Why is my business failing?

89% of Startups Fail, WHY?

What can I do to STOP my Business Failing?

Most start ups, micro business owners & entrepreneurs think they’re building the next big thing, how they are going to change the world with the that one solution that everyone wants and needs?

REALLY!

In reality, over 89% of them fail, they fail to take the correct actions before they cant stop the inevitable from happening.

I’ve worked closely over 40+ startups or micro business owners, and have seen them become successful and seen then fold.

Combining that experience with my current work with startups entrepreneurs & business owners, it gets clearer and clearer you CAN build the kind of business that does highly meaningful work, you really enjoy the process AND make money doing it.

• You CAN solve huge problems and make other people’s lives better.
• You CAN turn your ideas into reality, and it’s completely within your control.

However, most people fail because they make mistakes they could have prevented.

Once you’re aware of those mistakes, you can pursue success by averting them. Preventing them will allow you to work on things that actually create value.

Want to build a successful startup?

Here are 3 Mistakes to look out for and possible solutions!

• Mistake 1:

Focus only on building & survival and not on the customers needs

“People do not care how much you know until they know how much you care.”

The problem

Your one and only goal should be to solve a meaningful problem FOR OTHER PEOPLE.

This is crucial, because 48% of startups fail because they didn’t solve a market need, they never truly done the pre-work required to understand the customer’s needs, wants and desires.

They failed because they didn’t put others first, what do people really want,

Like the Spice Girls used to say “Tell me what you want, what you really, really want” & Then go get it.

What generally happens is this:

A founder gets an idea >> builds the solution tries to sell it >> nobody buys the solution >> the founder runs out of money >> the startup dies.

The solution

There are no facts inside the building. You need to talk to users as much as you can to move forward, even if that means doing things that don’t scale.

No business was built on nice-to-have features. The most important thing is to make your customer more successful by solving their biggest struggles, challenges and frustrations. Something nice-to-have won’t lead to a big business.

No plan survives its first contact with the market, in fact my first ever business plan took me weeks to write and days to drop. So don’t spend months drawing them up. Take 10 minutes to put your ideas on a business model canvas, and go test them. Then once you have a validated business, think about where you what to take it, what is the ultimate goals.

The only way you’ll be able to grow your startup is by combining building with user research. By embracing feedback, you open yourself up to enormous success you’ve never seen before.

Want to build a successful startup?

You have to know what makes your solution valuable for others.

• Mistake 2.

Lack of Focus & Direction

“Lack of direction, not lack of time, is the problem. We all have twenty-four hour days.”

The problem

This one is really easy. If you find yourself doing one of these things without knowing if it will actually work or make a difference, STOP!

STOP:

Networking. Seriously… Who are you networking too and for what, WHO are you target market, ARE THEY even going to be there?

Recruiting a board of advisors WHY! Get your solution and customers correct and then look at coaching or another form of accountability.

Doing partnerships without proof of extra revenue, what are you or they actually binging to the table? Collaboration is great, but ensure its where you what your business to go.

Spending time on PR and social media before knowing you’ve got the right product for the right customer, (it’s like burning time & money), I know, Iv done that been there and failed.

These are the silent killers of the potential of your startup, the success relies heavily on you knowing what your customers really, really want and then making then aware your are there (branding)

The solution

Basically, the only two things you need to focus on when you’re in startup phase is:

1. End Users (Your Customers)
2. Your Product (The Solution)

The only way to stay on track as a startup is to develop the product and talk to users. You just don’t have time to get caught up in other things.

Want to build a successful startup?

Stop spending all your time doing stuff that doesn’t drive value to you or your business, get out there talk to your customer and create the product or solution they REALLY REALLY want!

• Mistake 3.

Being a One-Person Team,

“Individuals don’t build great companies, teams do.”

The problem

Most successful entrepreneurs around, says there are three essentials things to create a good startup.

1. Good people
2. Make something customers actually want
3. Spend as little money as possible but if you need to spend it, spend it on marketing!

Marketing once you know your customer is so important to your business, in fact its is thee most important part to growth, get this part correct and you not only drive branding but continue to fill your sales funnel.

My advice to each start-up, entrepreneur or founder is this: find AT LEAST one person from a different discipline to join you or advice you. Someone that can hold you accountable for your actions & plans. Get a coach or an trusted adviser someone who will not only push you when needed but help and advise.

Because if you’re with good people from the start, making something your customers actually want becomes 100X easier.

I have an incredible business partner & she happens also to be my wife. Yes I know "HOW" right, well it just really works. With my Mile high vision Growth Mindset view of things, I sometimes need pulled down to reality when it comes to FOCUS. I live and breathe goals setting & planning and hold myself accountable every single day, with that little extra bit of help & accountability from my business partner. It really keeps my focus on what I want, what I REALLY REALLY want and my WHY.

Want to build a successful startup?

Don’t be a one-person team. Find someone to hold you accountable or get yourself a coach, but always make sure you do your homework.

·     Do they have credibility

·     What can they bring to the table

·     Check that they can do what they say they can do, Recommendation, Testimonials, Referral’s from someone who has achieved results whilst working with them.

In Conclusion

“All I Want To Know Is Where I’m Going To Die So I’ll Never Go There. “

89% of startups will fail. The entrepreneurs and business owners behind them will continue fighting huge wars for average results.

That doesn’t have to be you.

Have a vision, write your goals, make a plan and then take action!

Success Habits coupled with flexibility provide you with a path to success. Success is fluid and so rigidity will stand in its way.

James Fleming

Founder & Owner (The Success Formula)

The Power Within Training & Development

[email protected]