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Hurdles to Success for a Start Up Business

 

Key reasons why a business will fail

 

·         Poor distribution system

·         Lack of experience

·         Industry

·         Management

·         Lack of capital ($)

·         Lack of planning

Visit How to Start a Business for some great insights into how to succeed with a start up business and  learn how to overcome the causes of business failure.

 

Typical problems of a start up business

Lack of work

·         No reputation

·         Poor image

·         Poor marketing

·         Lack of selling skills

-        Selling made difficult by lack of confidence and lack of knowledge of capabilities, what is involved in job etc.

·         Lack of networks or networks not working as expected

·         Lack of clients for referrals, more work etc.

 

 

Prices too low

·         Hourly rate too low

·         Underestimate time involved

·         Lack of courage in billing

·         Write downs

·         Under quoting

·         No precedence

·         Poor systems & policies  (but don’t believe they are needed)

·         Staff structure (principal does everything and can’t charge appropriate rate)

·         Gross profit too low

 

Θ Charge Rate Calculator

 

Poor delegation

·         Maybe no one to delegate to

·         Take too long to employ someone

·         Doesn’t spend enough time planning work

 

Θ Task & Delegation Planner

 

Lots happening (though not always effective)

·         Place runs on adrenaline

·         Emphasis is on action

·         Candidates for stress

-        on self

-        on relationships

·         Loss of enthusiasm if success doesn’t come quickly enough

·         Good at Developing bad habits

 

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Channel XX

    

Contact details:  mindbiz@mindbiz.com.au     

 

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