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REASON 80% OF BUSINESSES FAIL IN 5 YEARS
This is a concerning statistic but it’s absolutely true. Can you believe it? Only so many of us are even willing to start a business because of the high amount of risk, involvement and investment necessary (both in time and money) to make it profitable. So it must come as disconcerting news that even if you do try your best and start a business, just talking statistically, there is an 8/10 chance you will fail. WOW! That’s a lot of businesses failing, a lot more than there are actually succeeding. Obviously I’ve been lucky and resourceful enough to actually be one of the long running successful business owners. Our profit margins are high and so it would be pretty hard to sink the ship, but that’s what you get promoting on the internet (easy money, cheap to get sales).
But why is it that 80% of small businesses fail? What does this mean for you and selling beats on the internet? The fact is even if you use advertising on mediums such as YouTube, Sound click or Sound cloud, you’re still at a disadvantage always. That disadvantage is that everybody around you is trying to do exactly what you’re trying to do, and five years from now you have to have your business continuing onward. Easier said than done, trust me I’ve been in business for six years and you can get hit with a curve ball at any time. It’s just the natural way of business.
The first thing you need to understand is that out of the 80% of small businesses that will fail within those short five years, the vast majority of those failures will be due to poor planning. Don’t start spending money at first, instead spend at least a few months on a notebook with a pen, writing down all your possible ideas before you start randomly trying tactics. You need the proper foundation, and I can sum it all up in one word: PLANNING. Without proper planning and actually spending the time to ask (and answer) the tough questions you might feel uncomfortable thinking about, you will fail. You need a truly powerful foundation and brand to start with.
For instance a highly articulated marketable website with all the right features to make you money. You also need a proper logo, the right marketing funnel, the right products and most importantly you must be able to provide long term value to your clients and customers. Don’t expect this to be an easy ride. The fact is you will need to be smarter, better and more powerful than your competitors to last. To gain this power you need the knowledge to make then right moves.