• Survey
  • Book Becky to speak
  • The book: Small Town Rules
  • Shop Local video
  • SaveYour.Town

Small Biz Survival

The small town and rural business resource

A row of small town shops
  • Front Page
  • Latest stories
  • About
  • Guided Tour
  • Subscribe
  • Privacy Policy
  • Contact
  • RSS

Gear Up for Small-Business Success

By Glenn Muske

Photo (CC) Chris Potter, on Flickr via stockmonkeys.com

Photo (CC) Chris Potter, on Flickr via stockmonkeys.com

Going into business is a huge commitment. It is a commitment of money, time and mental stamina.

Yet for all of the commitment that a business owner might put into it, he or she has no guarantee that any small business will succeed.

Achieving success is the goal, but finding it is the challenge. Besides requiring so many quantifiable elements, the unknown always comes into play.

To increase an owner’s chance of success, he or she needs to understand some of the common business drivers.  Business failures have some common threads.

The most common reason for a startup being unable to stay in business is the owner not knowing his or her market.

This often is referenced as building a solution and looking for a problem. As a business owner, you need to understand what the client needs.

However, this may not be what the clients say they want. Getting to the real problem may require some digging and observation before you understand the problem you need to solve for your client.

Related to the idea of understanding what the market needs is the whole issue of entering the market at the right time and making sure potential clients know you exist.

Your marketing efforts must be focused and provide a reason for the client to come to you. They also must be ongoing because people forget. Finally, you need to use all of the tools in your marketing tool chest. As you learn more about what the most effective marketing tools are, you can focus your marketing campaign.

Fiscal issues are another reason for business failures. This is not just one issue but a range of things from cash-flow problems to pricing issues to cost control management. Another is the inability to get the financing you need to get started and keep you going through those first lean years.

In terms of your product or service, businesses close when the product doesn’t perform as promised or when a competitor just does it better.

A related issue in the area of performance is being responsive to change in what consumers want or what competitors are offering.

An issue that comes into play, often as the owner hits hurdle after hurdle, is the lack of passion to see things through or burnout when you just can’t find the stamina to keep going. Knowing the hurdles can help business owners realize they are not the first people who have reached that point.

Starting a business is not easy. Yet getting one up and running is so rewarding. And it can be done with planning and perseverance.

  • About the Author
  • Latest Posts

About Glenn Muske

Glenn Muske is an independent expert on rural small business, working as GM Consulting – Your partner in achieving small business success. He provides consulting, and writes articles for county extension agents and newspapers across North Dakota. Previously, he was the Rural and Agribusiness Enterprise Development Specialist at the North Dakota State University Extension Service – Center for Community Vitality.
  • Change - December 26, 2018
  • Regular Customers Form Your Base - December 12, 2018
  • Disasters: Is Your Small Business Ready? - December 5, 2018
  • Business Startup: Steps to Remember - November 28, 2018
  • HAPPY THANKSGIVING FROM SMALL BIZ SURVIVAL - November 21, 2018
  • Finding a Business Idea - November 14, 2018
  • Does Your Networking Have Punch? - November 7, 2018
  • Build Tomorrow’s Community Business Sector - October 24, 2018
  • Are You Changing? - October 17, 2018
  • Is it really a deal? - October 10, 2018

January 8, 2015 Filed Under: entrepreneurship, Small Biz 100, success Tagged With: entrepreneurship, failure, small business, success

Wondering what is and is not allowed in the comments?
Or how to get a nifty photo beside your name?
Check our commenting policy.
Use your real name, not a business name.


Don't see the comment form?
Comments are automatically closed on older posts, but you can send me your comment via this contact form and I'll add it manually for you. Thanks!

Comments

  1. CentralBOS says

    January 21, 2015 at 2:26 pm

    Starting a business is a difficult thing to do. Your points are so true! Knowing your market, taking fiscal responsibility and being responsive to change are the most important parts of creating a success and staying successful. Those involved in small businesses have to wear a lot of hats and to do so a lot of work is involved. It is important to know your strengths and when to ask for assistance to make your business better.

Howdy!

Glad you dropped in to the rural and small town business blog, established in 2006.

We want you to feel at home, so please take our guided tour.

Meet our authors on the About page.

Have something to say? You can give us a holler on the contact form.

If you would like permission to re-use an article you've read here, please make a Reprint Request.

Want to search our past articles? Catch up with the latest stories? Browse through the categories? All the good stuff is on the Front Page.

Shop Local

Buy local buttonReady to set up a shop local campaign in your small town? You'll need a guide who understands how we're different and what really works: Shop Local Campaigns for Small Towns.

Best of Small Biz Survival

What is holding us back? Why does every project take so long in small towns?

How any business can be part of downtown events by going mobile

Concert-goers talking and enjoying the evening in downtown Webster City, Iowa.

Why do people say there’s nothing to do here then not come to our concerts?

Retailers: Fill all empty space, floor to ceiling

More of the best of Small Biz Survival

Copyright © 2021 Becky McCray
Front Page · Log in