Common Problems Faced By Most New Small Business
We love and live small startup businesses. We know they can be the key to lifelong success and satisfaction. But it is important to recognize that three-quarters of startups fail within the first three years, and a third of those fall by the wayside in the first six months. Starting a business can be stressful. It often feels like there are 1,000 things to work on all at the same time. There’s no avoiding this reality for new small business owners, but with a little planning, it’s possible to manage expectations and take actions with a sense of purpose toward building your business. There are key themes in the reasons that businesses don’t ultimately succeed. As experts who have been in the industry for a while, we at Ingram Events Centre want to help people take note of the common problems we have seen faced by most new small businesses.
1. Lack of research
Experts say some good first steps in starting a business are researching competitors, assessing the legal aspects of your industry, considering your personal and business finances, getting realistic about the risk involved, understanding timing, and hiring help. Get information from self-help resources, have discussions with individuals already in business, and make sure you get advice from professionals.
2. No cost/benefit analysis was done prior to starting a business
Be realistic about potential revenues, especially in the business startup phase. Spend time calculating and recording the costs associated with those revenues. Ask yourself if the costs outweigh the revenues and what can be done to earn a profit. Breaking even or a loss is not sustainable.
3. Failure to account for all the expenses
People assume small businesses are loaded with cash; therefore, they jump into business too quickly as they feel the grass is greener on the other side. You have to understand that most small businesses have a lot of expenses. Life as a business owner is very different from that of an employee. Successful businesses work 24/7 in the early years. Employees do not. Not all individuals are suited for small businesses as they do not have the discipline or drive to manage the risks associated with being in business.
If you are looking for a party venue/corporate events space for rent in Grande Prairie, AB, reach out to us at Ingram Events Centre. We are proud to provide rental space for personal and professional events and enjoy serving our community with our beautiful venue. From business meetings to training sessions and seminars, our trained staff provides on-site support to guarantee that your event runs smoothly and as you planned. We offer spaces on rent for events, conferences, training, private functions, and general usage.
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