Worst odds of success
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Worst odds of success

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This topic contains 1 reply, has 2 voices, and was last updated by Avatar of Anthony Anthony 4 years, 5 months ago.

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  • #6786
    Avatar of Robert
    flyboybob
    Member

    What type of new business has the highest failure rate? My uneducated guess would be a restaurant. Any real statistics to help guide a newbie away from a particular type of business.

    #7252
    Avatar of Anthony
    Anthony
    Moderator

    One of the main reasons that certain industries might have higher failure rates for small businesses is that the  business activity seems easy and self-explanatory. (You just cook food and sell it to people, right?) If the entrepreneurs involved are inexperienced they might neglect to do their market research, or their research could be inadequate.-Is the location you selected appropriate?-Is there a local market for what you are offering?-Are there a lot of potential competitors in the area?-Are you prepared to effectively advertise your business and get some name recognition? Restaurants are tricky because it can be quite difficult to develop a brand preference for your establishment, especially if there is a comparable service right next door. As with almost any endeavor, planning and research can make all of the difference. If you plan correctly and really throw your heart and soul into a business you maximize your chances of success.Another key to success is to know your own strengths and weaknesses. If you are an excellent chef with a flare for marketing, but you know you stink at bookkeeping, then hire a bookkeeper before things get out of hand.

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