What to do if your business is a miserable failure
I’ve been told by a successful businessman that in order to earn a million bucks you’d have lost more than a million in the process. Creating your own business at a young and impressionable age can and will prepare you for life. It’s a time for growth, learning, and for making mistakes that you probably can’t afford to make when you’re older. These same mistakes will pave the way for your success.
To fail miserably means that you didn’t think of what you were doing – not before and certainly not during the endeavor, that you have money rolling out instead of in, and that you’ve lost your entire customer base.
If you didn’t plan in the beginning, you’re most likely floundering at this point. Don’t ever ignore your limitations or lose focus. From the onset, doing a bit of market research can give you the extra edge and save you pains in the future. Justify the need for your services or your products. Keep a list of at least three critical skills and the level experience you’ll need for your business to succeed.
Business is supposed to be about profit. If you’re financing with debt as opposed to equity and if you’re operating at a loss, you know that you have a big problem. Track your money; that includes financing your inventory and receivables as well as managing your credit. Young businesses will find that expecting suppliers and customers to pay early isn’t a reliable practice. Always borrowing money to pay your suppliers is a sign that you’re running into financial trouble –if you aren’t in it already.
Your customers are always right. Complaints from them mean that you aren’t meeting their needs. If left unaddressed, they will turn away from you in droves. Work on your relationship with them –your business relies in their interest and patronage.
But take heart.
Miserable failure, as it happens, is your best teacher. It’s best to know exactly what led you to that point; the most important part lies not so much in failing, but in getting back up on your feet. This includes knowing what you could have done differently to have cut your losses. Remember, wisdom is derived not only from what you’ve learned from blundering but from what others can teach you, including those written or found in books.
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