As the SmallBizLady, one of the saddest things in the world to me is to see a small business go out of business. To drive down the road and see small businesses with “For Rent” or “Everything Must Go!” signs in the windows of their establishment. My mission is about empowering you – giving you the valuable information you need to avoid small business failure.
So, in today’s episode, I share why so many small businesses fail and what you need to do to avoid this fate. I explain why it’s critical to remain flexible and coachable throughout your business journey and how it impacts your ability to stay in business as well as lead your team. I discuss the importance of identifying your target customer and why your existing customers are often the best way to increase your revenue. I also discuss the importance of knowing your numbers, hiring the right support team, and learning how to sell your products or services to ensure you’re building a successful business.
“At the end of the day – small businesses fail because people fail to plan.” – Melinda Emerson
Listen to the podcast below:
Here’s what you’ll learn on this episode:
- Why it’s okay for your business to pivot and evolve
- How being flexible and coachable impacts your business success and your ability to lead your team
- Understanding what it really means to be the boss of your company
- Why you need to be passionate about the business you want to start
- The importance of doing your homework before starting a business
- The value of niching your services and target customer
- Focusing on your existing customers
- Leveraging your attorney and accountant as business advisors
- The importance of frequently reviewing your business plan
- Budgeting your startup capital
- Knowing and understanding your numbers
- Hiring the right support team
- Why being afraid to sell can be deadly for your business
- The difference between marketing and sales
- The importance of spousal and family support to your success
Your SmallBizChat Action Point for the Week:
- Make sure you know why you are starting your business.
- Focus on a specific customer base.
- Keep in touch with existing customers.
- Make financial decisions based on up-to-date financial information.
- Make sure you learn to sell or hire someone to sell for you.
Want to hear more episodes of The SmallBiz Chat Podcast? Subscribe on your favorite platform so you never miss an episode!