July 31

5 Reasons Why Most Businesses Fail: Part 1

Small Business Success, Starting Your Own Business



Get all my free training as I release it and a free mini class- https://AdamOuellette.com

It’s Adam Ouellette, trainer, former attorney, I call myself a recovering attorney, in business 30 years and I was an attorney 21 years and I truly love business!

Today, we’re gonna talk about the 5 reasons that businesses fail within 5 years or less. There are reasons for this, there are reasons why success and failure both leave clues. I have owned lots of businesses, read lots of books on business, I’ve been in business so long that I’ve got the know-how to help you with your business whether you want to start a business, you want to run a successful business, you want to have a life balance, that’s why I’m here.

# 1, No Training:

There's no training, for the most part, even when you get a college degree or an MBA. Colleges and Universities don't train you on how to be a business person in a small business. MBAs and business degrees in college, you know what they're set up for? They're set up for you to go to work for a large or medium-sized company. They’re not set up for you to go out and be  an entrepreneur and open your own businesses. Now are there some entrepreneurial tracks out there? Of course, and there’s something I’m working with my alma mater on Davis & Elkins College is a small school in West Virginia in the mountains where is got a scholarship to play basketball. We’re working on an entrepreneurial track for business majors where there will be real-world experience taught to the students. There are business coaches, some of which have never run businesses. A lot of trainers out there that have never owned businesses, and if they did may not have been successful. They may have some knowledge but they don't know what it feels like to sit awake at night and not know how you're gonna pay the bills that month. So you've got to learn, you've got to find out what you don't know and learn it and get to a place where you are master being an entrepreneur. So read some books, watch my videos. I’ll help you!

Subscribe to my channel,  and go to www.AdamOuellette.com and get some free training. I've got all kinds of free classes that I'm rotating around, see what I got now, and get trained.

#2 Work on your business and not just in it

Next, most people that own businesses are too busy running the business and not building it. You might have heard “working in the business and not on the business”. This is something you’re gonna have to balance.  You will have to spend some time building your dream business. You should also look at systemizing your business. Go read the E-Myth book. Read it, study it, and start to learn how to systematize your business. What can you do to automate stuff in your business? Are there things you do every day over and over or your team members that can be automated? I’ll have lots of videos on both of these topics and I do training on this in my portal.

#3- No Planning

Business owners don't focus on what they want, they don't start a business with planning in mind or the end result where they want to be in a year, five years or ten years, I’m not talking about that boring-ass business training of getting a business plan and putting all that together. That’s got its place. But those things aren’t creative. I want you to start to get creative about your business, I want you to start to plan for your future, and start to focus on what you want. What kind of ideal clients or customers do you want depending on what you do? I do a lot of training for attorneys and those are clients and most people have customers. Where is your focus? What do you focus on? This comes down to creating very powerful intentions and that's what I teach in my courses. How to create powerful intentions and move towards them and everything you’re doing. So if you're failing to plan, you're planning to fail. So start to envision the ideal business.

#4 Learn how to sell

More than likely, you don't have any training on how to be a salesperson or how to sell your product or service. You haven't learned how to network or how to grow a sphere of influence. Everyone sells. Look at kids, if you have children, they're the best salespeople ever. “Mom-mom mom, dad dad dad, I want this, I want that, can we go here, can we go there?” They’re as good as salespeople as you’re gonna find. This is very powerful, this is very important and I am actually working on a course to teach simple and effective methods to sell what you have to offer.  Find out more info here-- www.AdamOuellette.com/HowToSell

How do you connect with people and sell them your product or service and get out there and start networking with people? Create a sphere of influence. What does that mean? I’m gonna do more videos on this topic. It’s about connecting with people in a way that’s not about you. It’s about connecting with them so that you can send them business and they can send you business. Build trust so that they refer people to you so that they come in and buy something from you. Lots more videos coming on this!

#5- Learn how to advertise and market your product or service

Last but not least, we don’t know how to market or advertise that isn't the same thing everyone has been doing for 100 years. I’ve studied it, I am a master marketer, I love marketing, I love reading books on marketing, I love experimenting with it, I love teaching people about marketing. I have consulting clients that I work with to help them to market. Most businesses market and do marketing like it’s a freaking hundred years ago!

 Even though there's the internet and all the new technology that we have. Most marketing is the same as it was a hundred, two hundred years ago, here’s who I am, here’s what I do, look how great we are, we’re the best, buy our stuff. Buy my product, hire me, hire me for my service. We’ve got to start thinking differently about marketing. We’ve got to start connecting with people in a deeper more profound way. We’ve got to understand that marketing is setting yourself apart from all the competition out there and if you stick with me long enough you'll realize that there really isn't any competition.  I’ll introduce you to a book that I'm going to review that says that there's competition but you've got to start to look at some modalities to market in a different way that sets you apart. You can attract your ideal customers but you got to get the word out about your company and you can't continue to do the same BS that doesn't work that everyone else is doing. 

So these are the first five, not the top five, these are the first five. I’ll have multiple videos on why businesses fail and I'll have lots of videos on why businesses succeed and we’re gonna deep dive into lots of these topics. I literally have hundreds of ideas for videos so by the time you get here and watch this there may be tons of videos on YouTube but stick with me. 

I am going to get you trained. I’ve got lots of programs ready for you now. Whether you’re wanting to start a business, or whether you have a business and you want to figure out how to grow it and have a life.

My mission in life is to help you to find your way as an entrepreneur, to have success, to have a life and have the kind of income that you're looking for.

I so appreciate you being here with me, check out more videos on this channel, join me on some live training. Whatever you can do to grow and learn and become a better person, I’ll be happy if you’d learn from me just on my YouTube channel. Thanks for being with me, have yourself a great day and do everything you can to be happy in life.

About the author 

Adam Ouellette

I am an author, speaker, consultant, and online trainer. My previous life as an attorney and business owner taught me a tremendous amount of how to start and run successful businesses while having lots of free time. Let me share my knowledge with you.

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