Why So Many Businesses Don’t Succeed

Having been a small business owner and consultant for twenty-plus years, I had the opportunity to learn from my own mistakes, as well as, seeing the business failings of others. I have learned that there are definitely reasons why a small business fails; why some are successful; and why certain types of people are more successful business owners and entrepreneurs. The good news is most successful small business owners had many failings before achieving a level of success, and the object of this article is to identify their (and my) mistakes.

Lack of Capital

When starting a business, an entrepreneur needs to first bring sufficient cash to the venture. I recommend a minimum 10% of the total funding amount to come from Owner’s Equity, with 20% being optimum. Having a strong equity stake in the beginning of a Company’s life makes acquiring the additional capital much easier and less expensive.

Strong Owner’s Equity shouldn’t stop after a Company’s start up stage. A Company’s strength in Retained Earnings is key to growing the Company, seizing on market opportunities and obtaining future finance. If you lack owner’s equity capital, there is additional undue pressure on a Company’s cash flows, making it increasingly hard to obtain the appropriate funding.

Lack of Business Knowledge

Successful entrepreneurs are typically well read. They are always striving for more knowledge and take advantage of the wealth of resources offered through business schools and, as importantly, read other successful entrepreneur’s books. A Business Degree or MBA is a helpful foundation but gaining knowledge from those who have found success is critically important to understanding why businesses fail, as well as, spawning new ideas and markets.

Inexperience

Inexperience ties in with Lack of Business Knowledge. Business Knowledge can be acquired in school, through books and magazines, and via experienced business owners. Business Experience is the critical and common link between successful entrepreneurs. Inexperience costs money when mistakes are made. Make too many mistakes, and you are out of business. Mistakes are a natural part of the business learning curve, however, minimizing them is very important to stay in business. I highly recommend going into a business which you have experience and passion while seeking out those who have been in the same business for a time and reached a significant level of success. Experience comes with time, but you can also learn from the mistakes others have made before you. Cultivate business relationships, mentoring opportunities and networking events and forums. I can’t tell you how many times spending time with an experienced entrepreneur has paid off in spades, in my business life in so much as, what not to do, as what to do.

Home Business FAQs

How long have there been home businesses operating in the United States?

Home businesses date back centuries in the United States. Of course, many of the first business owners in the United States ran their business out of their homes – blacksmith shops in barns, candle making at home, and carpenters working from home work shops, just to name a few. As towns and cities became urban centers, these businesses were either replaced by new technology or moved into store fronts to service customers.

Home businesses were never completely extinct. While the bread winning businesses may have moved into retail outlets, women kept the business market alive by adding to the family budget through their home projects. Many women took in laundry, altered clothing, and sold jams, jellies and other craft items from their home. These women may not have been making a fortune, but they were certainly creating viable businesses.

The home business that we recognize as a “true” business got its start in the ’60s and ’70s. This period was the golden age of business with the introduction of multi level marketing companies like Tupperware, Avon, Mary Kay, and Shaklee. While many business executives scoffed at these businesses as mere methods for women to earn a little “pin money”, they soon changed their tune after following a few pink Cadillac’s down the highway.

The success of these companies and others like them paved the way for the businesses of today. The introduction of the Internet just made home businesses that much more viable. Now people were able to work their chosen career from home, or start a whole new career.

How many home businesses are there in the United States?

The number of home businesses in the United States has exploded in the last decade. Recent surveys indicate that there are 38.7 million households in the United States with some form of a home business. Of that number, 21.8 million businesses are actually generating income.

It may be surprising that only 57% of the home businesses are generating income. Remember, you have to factor into the equation the number of people that have a home business as a “hobby business”. These home businesses are owned by individuals who choose to work merely a few hours a week or month. They are often not concerned about the amount of money made (their primary income isn’t dependent on it), but instead use the business as entertainment outlet. And of course, there are some people that become involved in fraudulent or scam home businesses, or their business simply fails. Still, the majority of home businesses are generating an income that individuals can rely on.

