Why Half of New Businesses Fail Within 5 Years
Did you know that nearly half of all new businesses fail within the first five years and nearly two-thirds within the first ten years? Even more shocking to me was learning that 60 percent of all small businesses are NOT profitable, and of those 30 percent lose money every year. In many cases, it’s not because the owners chose the wrong business or the wrong location or picked a bad time to start a business. It’s because they had an idea or a dream but little or no practical business experience. Without the necessary business skills, their hard work was not enough to keep the business going.
No matter how talented a designer you are or how big your client list is, if your practice is not built on a solid business foundation you are at risk of stumbling or even failing business-wise at some point in the future. I know. I’ve coached many talented, exhausted designers who realized that after years of working long hours, they had accumulated a lot of debt and were earning very little money. They knew how to create great designs but very little about how to run their businesses.
That’s why I decided to write a book to help all the other designer business owners that I can’t coach one-on-one. It’s called Business Breakthrough: Your Creative Value Blueprint to Get Paid What You’re Worth, and it covers the basic information you need to know to establish the proper foundation for your business. You’ll learn why understanding financial statements is essential to sustaining and growing your business and how developing your Creative Value Blueprint will allow your business to run smoothly and generate the kind of profits that will provide you with the financial security and lifestyle you want.
For your business to grow, you need a clear vision, goals and strategies formulated into actionable financial and marketing plans. For it to run efficiently, you need documented processes and procedures, along with the right team structure and culture.
Don’t let your firm become another statistic of a failed or unprofitable business. Whether it’s my book or working with a coach, get the help you need to take control of your business. With a solid business foundation in place, you will reap more benefit from the work you already are doing and lay the groundwork for future growth and development.
Business Breakthrough: Your Creative Value Blueprint to Get Paid What You’re Worth is available now in Kindle format. Even if you’re an experienced business owner, you’ll find tips, insights and advice to help you improve your design business.
