Become A Small Business Success Story

DID YOU KNOW that more small businesses fail than survive over a 5 year period in Canada? That’s according to this Statistics Canada report. (PDF 610 kb) South of the border in the United States it doesn’t look any better. According to the Small Business Administration, after a 4 year period only 44% of new small businesses survive. You have to wonder, with these kinds of odds, why any entrepreneur would even try to start a small business.

Being armed with the knowledge of WHY most new small businesses fail would certainly take some of the anxiety out of starting your small business.

3 Reasons Small Businesses Fail
Well, there are many reasons why one small business will fail and another will find success, and all of those reasons can be distilled down to 3 key factors:

  1. You’ve overestimated the need for your product or service

  2. You’ve underestimated the amount of money you’ll need to get your idea up and running

  3. You failed to connect with your potential client in a meaningful way

BigShots Marketing® can help you with # 3!