Thursday, July 15, 2010
15 Warning signs that your business suck!
Let’s face it, you’ve wondered if your business is going to succeed or not. You keep on pouring your heart and soul into your business but for some reason you aren’t making a ton of money.
Well the sad part is, there is no sure way to know if your business is going to fail or succeed. But these warning signs should help you determine your odds of succeeding.
1. You’re not making a profit.
It’s easy to say that you have to make money, but in reality that isn’t true. You need to be making a profit. Bringing in a million dollars a month is useless if you are spending a 100 million. That means you would be losing 99 million dollars every month.
Successful businesses make profit. And although you may not be profitable right now, you have to work towards it.
According to the Small Business Administration, most businesses fail in the first 5 years because they can’t make a profit.
2. You haven’t talked to a potential customer
Do you think your business is cool? Who cares what you think! All that matters is what your customers think because they are the ones paying you.
If you haven’t talked to a customer yet, you better get off your ass and do so. And more importantly, don’t just talk to one, talk to a few.
3. You don’t love what you do
If you love your business you are more likely to spend more time on it. And if you spend more time on your business, you are more likely to succeed. If you’re just in business to make money, there is a higher chance that you’ll get burned out and you won’t work as hard.
Working 40 hours a week just doesn’t cut it when you own a business. On average entrepreneurs spend 61.1 hours working each week.
>>> Read the next 12 warning signs that your business sucks here