Why do businesses fail? Many are because of financial matters; not enough capital, debt repayment, economy, mis-management…..
Have you ever had a business failure? Is your business failing? If you can sit back and think about it objectively… you may figure it out.
I had a business that failed. I had been working for a company for 10 years and all of a sudden, my pay got cut in 1/2 and my quota tripled. I had 90 days to change a whole department of 12 and turn it around or else be fired. I had a couple of other choices; continue, transfer to another position, or just leave.
ALL BOLD STATEMENTS WERE BAD CHOICES.
After a lot of thought, prayer, and anger I chose to go into business.
I was able to get the loan, I had credit. I had no capital except doing a 2nd on my mortgage.
I trusted a company who was in the business of selling franchises. But they had other businesses around the country who were successful and said that it was a great business. I later found out they were being paid to give a testimony.
After 2 weeks and of training I had a mentor who left to go home early during my training. The next week he quit. I called the company to see who my new mentor would be; they said, “Your doing fine you don’t need one.
I could go on and on. The bottom line is I made the choices. I now have to pay the consequences for these stupid mistakes.
Don’t do this. If you are going to go into business use some good practical advice and seek counsel, do your homework, don’t rush into it, and make sure you have money in the bank to live on while you are getting started.
For more information on this topic refer to an article called, “So, you want to start a business”.