5 Automotive Tools Every Auto Owner Needs

Automobiles are sizeable investments. As a car becomes older, its maintenance becomes increasingly important. There are many tools that every auto owner should have. Auto shops can sometimes charge exurbanite amounts for a simple fix that could have been done at home for much cheaper. Having the proper tools and knowledge will allow any auto owner to save money, learn more about their automobile, and maintain their car.

1. Every auto owner should have a jack and jack stands. When working on a car, more often than not, the car must be elevated. Simple procedures like rotating tires can be done at home with the help of a Jack. Additionally, all car owners should have a jack in their car with them wherever they go. In the unfortunate event of a flat tire, having a jack and a spare tire can lead to a simple tire replacement. In a garage, having a powerful jack and strong jack stands makes it possible for an auto owner to reach every point underneath the car and thus solve problems more efficiently.

2. One of the most important car maintenance practices is the oil change. To maintain an automobile, the oil should be changed once every 3,000 miles. Quintessential to a successful oil change is having an Oil Wrench that takes the oil filter off and allows the oil to be changed expediently. Without an oil wrench, an auto owner may be forced to take their car to an auto shop and overpay for a simple oil change.

3. Often when dealing with parts of the engine, or the hard-to-reach spots under the hood, proper tools are required. A 3/8-inch Socket Set can allow an automobile owner to loosen and subsequently tighten a wide variety of bolts. Different extensions allow the auto owner to obtain the best angles for torque and therefore make auto jobs quite a bit easier.

4. When changing oil, having a funnel, some rags, and a bucket is very helpful. Once again, the oil change is one of the most important maintenances for a car, and it can be done easily by anyone. However, many people do not have the proper tools or knowledge for a successful oil change. Having a funnel can also be useful when refilling any other fluids in one’s car. The funnel serves to make sure that fluids do not get over filled, which can lead to significant problems.

5. Finally, every auto owner should have a pair of solid vice grips. Some times a part will just not come loose. Other times, a car part may not seem to be tight enough despite one’s best efforts. Vice grips can hold a wide variety of car parts and allow the user to obtain more leverage for either tightening or loosening a part. When encountering a part that will simply not come loose, many auto owners will give up and take their car to a shop. Having vice grips can help one to avoid this problem.

Volkswagen Automotive Legends

VW Golf GTI do you have one?

Over the years the Golf GTI has changed its shape many times, but has it improved or could the car worse nowadays?

The newest Golf has 3 different models you have the GTI, GTD, and the R I would personally buy the GTI I have always preferred the shape of the GTI and its still a great looking car the newest Golf GTI has a selection of two different engines for you to choose from the TSI petrol 6 speed manual gearbox or you can get exactly the same engine but with the DSG auto gearbox.

Petrol engine stats:

• Maximum Speed: 149 mph

• Torque: 207 lbs.ft

• Acceleration (0-62mph): 6.9 seconds

• MPG Urban: 28.2

So you can all agree that the Golf engine has some decent numbers but the question is will it really do the job when it is on the road.

Inside the Golf you can have the choice of leather or material id say a lot of people will go for leather just because it makes the car so much better for looks and when you try to sell it.

When you think of Volkswagen you will most likely think of the classic beetle since it is the car that really introduced the Volkswagen logo around the world. The first Volkswagen car was designed in 1934 by Ferdinand Porsche as a method of cheap reliable transport. Through the years VW have become a global force in the manufacturing sector getting bigger and bigger with every new design. Not to long after the beetle had been created and unveiled the Golf was released. The first generation of Golf or the rabbit as it was called by the Americans was launched in 1975 and was stopped in 1984. Through the years the Golf has gone from the original square body shape and gradually over the years become streamlined and round the first Volkswagen rabbit GTI was a very square body compared to the new golf introduced in 2006. Through the years the Golf has been fitted with a bigger engine but in addition has gained more weight the biggest engine that Volkswagen released in the Golf was the impressive Golf R32 with the 3.2 V6 engine in the front. The R32 is the most powerful of the whole Golf range because it is 4wd and it has 237BHP which isn’t that great for a V6 I would have expected a lot more from Volkswagen.

I think the car that Volkswagen could be most pleased with must be the Bugatti Veyron with the unbelievable 16.4 litre engine with 1001BHP and reaching an incredible 250MPH there are only a handful of Veyron’s and several different types that were made by Bugatti the only real difference with the other models was mainly the inside detail and different wheels other then that they could not do much more to make the car distinct.

