Have you seen or read about a business owner or entrepreneur who had a great start but failed within 18 months? The other day, I met a client who narrated how he had started his new business with $50,000 he saved from his paid employment and within 9months, he was broke.
Ben Label in a recent article said that 55% of small businesses fail in their first five years. In fact, in the last 5 years, a whopping 8million businesses have failed and I think that figure is alarming.
In this post, I will be telling you why business owners and entrepreneurs go broke. I have seen business owners with bright prospect fail.
I try to learn from people’s mistake. Isn’t that the best way to learn? Yep! It’s the best way to learn. I’d be a foolish business owner if I make the same mistake that someone else made.
So, are you ready to find the reasons why business owners and entrepreneurs go broke? You set….
They go broke because they did not have enough money. Sounds stupid? Here’s what I mean.
The majority of business owners and entrepreneurs went broke because they didn’t have enough money, they didn’t have enough money because they don’t have enough profitable customers.
When you don’t have enough customers, how do you make sales? If you don’t make sales, you will be broke. If you are able to drive enough revenue to your business, that revenue will take care of other causes of business failure.
As a business owner or entrepreneur, if you don’t want to fail. You must focus your energy on driving enough revenue into your business. It’s one thing to acquire customers and another to sell to them, but it is yet another thing to be able to acquire customers at a profit.
If you want to build an unstoppable business, you need a sales system in place. You need to know how to make people buy what you sell. A sales funnel will help you drive leads, sales, and customers to your business.
A good sales funnel will help you continuously drive revenue into your business even while you sleep. Every successful brand including Mcdonalds, Apple, all have a sales process/funnel.
One sales funnel we created for a client continuously generates $200,000/month for him. It’s a simple 5 step sales process and you can read it up. Do you think our client can go broke? That’s how to build an unstoppable business.
Anyway, I have a good news for you. I want to help a select few business owners and entrepreneurs build a sales funnel personally. I just recently launch a FREE program called ULTIMATE SALES & MARKETING FUNNELS (USMF).
It’s a free service.I and my team will help you plan a water tight sales funnel. You won’t pay for this service. It’s FREE. CLICK HERE to get all the scope.
I will like to hear from you. Why do you think business owners and entrepreneurs go broke?