Top 4 Reasons Small businesses fail

So, you’re looking to start a small business. I’m gonna give you the top 10 reasons why small businesses fail, and we’re gonna get into it right now.

(warm instrumental music) All right, it is Damian, and this is Marketing Food Online, the premier food entrepreneur channel for YouTube. And if you’re not a subscriber, you’re brand new to our channel, welcome to Marketing Food Online.

We cover everything you need to know to get a food product or food business up and running. Now, I’m gonna do a video which I normally don’t like to do, negative videos, (laughing) or to talk about or discuss negative things in general.

So, I always try to stay positive and give you something that you can definitely as useful information and tips here on my channel. But these are actually, believe it or not, going to be positive in a way.

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I will present them in a negative way because they are actually what you need to not do in order to be a success. I’m gonna give you 10 reasons why small businesses do fail, but I’m gonna talk a little bit about how to be a success doing it, even though these are things that could potentially snag your goal or your dream of having a food business or just any small business for that matter, but of course we particularly talk about food businesses here on Marketing Food Online.

So, I’m gonna go from 10 down to number one. You definitely wanna take some notes and grab a pen or paper if you haven’t, or you can just watch the video more than once. That would be fantastic as well. So, lemme go through this. And of course, as you may or may not know, I am an entrepreneur. I’ve been doing my own thing, if you will, over for a decade now. I’ve been in the food business and the food industry for well over the majority of my life, about 25-plus years.

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I’m actually 43 now, as of a few weeks ago. So, I’ve been doing this for quite some time and I definitely know what I am talking about when it comes to giving you guys advice. And I always try to just get to the point and keep it short and sweet. So, what I have learned so far about doing this type of a business, I’m gonna give you 10 of them, 10 things you may want to avoid.

So, I’m gonna present them in a way that’s gonna give you a chance to maybe bypass having to go through that experience it. Now, the one thing I will admit about being an entrepreneur, you need to actually just do it. You need to just become an entrepreneur. When you wanna start a business, you just need to start it.

Now, yes, there are a few steps and a few things you need to maybe research and find out first, but there are a lot of people I’ve talked to over the years that wanted to start a business and haven’t started one, but they always discuss and go over this idea of planning and planning and researching and researching, «I’m gonna check into it a little bit more,» and they spend two or three years researching and they still haven’t done nothing.

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They haven’t started anything. They haven’t incorporated. They haven’t even got themselves a business license. These are really simple steps, but they’re very powerful steps because once you begin to do them, then you begin to take action towards the goal of actually being an entrepreneur instead of researching about how to be an entrepreneur.

So, if you wanna start a business, my first-off advice to you is to just get started. You can research it as you go along, but please do yourself a favor and take some actions and steps towards actually becoming an entrepreneur instead of talking to a lotta people about what you may want to do and what I wanna do and what I wanna be down the road, because, guess what.

Today’s the only day you actually have in this life. You have only this moment. And if you don’t make an action, you can decide to do a lotta things, you can talk about a lotta things, you can think about a lotta things. But if you don’t actually do something, well, then you’re not making any steps towards becoming anything, to be honest with you.

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You’re just going to work your job like I did for over 20-some years, and I definitely wish I started probably about 20 years earlier, but I didn’t. I wanna stop rambling and get focused here. Number 10: Planning. Okay, so now, as you may or may not just heard, I talked about don’t over-plan, but it is a good idea to have a business plan, have some type of idea about what it is you wanna make or what type of food business.

Now, when you talk about food business, that’s a pretty broad concept. That’s not very specific and it’s not very to the point because you could open a restaurant, you can have a cafe, you can create a food product. So, food business is kinda broad, so planning and having a business plan, number 10.

People who lack that, if you do not sit down and kind of plan out, at least have an idea of what you want to do, how you could potentially get there, how are you gonna fund it, basically the vision you have in your head. Or if you don’t have a vision, that’s fine.

Maybe you’re still working on it. But writing it down and at least getting some type of a grid-work, if you will, infrastructure on paper of how you want a business to be. It’s gonna give you a great opportunity to see it in black and white and you can see it in text and you can read it and have something tangible that you can look at.

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