Starting a business is a great
idea. Everyone wants a flourishing business. When you see your neighbor doing
so well in his business, you cannot help but to envy him. You begin to
think about establishing the same kind
of business, if possible, in the same location. You source for capital for that
purpose. At this point you feel you have all it takes to start on a good note.
However, the truth comes out,
rather shockingly. Business is slow, as against the flourishing one you had
dreamed of. After two years or so, you are neck deep in debt. Paying the rent
and overhead become a big challenge. Gradually, you make up your mind to shut
down the business. Well, here are some of the prominent reasons, maybe unknown
to you, that were responsible for the factors that led to final close down:
1. Not
enough customers or patronage. Whether you like it or not it takes some time to
grow your customer base. Never you think that just because you opened a new
business, that customers will automatically patronize you. It is a process, you
have to woo your customers. In truth, they already have someone they patronize,
so they don’t have enough reason to check yours out. To succeed you have to woo your clients like a lady.
Also you have to learn how to outsmart the competition
Also you have to learn how to outsmart the competition
2. Your expectation was too high. You expected the
business to generate as much profit as possible. This too is a process.
3. Your
business is rather new. Potential customers need time to know and understand
you before they can bring any business to you.
4. You
relied heavily on the business to pay all your bills. You probably spent all
your profit and even chipping away your capital. This is risky for your infant
business.
5. You
probably lack the necessary skills to grow your business
Please drop your comment below,
if you had experienced this problem.
07031384722 for business consultation
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