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Caring Senior Service Franchise Blog

Why Do Small Businesses Fail?

Posted by Thomas Scott on Sep 27, 2017 3:49:00 PM

Jeff Salter in office

With almost 29 million small businesses in the United States alone, it's no wonder that not all of them will make it. From local "Mom and Pop" stores on a shoestring budget to tech start-ups with tons of cash from investors, small businesses crop up all the time and even though none start with the intention of failing, the vast majority of them will.

According to Bloomberg, a whopping 8 of 10 businesses fail within the first 18 months. But what are those 20% of successes are doing? They are conquering a few very real challenges of start up, the first of which is: differentiation! 

Too many small businesses fail at communicating and proving their value. While they may have a stellar product or service, their small business doesn't know how to stand out among big competitors. They become overshadowed and are never able to fully step into the sun and claim their place in the industry. Learning how to differentiate is crucial to success! 

Can you differentiate your business from the competition?

The data tells us that most new business owners don't give enough thought to this question. Often, those interested in business ownership underestimate how difficult it can be to survive and thrive against established competition. On the other side of the spectrum are those that never get in the ring, because they recognize the challenge but never take steps to find a way to overcome those well-founded fears.

However, if you are finished making money for others and convinced that owning your own business is the only path for you to accomplish your personal and professional goals, then you may need to choose a trusted advisor to help with the heavy lifting. If you have spent hours playing out the various scenarios for success in your mind, and all paths lead to you becoming your own boss, then it may make sense to start exploring franchise opportunities. A franchise should provide a well-proven business, up-to-date technology solutions, a defined method, an established web presence, and marketing outreach that have the effect of differentiation within your market.

Can you stand out from the others and build a brand?

It is the very rare individual who can single-handedly put all of the critical pieces that drive differentiation together. Most, however, don't have all of the intimate details of the industry they are entering. Truthfully, the things that cause a brand to stand out from the competition usually represent years of trial and error and hours upon hours of experience that, if you partner with a seasoned franchise system, you can benefit from without the huge investment of time, energy and heartache that they have already contributed.

Here at Caring Senior Service, we have been working under the same founder and CEO, Jeff Salter, for the past 26 years to get senior home care right for the benefit of the senior we serve and our franchise owners. This is how we have become the competition!

We can help you with this challenge!

If you have made the decision to become your own boss and need some help navigating your way, or if you know that taking care of seniors is your path to career fullfillment but still have some questions about how to make it all work, then give our Franchise Development Team a call at 210-982-0122 or access our calendar here to book a time to talk further.

What do you have in common with our most successful franchise owners? Take the SpotOn! ASSESSMENT

Topics: Franchise Ownership