So your business is failing and you don’t know why. Well you have come to the right place. I am going to detail the 5 reasons why most businesses fail. Most of these things have to do with the CEO or the founder of the business or side hustle. So buckle up and hold on this ride might hurt you a bit, but on the other side you will be better off.
Not Solving a Need
The best side hustles or even the most profitable hustles are always ones that solve a problem. When other people have issues, the ones that solve them first are usually the ones that make the most money. So if your side hustle isn’t solving a problem maybe you should reevaluate.
This is especially good when you are wanting your side hustle to become your main job and source of income. When this business starts to take off you will need to make sure that you are always fulfilling a need of someone. This will make it sustainable.
Short Term Thinking
You ever wonder what happens to some people who have a lot of success very fast in their side hustle. They tend to fall off as quickly as they rose. This happens because they are too focused on the short term when it comes to their business.
I will use the saying that 50% of restaurants fail in the first year, and 50% of the ones left will fail in the next five years. You don’t want this to be you, so make sure you are both living in the now but planning for the future.
Give Up too Soon
This is probably the hardest one to overcome. A Lot of people quit right before their big break is coming. When you keep putting in the work over and over and still don’t see any gains it can almost be demoralizing.
You’re putting your time and effort into something that isnt working out for you, so why would you continue? If it was easy everyone would be doing it, everyone gets tired of doing it so they just quit but if you want to bring in money in your business you have to push forward. It’s a lot of upfront work to reap the benefits later.
Trying to Copy Someone Else
I see this a lot our business. People will try to copy their mentor or someone that they follow online to the T. Sometimes this works out as you are just hopping on the train with others. But the thing about it is most of the time you aren’t gaining anything when you are copying someone.
You are just a follower, most entrepreneurs are leaders and when your business hits a tough time you need to be able to grow and adapt on your own. That is why you should take advice and counsel from those who are in the position you want to be in. But make sure you do it your own way and tread your own path.
Not Passionate
I separated passion from giving up too soon because it’s the driving factor that is going to help you stay vigilant when the times get tough. If you are not passionate about your side hustle or business you should not even start it. If your only goal is to make money then you should not start.
Your passion is what is going to push you to continue moving forward even if you are losing money. But your passion is also going to help you find ways to change and adapt to help your business grow. But out of the list of priorities passion would be the number one thing you need to have to ensure your business doesn’t fail.
Rob’s Opinion
Figuring out why your business is failing could help you turn it around. But if you are finding yourself between a rock and a hard place then some of these things will help you turn over stones to unlock the key to a growing business. If you have any questions just comment them down below.
If you are looking to make a quick buck there are thousands of ways to do it. But the most important thing is that you build something sustainable that will pay you for the rest of your life. To be put years ahead of everyone else, head over to my Wealth Building Playlist to find out how.
