OK so we know that most small businesses fail within a short time but do we know why? There are several factors to look at here:

Unrealistic Expectations
Think you’re going to make millions quickly? Think its going to be easy? Get real, building a business requires hard work and it can take a long time to get ahead of the breakeven point.

Lack of Planning and Preparation
You can’t just dive in and start a business without a proper plan. Planning and preparation are absolutely essential if you are to have any hope of beating the competition. If you don’t have a plan and have some milestones to mark out the little successes along the way, then how are you going to make it?

Lack of Discipline
Have you got what it takes to work hard and to do so consistently? Will you make time to keep the paperwork in order and to ensure you keep learning about your business? Funnily enough, if you can get into an organised and disciplined mindset then the very business of being in business will become easier.

Lack of Marketing
Build it and they will come is nonsense. You have to advertise and get on to your markets radar screen in one way or another. Do you know how to get visitors to your website or callers on your phone? Have you factored the cost of placing ads and distributing your advertising material?

Quitting too Soon
Very much related to the above comments, too many business owners quit just before they are about to see the success. SOmetimes they even try another business idea from scratch and end up failing again. Again a proper plan and the discipline to see the work through is essential.

This is hardly an exhaustive list but these are perhaps the reasons most business fail - is your’s going to be the next failure or are you going to ensure you don’t fall in to these traps?