Whether the business is a franchise, existing business or home business, there are absolutely things that happen (or do not happen) that cause business owners with the best of intentions to fail. The most prominent reason a business fails is that the business quits before they allow themselves enough time for success. Anticipating immediate results in any business is a recipe for failure. Expecting immediate return on any investment is unrealistic and makes for an unhappy and unproductive business owner.

Under capitalization is a key factor in the downfall of any business. Beginning a business without sufficient capital to fund marketing, office space, and any other costs associated with beginning a business is similar to building a house without a foundation.

Lack of a business plan is simply not prudent. Make one and then keep a magnifying glass on the business. Measure everything and keeping a close eye on a day-to-day basis is crucial. Without measurement of the business, it is not possible to manage it effectively.

Not advertising or not promoting the business in the appropriate markets can be quite detrimental to any business. It is important to evaluate where the key market is for a business and focus on that. Re-evaluation of the current market trends as well as results from marketing efforts on an ongoing basis is crucial. It should be noted that some business owners have a difficult time with self promotion.

Quite often businesses that are not successful get bogged down with the details of the business itself. There is a measureable difference between motion and results. Being busy in a business does not make it successful.

To be a successful business owner requires long term vision for the business and focusing daily on results-oriented activities. Most importantly a business owner must have a determination to never give up.

Giving up is truly the only way a business can fail!

Nancy Adler is an Author, Inspired Coach and Mentor, and Business Owner in the arenas of Personal Development and Business Development.
Source: RedHotFranchises.com