The Hardest Part of Business is Staying in Business

I know lack of capital is the reason some people have not been able to start their own businesses, but then, we also have people who had the capital and still ended up shutting down after a few years. Starting a business is easier than maintaining one.

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I have seen a lot of businesses close down for one reason or another.

A woman started a drinks business, selling in wholesale quantities. Within two years, she got tired of everything and decided to quit. She complained that there were not enough customers, retailers were making more money than she was, and she constantly had to worry about products expiring.

Just today, a lady shared the story of how she started and left three different businesses within six years.

It is not really easy until you start one yourself.

This is why I always look differently at people who say that lack of capital is the only thing stopping them from becoming successful. You can have the capital and still fumble it because some things are simply beyond your control.

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Reasons why some businesses fail in this era:

Aesthetics Over Goods

Some of us have come across videos on TikTok where people rent expensive shops and spend millions decorating them, only to end up stocking goods worth less than the amount they spent on rent, decoration, and their CEO's chair.

This is one of the biggest killers of some businesses because they care more about appearances and how people see them than about selling products and making money.

Sometimes, too much aesthetics can even drive potential customers away.

A good example is a mini restaurant and a local “mama put.”

In certain locations, a mama put is likely to sell more food than a fancy mini restaurant because people assume the food will be cheaper. Many people may not even enter your beautifully decorated restaurant because they automatically believe the food will be expensive.

This is one reason why one person can make a lot of money from the food business while another person struggles with the same business.

Competitors

In my area, we have four people selling the same product in the same location.

This alone creates a challenge because they all have to share the same customers. It can never be the same as having a single seller serve the entire community.

And in some cases, competitors go to extreme lengths to force their rivals out of business.

Management

This is something I always advise people close to me: if possible, manage your business yourself because no one will take care of your business the same way you would.

Many businesses have failed due to poor management and dishonest or greedy employees.

Some workers do not care about the growth or success of the business. Their focus is simply on what they can gain from it, even if it means stealing from the owner or causing losses along the way.

This is why business owners must be ready to monitor and supervise their businesses closely. Delegating responsibilities is important, but completely abandoning the day-to-day running of your business can be risky.

Good management may not guarantee success, but poor management can destroy even a promising business.

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