- Market Directly to the Consumer
- Party Plan
- Direct Mail
- Telemarketing
- Multilevel Marketing
- Television Infomercials
- Pay-Per-Call
- Internet
- Market Through the Government
- Market Through Distribution Channels
- Market Through Foreign Trade
- Market Through Specialty Channels
- Market Through Email
- Retail Stores
- Sales Promotion
- Media Outlets
- Entrepreneur Profile
- Start-Up Costs
- Operating Costs
- 20 Financing Approaches
- Choosing a Bank
- 4 Cs of Credit
- Underwriting
- Loans
- Equity Financing
- Extending Credit
- Equipment Leasing
- Venture Capital
- Angel Investors
- Personal Guarantees
- Bookkeeping and Financial Statements
- Entrepreneur Profile
- Tax Basics
- Income Taxes
- When To Pay
- Minimizing Taxes
- Home Business
- Travel and Entertainment Expenses
- Automobile Expense and Mileage
- Retirement Plans
- Medical Expenses
- Sales and Use Taxes
- Property Taxes
- W-4 and I-9
- W-2, W-3 and Form 1096
- FICA, Social Security and Medicare
- Unemployment Taxes
- Form 1099
- Payroll
- Business Tax
- Excise Tax
- Tax Tips
- Audits
- Business Insurance Agents
- Workers’ Compensation
- Property Insurance
- General Liability
- General Medical
- COBRA
- Directors and Officers
- Employment Practices Liability
- Errors and Omissions
- Product Liability
- Operations
- Business Interruption
- Disability
- Life
- Claims
- IRS Section 125
- Home-Based Business
- Entrepreneur Profile
- Nondisclosure Agreement
- Sale of Goods Agreement
- Sale of Specialty Goods Agreement
- Terms and Conditions
- Promissory Note
- Guarantee
- Corporation Articles of Incorporation
- Corporation Bylaws
- Bank Resolution
- IRC Section 83 Election
- Independent Contractor Agreement
- Employment Agreement
- Sexual Harassment Policy
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Stephanie Chandler
Author of The Business Startup Checklist & Planning Guide |
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ORDER NOW: The Business Startup Checklist & Planning Guide |
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Tom Severance
Author of Business Start-Up Guide |
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Joe Kennedy
Author of The Small Business Owner's Manual |
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Steven D. Strauss
Author of The Small Business Bible |
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People often debate the major causes of business failure. The following list from a Dun and Bradstreet survey is a good summary of specific causes:
%age - Cause
39.0 Inadequate sales
21.2 Competitive weakness
11.2 Excessive operating expenses
9.3 Collection difficulties
4.2 Inventory difficulties
3.6 Excessive fixed assets
2.8 Neglect
2.6 Poor location
1.4 Disaster
1.2 Fraud
1.4 Other
2.1 Reason unknown
Condensing the findings in the list, the two major reasons for business failure are:
- Inadequate market research before starting the business
- Poor planning and management
Don’t let these problems defeat you. Investigate, plan, and implement on paper before going forward.
How long will you last in your business? If you are curious, check the following list of average years compiled by the US Department of Labor:
Years - Occupation
24.8 Barbers
21.1 Farmers
15.7 Dentists
14.0 Pilots
13.0 Civil Engineers
11.8 Pharmacists
11.1 Chemists
11.0 Electricians
10.7 Physicians
10.4 Plumbers
10.3 Practical nurses
10.1 Lawyers
10.1 Truck drivers
9.3 Registered nurses
9.1 Managers and admins
9.0 Personnel managers
8.9 Industrial engineers
8.6 Office supervisors
8.6 Sheriffs
8.4 Financial managers
8.4 Psychologists
8.1 Insurance salespeople
8.0 Carpenters
7.9 Musicians
7.7 Lab technicians
7.7 Purchasing managers
7.6 Accountants
7.2 Data processing repairers
7.2 Health managers
7.0 Mail carriers
7.0 Management analysts
6.6 Computer systems analysts
6.3 Actors and directors
6.0 Real estate salespeopls
6.0 Reporters and editors
5.9 Teachers
5.8 Physician’s assistants
5.5 Public relations personnel
5.4 Financial products sales
5.3 Insurance adjusters/invest
5.2 Physical therapists
5.1 Advertising salespeople
4.9 General salespeopls
4.8 Computer operators
4.8 Computer programmers
4.8 Underwriters
4.6 Maids and housekeepers
4.4 Athletes
3.9 Bartenders
3.7 Car and boat salespeople
3.3 Receptionists
2.5 File clerks
1.7 Restaurant workers
1.5 Food counter clerks
Excerpted from Business Start-Up Guide © 2002, Tycoon Publishing