normal forty-hour work schedule. Business owners work an average of sixty hours a week.

Studies show that businesses who do survive longer had more cash up front to invest. Other survival factors included higher education and ten years or more previous experience in their field. Age is also a factor for success. According to a 2002 United States Census Bureau report, most successful business owners are over the age of thirty-five.

Ms. Denbow suggests if you are considering starting up a business of your own, do the proper planning. Research the industry you’re interested in, and see where the closest competition is. Get yourself educated about your new business. Avoid taking large loans to fund your new venture. Instead, keep your business idea in proportion to the amount of money you have to invest. There’s always a way to work out your idea without exceeding your means.

With as many as nine out of ten new businesses closing in their first year, knowing the reasons for those statistics is crucial to starting a successful business. Being self-employed can be gratifying and rewarding. With the right planning, success is achievable.

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Turn Discount Coupons Into Extra Cash

Earning extra money is a great way to get some economic breathing room, but a second job can add stress to an already busy life. There is an easy and no-cost, home-based solution though: Become an affiliate—recommend quality products and services to your friends, family and acquaintances and earn commissions while you do it.

“It’s simple,” says Vipin Goyal, Affiliate Marketing Manager at online retailer Rugman. “People interested in becoming a Persian rug affiliate can sign up on our website. We’ll send each one a set of exclusive coupon codes to pass on when referring our products. When a customer uses an affiliate code, we’ll know who recommended us and the affiliate will have earned a commission. It’s easy to make a few hundred dollars from the sale of a single Persian rug.”

Most people think that affiliates need to have websites of their own featuring the products that they’re recommending. If you’re trying to get the word out to thousands of people, this is a great way to go. Don’t be afraid to start small though. How about mentioning a particular product to your friends and following up with a nicely worded email? Include one of your online coupons and a link to the company’s website so that the customer can shop right away. They’ll get a valuable discount and you’ll get credit for any sales that you’ve generated.

It’s best to keep your emails low key and avoid being pushy. After all, you’re referring a company’s products or services to someone that you know and see regularly! Most affiliate programs offer sales assistance and will recommend techniques that they’ve found useful in the past. They usually offer technical assistance too.

Most important of all—never spam anyone. Merchants and internet service providers all forbid it and will ban anyone caught using the practice. It’s not worth losing out on your commissions!

Using this low key approach, you can promote any products that you feel comfortable with. Big ticket items, such as Persian rugs or Oriental rugs might be the best to start with since the commissions will be quite large. Searching an affiliate directory will help you find the companies offering affiliate sales programs. There are thousands for big ticket items alone.

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