Learn How to Overcome the Troubles Faced by Automotive Dealers in the Present Economic ‘Crisis’

For many dealerships, times are hard. The leads have slowed down, the obstacles of financing ought to qualify as an Olympic sport and advertising simply doesn’t work like it used to.

And the fact is that several dealers are going under. There’s going to be a lot of victims after this one….your store included.

OR perhaps not.

This present economic ‘crisis’ might actually be your best blessing as a small business owner.

Sounds crazy, but here’s the deal.

Many dealers are going out of business. No doubt. It’s already happening. Your job is to be sure it’s someone else’s business going under… not yours. And there are terribly real ways to do this, if you’re really serious about being among the 20% of dealers who can outlive the storm.

I’m going to give you some cold, hard statistics and methods to assist you in just an instant, however let me begin by saying that if you don’t have the right systems or processes in place, work them out now. If you have character conflicts, deal with them today. If you don’t have a system for staying in touch with past customers and unconverted leads, get one.

If you don’t have a crystal clear answer to the query, “Why should someone select me over different dealers?” figure it out this weekend. If you don’t have a predictable method to get new prospects into the door, at will, now is the time to do something about it. If you have floor plan issues or problems with your lenders, it’s better to sort it out this month than next.

Why?

It all comes back to the eternal 80/20 rule, also known as the Pareto Principle.

If you’re not acquainted with the Pareto Principle, this rule dictates that 20% of dealerships naturally get 80% of the business. In other words, the 20% of dealers who will outlive this current economic storm will do so because they make 16 times as much as those in the 80%.

And because of this capability to earn additional capital, when the market will come back (which it always will), they’ll be larger and higher than ever, readily positioned to eat up new shares of the auto market.

Which may mean more dealers go out of business again-but it won’t have an effect on you if you’re among the 20%.

So what can you do to confirm your dealership rapidly and easily ends up among the 20% if you’re already in, or teetering towards the 80% category?

How to Get Out of an Automotive Lease Contract

Economic downturn, family problems, divorce, too much debt, need to pay for school. There are numerous reasons one might need to break their lease contract. Don’t be discouraged. It is a frequent occurrence.

The first thing you need to know is that a lease is a legal binding contract that is good for the term specified. Unfortunately you cannot just stop the payments and return the car to the dealership (I wish it were that easy). If you are in thee position where you need to break your lease contract, then the first thing you need to do is decide on the strategy that best fits your circumstance.

There are several ways to rid yourself of the burden of the lease payments. First, you can find someone to take over your contract and finish out the lease payments. Search the web to find marketplaces specifically designed for this. This process can take months because it requires a lot of coordination between the future lease holder, you, and the bank/financial institution. Another drawback is that, depending on the miles used and length of the lease leftover, it may require an outlay of cash to add incentive for “buyers”. However, this can be a great way to do it.

If you have the ability. The most cost effective way to go about solving the problem is to go ahead and buy the car outright from the financial institution and sell the vehicle as a private seller. You will get the most for the car if you do it this way, but requires more effort. Some find it a pain to clean the car, and find places to advertise, not to mention the hassle of dealing with other’s schedules. It can be very tedious and time consuming.

Be sure to contact the title holder to find out the “payoff amount”. This is the amount they are willing to accept to transfer the title to you. Unfortunately, this is non negotiable, and usually well over market value, so you will most likely take a financial hit.

If you find a willing buyer, you are able to arrange the sale before you actually send money to the bank. The bank is usually willing to send the title to you or the person buying the car. However, this can be tricky, because, unless you get temporary tags from a dealer (at a fee), the registration will still be in your name until the new title arrives. The title can take up to a week to arrive.

The last option, and the option that makes the least sense financially, is to take it to a dealer and buy a car on the lot. Please be super careful. They are trained professionals at taking people like this to the bank. They will contact the title holder and find out your payoff amount. They will take the difference between that amount and what they can sell the car for at wholesale and tack it onto the purchase of your next already overpriced car. They are artists at mixing up the numbers so you are confused as heck, and ware you down until you say yes.

