Feb 22, 2021
In episode 338 of Financially Simple, Justin looks at the main reasons that a small business will likely fail within the first few years.
Failure to plan is planning to fail, and never is this more true than with new businesses that start out without proper planning. In this episode, Justin lists the seven main reasons that small businesses don’t last more than a few years and offers solutions to overcome each of the issues.
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00:45 - 7 Reasons Small Businesses Fail
02:58 - Failure to Create a Business Plan
05:13 - Failure to Investigate the Market
07:21 - Financing Obstacles
08:33 - Poor Marketing Decisions
09:57 - Failure to Innovate
12:06 - Expanding too Quickly
13:11 - Poor Management
14:47 - Summary
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Host Justin Goodbread, Certified Financial Planner, Certified Exit Planning Advisor, Certified Value Growth Advisor. He is a serial entrepreneur, author, speaker, educator, Investopedia Top 100 advisor, and business strategist with over 20 years of experience. Justin owns Heritage Investors LLC, a registered investment adviser with the State of Tennessee. Heritage Investors only transacts business in states where it is properly registered or is excluded or exempted from registration requirements. This material is for general information only and is not intended to provide specific advice or recommendations for individuals. To determine what is appropriate for you, please consult a qualified professional. The Financially Simple podcast provides information, guidance, and support to Small Businesses in the United States.