▶ Check out my gear on Kit: ★ Most small businesses fail according to these Bureau of Labor Statistics::
★ So what’s the reason? Fortune Magazine did a Study:
★ 42% fail because there is no market for their products. Makes 100% sense. There’s a reason there’s so many successful resellers that resell what they sold in a previous job. You already have a head start against anyone trying to jump in. An example would be industrial dental equipment. That’s not a niche that anyone can just walk in.
The demographic of your buyer:
Business or Consumer?
Their socioeconomic status (Rich or Poor?)
What is the competition in this category?
What’s the pain point they’re trying to solve. If you’re selling nostalgia, make it nostalgic. If you’re selling something that’s a necessity, make it free shipping, free returns, cheapest one available. No one is nostalgic about chapstick, they want the cheapest one that does the job at the best price.
★ 29% failed because they ran out of cash. They hire too early. So, here’s the thing. If you do all the work and you care the most, you can definitely make it work. There’s a limit to your time and capital, but if you can keep expenses super low, you can definitely make this work. When you add someone, you have to take time away from your business, and that person isn’t profitable yet. Cash-flow is your air supply. I recommend selling locally as much as possible to keep expenses low. It takes more time, but every dollar counts.
★ 23% failed because they didn’t have the right team running the business.
★ 19% were outcompeted. (Poor supply, poor offering, poor pricing)
★ 18% failed because of pricing and cost issues. (Priced too High)
★ 17% failed because of a poor product offering. (no Unique or Unfair Selling Advantage)
★ 17% failed because they lacked a business model. (10x10x10)
★ 14% failed because of poor marketing. (cross-listing is awesome!)
★ 14% failed because they ignored their customers. (this is unlikely in our industry)
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