Life is pleasant when you find that little, local shop that speaks your retail language. It may be a place that offers unique one-of-a-king clothing that helps you express yourself, or it’s the comforting gift shop with the quirky owner who always seems to have the best gift recommendations. It’s that restaurant hidden in the middle of the block that makes the most authentic cuisine.
These are the places that hold the soul of the community. These are the places that mirror back the diversity and culture of a community. Without them, cities and towns are as bland and sour as a bowl of plain yogurt. No flavor, no fruit.
Are you familiar with the statistics of small business? Here is the latest.
According to data from the U.S. Bureau of Labor Statistics, about 20% of U.S. small businesses fail within the first year. By the end of their fifth year, roughly 50% have faltered. After 10 years, only around a third of businesses have survived. Surprisingly, business failure rates are fairly consistent.
If you are a small business owner, here are are some things you can watch out for, based on my own observation of small businesses.
Failure to serve others. Many times a business owner come sot the business with thrown ideas. This is the wonderful starting point for a business but to thrive, a business owner must look beyond to serving others.
Failure to focus. Many businesses owners are idea people. They have a big vision and fantastic creative ideas. If you are this sort of person, in order to succeed, focus. Start with one thing, one idea. Line up your ideas like a string lights. Light each bulb, one at a time.
Failure to do the work. Perhaps the biggest cause of businesses closing is a failure to do the work. This is not criticism. There are many reason that can hinder a business owner from being able to focus and get the job done. The point here is the opening ams all business is hard work. Lots of work. Lots of long hours. You wear all the hats - manager, plumber, inventory control, cashier, merchandiser - you get the picture. As a business grows there is opportunity to hire and relinquish jobs. However, at every stage, at any size, it’s a lot of work.
Failure to fail and learn. Don’t be afraid to fail. You’ve heard it before. It’s worse to not try at all. Try and fail. See what went wrong, correct it and move onto success. There is much opportunity in failing. Many times it’s where new discoveries are made.
Failure to plan and execute. Because of my background working in non-profits, Im not a big supported of long written business plans. Im a fan of the one page business plan. Here’s why, If you can plan and execute that one page, you will do more in a year that someone who is tackling that verbose business plan that says everything and at the same time nothing at all. Be concise, be specific. Plan. Outline deadlines, and execute. that’s it.
Now back to yogurt. Next time you go to the grocery store, look at all the yogurt flavors and varieties. Does your town have this many offerings? Is your community this diverse? Vibrant, diverse towns are full of flavor and deliver on satisfaction, community, sense of belonging and more. Small business is so important to the little Main Streets across America. Let’s help each other avoid the failures above and grow and support small diver businesses on every street.