:) asked in Business & FinanceSmall Business · 3 weeks ago

How do you ensure your business succeeds?

Many people will open businesses, and it flunks. Some people don’t even advertise their business and expect it to succeed. Wouldn’t promoting your business and advertising help you not go out of business? 

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  • 2 weeks ago

    You can do everything right and spend $10,000 a month on advertising and still fail.

    Ask the guy who opened up what he hoped was going to be a 'Michelin Class' restaurant and  2 years later ...and after rave reviews by the best restaurant critics....went out of business because a pet crematorium opened up next door. 

  • 2 weeks ago

    It depends a lot on what your business IS. Sometimes advertising saves you from going under, but if you are trying to promote something no one wants, you can spend all the money on ads you can find and still not make it. 

    There's really not enough information here. Yes, ads work in some cases. In others, they don't matter much. And businesses fail for more reasons than simply not being advertised. Most home businesses or new businesses are foolish with their spending and their expectations. They think that they have a great idea--but it's not so great. Or they over-invest in equipment, or stock, without having a sales-record to back them up. Or they are simply idiots about what money they are spending. There's no one reason a business fails. It's lots of things. 

  • 3 weeks ago

    Before you open your business you sit down with your lawyer or your CPA and you develop a detailed business plan that projects profits and losses (and expenses and income) for the first 10 year of the business.   You then do market research to determine what, if anything is out there that could conflict with your business.

    (Example - you want to open a high end fashion store in an area that is currently being developed.  You research a little and discover that the developers are planning to put in a lot of 'high end' single family homes as well as upscale apartments.  You talk to another developer who is leasing retail space in a shopping center across from the development.  THEN ...just before you sign the lease you read an article that says the state is putting an 8 lane expressway between where you want to rent...and where your customers will be....AND because of that customers will have to drive 6 miles to get to a street that crosses the expressway and then 6 miles to get back to your shop.  And that is instead of just walking or driving 4 blocks.)

    That is something that can put you out of business BEFORE you start.

    And a decent business plan will have advertising costs built in.

    So the work you MUST do to ensure your business succeeds happens BEFORE you even open...advertising is just a tool to KEEP you open.

  • 3 weeks ago

    You are correct about the advertisement, sometimes a small business can make a lot of money and they don't reinvest back the money into the business to keep it going. Such as advertisement you suggested. If you are thinking of advertisement, make sure yours has something different then the competitors. Edit it to make it look different, maybe even speak with the manufacture to make adjustment to the product, base from people reviews of what they like and don;t  like. Remember that the ad should somewhat come off like, this should help make their life easier, not in a way wanting to take their money. 

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  • 3 weeks ago

    If only it were that simple.   The reality is that business owners are not in control over every single variable that is going to influence whether or not their business succeeds or fails.  Nothing is guaranteed.  A business owner can do everything right and still fail.  

  • 3 weeks ago

    it can be an additional cost and you are not always guaranteed to hit your target audience. some people just advertise by word of mouth.

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