Engage and interact is what Gen Z demands

Gen Z also is known as the post-millennial are born in the era of technology. They are still very young. The oldest members of Gen Z are students graduating from college or started earning. For every decision, they access social media apps or internet browsers to explore facts. Kids of today are the future consumers of tomorrow. Their choices, ethics, values, likes, and dislikes are different from millennial. For Gen Z, life is always Wi-Fi enabled; they can’t imagine their lives without computers. To make them brand loyal, companies need to interact with them to make it convenient for Gen Z. 

Even the millennial are technologically dependent, but Gen Z have internet in their pockets. Gen Z would be the future workers and consumers, hence, companies need to be ready with super internet technologies to attract the growing kids. 

Gen Z focuses on interaction and feedback

Working with Gen Z means to be creative, interactive and engaging. To be with Gen Z, companies need to focus on connection and adequate feedback. The new generation has learned to solve problems through DIY and watching videos. It is expected that seeing their parents and grandparents, i.e. Gen X and Gen Y, Gen Z would be more responsible for spending money. 

Gen Z is the most culturally diverse generation. One unique quality of Gen Z is that they accept differences of being ethnically diverse. They believe in human connection, social mission, inclusion, and diversity. They thrust on change and flexibility. Some of the peculiar traits of Gen Z are that they like to exchange information 24×7, they can shop anytime, they like to work virtually, and they want to enjoy working at workplaces. Hence, companies must analyse their lifestyle, choices, and opinions of Gen Z to make them loyal customers. 

Progression and Method of Sales through the Funnel Performance

The sales funnel building software is sure to cause a significant difference in the business scenario. The sales funnel comes with multiple branches like upsells and downsells along with the offers. The funnel has the best enticing features to lure the attention of potential clients. The software is designed appositely for the convenience of the buyers. Things are made easy with clickfunnels actionetics price. The funnel will offer the clients different things at different points of time based on specific market activities. There are solutions the buyers take to when moving down the funnel. The purpose of the funnel builder is to gather maximum profit.

Perfect Structuring of Clickfunnels

The structure of the software like Clickfunnels can be anything from complex to simple. However, it is only about making sales and having lead conversions. The funnel works fantastically with the integrated features. It enjoys perfection in model and execution. The process starts instead with the low commitments. There is a specific clickfunnels monthly cost. Based on the price, you can decide best in matters of sales and purchase. The customers are ready for the more significant transactions with the advancement in their progression through the funnel system. At the point, you don’t have to request them for business. They would be glad to join the convoy.

Development of the Visitor

With the sales funnel, the visitor develops from the position of mere lead to ardent item purchaser. The funnel system warms up the point of sale. After the journey is over and you cover the funnel stages successfully, the big purchases are made to happen. There is also the concept of secret funnel formulation. Once the system is perfect, things start working automatically. Once you help the clients, they will start thinking about you. They are sure to help you in the sales process. Click here for relevant information on the software.

Overwatch boost and some of the services provided by them 

Today, some people are so passionate in gaming that they want to build their career in this field. All of you want to get no. one ranking in the particular game which you are playing but it is not possible for everyone to get rank up. Some of the famous games organize the tournament and put some winning amount, so to enter that league you have to qualify a particular level or should have high rank in the game. There are many players better than you playing since a long time so it is difficult to defeat them and get yourself ranked up. But now days it is not difficult as there are overwatch boost sites that will help you in many ways to get you rank up.  

Services provided by them 

Solo Boost 

In this, the professional player will play with your account and take you to your desired tournament. The amount will optimize on the skilled point gained to rank you up to your desired position. Once you play your placement match in the league, the amount will be increased or decreased on your win or lose in the competitive match. Loss or win totally depends on your game play and on your team. 

Duo Boost

In this they will introduce their professional pro-player in your team who will help you to rank up. Playing with the professional pro-players increases your chances of winning, and also gets an opportunity to learn how to play the game and what are the tips for better game play. 

Leveling boost 

In this, you are supposed to give your account to the service provider and one of their professional’s will play on your behalf. It is mainly designed to get the player level up at particular level and give back the account. This service is mainly for them who generally wants to start their play from a certain level.