News & Posts

3 Reasons Why New Businesses Fail (and How to Avoid Them)
Tuesday, March 12, 2024 by Haines City News

Business development and growth is good for the local economy. Unfortunately, according to LendingTree, about one in every five U.S. businesses fails in their first year of business. To help you keep your own business on the right track, here are some of the most common reasons why start-ups fail and how to avoid them.

  1. Improper Planning
    You may have a great business idea, but taking it from the drawing board to reality requires a lot of planning. Without the proper strategies, you could find yourself missing a key piece of the business puzzle when you need it most.

    To avoid this pitfall, it is strongly suggested that you get help with your business plan. A mentor or another person who has experience running a small business can help you to consider things to include in your plan.
     
  2. Marketing Mistakes
    Marketing is an essential factor in any successful business. After all, how will people know about your business without marketing? Unfortunately, making marketing mistakes can cost you dearly.

    You must know your audience and choose marketing channels that are relevant to that audience. Poor marketing choices can come with serious repercussions, such as a lack of sales or poor brand reputation. Finding the right employees to strengthen your marketing department ahead of time can be a great way to get your business on the right track. Job training programs can help to boost your existing employees' skills or to provide new skills for new hires. According to Zippia, about 59% of employees believe that training is beneficial and improves performance.
    To get help now, connect with our partner CarereSource Polk.

  3. Inadequate Support
    Every successful business is successful because the owner has the right support. Business development takes a village, and you can't create your business all by yourself. Fortunately, there are organizations that can help to provide you with the right connections to boost business development initiatives. Haines City Economic Development Council is a non-profit organization designed to help business owners like you find the support they need. From job training programs to energy incentives, we can help you find the information you need.

    Getting help from people who want to see your business succeed will ensure you are taking every advantage that you can to get your business off the ground. For more information about our business development programs and job development programs, contact Haines City Economic Development Council today.


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