In Australia, as much as 97% of all businesses fail. According to the Australian Bureau of Statistics, more than 60 percent of small businesses fail just in the first three years of their operations. That’s a scary statistic for hard-working individuals that are starting or have started their own businesses.
Here are some of the key reasons why businesses fail:
- Starting a business for money only
- Being in the wrong business for the wrong reasons
- Not focusing on the right things
- Lack of passion & excitement
- Choosing to do the easy things, not the right things
- Not being prepared to be wrong
So, what can you do to avoid becoming a statistic? Here are some basic ideas:
- Do your research and due diligence
- Seek advice from experts (e.g. financial adviser, accountant, business coach/mentor, etc.)
- Be in the right business for the right reasons
- Embrace change and learn to adapt
To be successful in business, you must be willing to do the things the others are not willing to do. You can unquestionably learn the skills you need to build a successful business.
Are you willing to do what it takes to build a successful business?
Make an appointment to speak to us today, you’ll be delighted you did.