According to statistics, 9 out of 10 businesses fail in their first year. In the PAnDiKubiz consulting company blog pandikubiz.com/en/blog, we will look at the five most common reasons why entrepreneurs fail at the beginning of their business journey

Reason #1 - "All alone".
Businesses are usually started by experts. Good chefs open a cafe or restaurant, marketers open their own agency, tattoo masters open their own parlour. But business is fundamentally different from wage labour. Being good at providing a service or producing a product is important, but not enough.

Reason #2 - "The idea is there, but there is no demand".
You are burning with the desire to make your idea a reality. Your parents, your wife, your grandmother are all excited about it. But very often it is not enough. The idea is not always embodied in the business, and the opinion of family and friends is almost always far from objective.

Reason #3 - "Acting without a plan".
A business plan is not a formality, it is your roadmap to success. Planning is a basic tool that is essential for an entrepreneur. Acting without a plan is like building a house without defining the layout. You will build the house, but whether you can live in it is a big question.

Reason #4 - "Saving on advertising
Most entrepreneurs close their business due to lack of customer flow. Unless you have calls and orders, all your efforts will be in vain. Ask yourself the right questions: "Where do I get customers?", "How do I make them loyal?", "How do I get customers to recommend your business to others? If you don't tell people about your product, they'll never know about it. There are many ways to attract customers. Be prepared to pay for them.

This is just a small part of what you need to consider when building your business. If you need advice, contact PAnDiKubiz Cyprus. Our experts will advise you on the best way to develop your business.