Small businesses are the backbone of local and national economies, so it’s a wonder that such a large number of them are destined to fail. Sadly, however, about 80 percent of new businesses do fail within the first 18 months of starting up. There are many reasons for this, and it’s integral to know them if you're planning to start your own company. However, there are other options out there that can drastically improve your chances of success as an entrepreneur, including franchise ownership with a trusted and established brand.
Common Reasons for Small Business Failures
Two of the main reasons that more than half of all new businesses fail are money and management, and more specifically a lack of money and poor management.
Money: Finances can make or break a small business in a number of ways. For one, the startup capital required for a new business is at least $30,000, and that doesn’t account for unforeseen expenses. Moreover, cash flow during the first few years tends to fluctuate greatly, which necessitates a decent emergency reserve. Plus, advertising and marketing are essential to the success of a new business, and these also eat into the budget.
Management: But just because a person has the training or technical skills to excel in a field doesn’t mean that same person can operate a company. Running a business requires foresight, a sound business plan and profitable business model, budgeting skills, marketing and growth strategies, and leadership. Without these things, any business is sure to fail.
A Proven Formula for Start-Up Success
A franchise can be the perfect option for keen entrepreneurs looking for a small business start-up opportunity, but who are worried about becoming one of the 80 percent. And with a proven and successful model like that offered by WSI Network’s digital marketing franchises, you could own and operate a successful company of your own.
The start-up costs and overhead are very low compared to other business types, so there's little risk in terms of financial commitment. Moreover, WSI’s proven business model can help guarantee your success, so you won’t have the same cash flow issues as other small business owners. WSI has had over 20 years to build a reliable brand and a trusted reputation in the industry, and digital marketing franchise owners get to capitalize on the name with a minimal marketing budget.
The Support, Training, and Guidance You Need to Thrive
Most small business owners only have themselves to rely on when it comes to support, advice, and decision-making. But each WSI digital marketing franchise comes with access to cutting edge technology, insider information about the latest digital trends, exclusive insights into the industry, and training and support to get you started and keep you running. Franchisees get access to an in-depth support and knowledge base, which can be tapped into through:
● At-home support opportunities
● An e-learning platform
● Regional meetings
● The annual convention
The entrepreneurial spirit is what keeps the modern business world alive, but that doesn’t mean all small businesses are destined to succeed. In fact, the majority of them fail within the first two years, and this makes it very difficult for small business owners to stay afloat. But if you have that entrepreneurial soul and are looking for a chance to flex your business owning muscles, a WSI digital marketing franchise can provide you the perfect opportunity to be your own boss and to succeed as a business owner.
