Collaborative venture by Neora and Millennium group.

Why Do Most Small Businesses Fail?

30-03-2019  |  Neora

Because they do what you are about to do!

Youre starting a business the traditional way... a very risky process:

1.       I have an idea.

2.      I invest in my idea.

3.      I develop my idea.

4.      THEN find a market for my product!

5.      WRONG!


Why do I know this?

Because Ive learned the hard way, making this same mistake several times during my Working  journey!

This advice will save you money and potentially your new business!

Before you do marketing and distribute your products you must identify which is the product that your customers want. You need to meet a real demand, real needs of real customers!

But Hector I know theres a market for my product! I just need to set it on the store (distribution) and it will fly off the shelves!

People are not aware that my product exists (marketing), how could they ever buy it if theyre not aware of it?

Maybe but this is what I expect to happen:

1.- Distribution: You will need to burn cash to move your products, set agreements with stores and since you are a new player on the market you will need to finance the inventory to sit on the shelves burn more cash!

2.- Marketing: Did you know that attention is the most valuable asset on earth? Dont believe me? Why does Facebook have a market cap of over $500 billion? Why is Google worth over $700 billion and it is free? Because they own the attention of millions of people and businesses around the world are willing to pay millions in advertising for our attention. Do you have the cash to burn to catch the attention of your potential customers? Like millions of small startups, most likely you dont.

Heres my point:

You are trying to PUSH sales. That is very expensive! You will die sooner than later.

To answer your question:

What you need is to PULL sales! You need customers to ask for your product. You need to make them want it. Aren't we all tired of everyone selling us something? People want value and when they find it they are willing to pay for it!

As I often warn people: Hard work is NOT good enough anymore!

You may distribute your product or use the best marketing tactics and you will still fail! You need strategy! STOP and THINK how you can make people WANT your product!

Not easy right?

To answer that very complex question you need to get out of your office, knock on doors and talk to potential customers!

Show them your product, ask for their most honest opinion. Ask the right questions, even if you dont like them!

Most importantly LISTEN TO THEM!

With their feedback, go back to work to give them what they want.

Repeat this process over and over again until they beg for your product!

Until you find customers who are willing to PRE-PAY for your product, you just have a worthless idea.

Not easy? Dont like it?

Well, you are always welcome to try it YOUR way, and prove me wrong. All my years of experience (and painful failures) have shown me that this is how you find success on a small startup. This is the only way to increase your chances of survival.

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Neora

19-11-2019  |  Neora Inv

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Collaborative venture by Neora and Millennium group.