There are countless new businesses opening daily.I live in Georgia, which was once again ranked the #1 place to start a business in the country(WOOHOO!).But there is no hiding the fact that 96% (YIKES!) of businesses fail within ten years of starting.
Given such grim statistics one would wonder why even bother becoming a business owner!
Yet, owning your own business is a TICKET TO FREEDOM in many ways.You can set your own hours (although you will most likely work more than a typical 40 hr. work week), determine how much income you really want to make and even choose who you want to work with.You certainly don’t have those kinds of choices as an employee.Sure, being your own boss comes with some pretty significant responsibilities but I don’t hear from successful business owners about how they wish they were employees and I know my fellow coaches don’t either.
So why do only a handful of businesses succeed?While there may be statistical data that point to a specific set of critieria.I think the number one way to remain a successful business is to be RELEVANT.
As a business owner you must evaluate how relevant your business is.It’s not just a matter of whether it is making a profit today but how well will it succeed in making a profit next year, three years from now or even ten years from now?
There are some significant questions business owners and potential business owners need to ask themselves on a consistent basis to make sure the business is RELEVANT and SUSTAINABLE. Some of those questions include: