70% of small businesses fail OVER TIME
20% of small businesses fail in their first year
30% of small business fail in their second year
50% of small businesses fail after five years in business
Finally, 70% of small business owners fail in their 10th year in business.
The Good News
Women-Owned and Minority-Owned Businesses are Increasing and Thriving
#1 An Airtight Business Plan & Enough Capital to Operate
Research, organization and proper planning are everything. But being realistic about how much you will need the first year will help you survive.
#2 The Ability To Identify A True Market Need
Is this a passion project or is there a need for this product or service? Does it solve a problem? If it really doesn’t, people won’t buy into it.
#3 Being Able To Calculate Profitable Pricing
Pricing too high or too low can bring different problems.
#4 The Right Team
You will need a team of people who are unified in the goal of the business and have a diverse set of talents to carry through all the different aspects of business.
Competition is an obstacle in every industry but the ability to adapt and find the unique quality of your product or service will set you apart. Thinking outside the proverbial box helps, too.
#6 DIGITAL MARKETING
You need to create awareness for your brand. You need a website. You need to optimize that website with effective SEO strategies. You need social media. A website helps you build credibility and a reputation for your brand.