SURPRISE! 95% Failure Rate – Small Businesses
What shouldn’t be a surprise is that the number of small businesses are currently seeing hyper-growth! There are millions of people out of work that are trying to figure out what their “plan B” is and that often means starting a small business.
Unfortunately, if 1,000,000 people start a business this year only 50,000 will come out victorious. There are several factors for these numbers but I think the biggest is the lack of knowledge and training, and an awareness of the best ways of improving the profitability of your small business.
“Old School” Vs “New School”
I started my first business over 10 years ago at the age of 21. I had a good idea - I asked all the people I knw what they thought of the idea and they also thought it would work. Many of my good friends and all of my family were encouraging about my business idea because they wanted to make me feel good about myself. But they weren't giving me honest feedback - perhaps not surprising really.
But I thought it was a good idea, I was encouraged to think that by friends and family and when it didn't work I couldn't figure out what I was doing wrong. Surely everyone needed this unique product/service - I bet many of you have been there yourselves - not understanding why you're not selling such a great product/service.
As I'm sure you have probably figured out I was not very successful at building my business using the old school approach. I worked my butt off for 16 months, spent thousands of dollars on products and training materials and produced a total of (drum roll please)…..ZERO profit for my business. Needless to say, I felt like a complete failure and I quit. At the time, I never thought I would start another business again.
It was not until early 2011 that I finally realized that anyone can be successful in business if they know how to market themselves using the internet. The philosophy was fairly simple. It is called Digital Marketing and the idea is to attract attention for your product or service from all over the web.
Needless to say, after applying this methodology and philosophy to my new business I started seeing tremendous results. Currently, my business organization is close to surpassing 200 employees! On top of that, I have increased my product offering so that I have spread my risk and have different income streams into my business.
If you are struggling to get your business off the ground you need to start applying online marketing methods to your business. Learn the technique and grow your business using the power of the internet. Yes, you still can build a business using the “old school” methods but why waste your time? There are millions of people searching the web every single day for leaders in every industry. Position yourself as a leader and start helping others all over the world with their businesses!
As more and more people start to realize that you can successfully build a business using the power of the internet you can bet that the 95% failure rate will continue to drop.