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PostPosted: Wed Aug 17, 2011 6:08 pm 
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I started a business previously (many years ago) without performing due diligence. I failed to conduct market research in order to determine how I was going to reach my target audience. The big picture wasn't enough. I needed to have a detailed plan on how I was going to get my message to my target audience.

It starts with knowing who your target audience is. Too broad of a target audience and you're doomed. Learned from my bungle and have moved on.

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PostPosted: Sat Aug 20, 2011 9:37 pm 
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Location: Indiana
Thanks for sharing your story retirein10years.

I saddened when I discover another small, local retailer or family owned restaurant is folding up in my area. Maybe they didn't know enough about their market (or other business essentials) and it concerns me that someone may have just lost their life savings when they lost their business. There is a sad statistic that 50% of small businesses fail in their first year. Here is an about.com article on more essential that shouldn't be overlooked http://usgovinfo.about.com/od/smallbusiness/a/whybusfail.htm

It's humbling to take your lumps (we've all been there to some degree), but I'm glad to hear you've moved on. You demonstrate great perseverance and you should be commended for that.

I use a quote to remind others that this is a long race... not a sprint.

"Most people overestimate what they can do in one year and underestimate what they can do in ten years."
— Bill Gates

All the best to you in your latest venture and keep us posted on your retirement date :).

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PostPosted: Sun Aug 21, 2011 7:35 am 
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Location: Melbourne AU
The only truly definitive statistics on rates of small business failure (and the causes — a major factor) I know of show that only 12% survive the first 10 years, and only 25% survive the first 5 years. See article.

Most other statistics for first year failure or survival are related to brands, not businesses. (Around 90% of new brands fail in the first year, but it varies from year to year.)

Here's a slide from a presentation I did recently about success and failure of small business advertising. Note the two highest-leverage performance factors, and how they relate directly to what the original poster had to say. It's revealing.

Image

So much for all those claims that "copywriting is the #1 skill you must have for Internet marketing success". Note that they're always made by copywriters trying to sell you their services (or courses teaching copywriting) — or their affiliates.

John
(Professional copywriter for 40 years)

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PostPosted: Mon Mar 05, 2012 3:33 am 
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Those businesses begins from two starts:

studying audience, than start building business for that audience
and generating ideas and choose one that you think is better, than
look at audience later. It is two reversal business starts.

I think today most important is to know audience first. Seems
in last 15 years world's businesses just was busy for creating innovations, but
they really did not studying what really market needs.

The business principle was: "create a product that the world did not see,
pump some millions dollars to that business and your business will skyrocket"

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PostPosted: Mon Mar 05, 2012 11:53 am 
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That really applies mostly to small business, Tadas.

BIG businesses have marketing departments who research market needs and wants in depth before deciding which products to bring to market.

Even then, an estimated 90% of new products fail within their first year, for a number of reasons. (Note that I said products, not businesses. Businesses fail at the rate of 90% over 10 years, not one.)

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PostPosted: Mon Mar 05, 2012 12:44 pm 
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Don't feel bad. I did a similar thing years ago. I bought a print shop right before the good ink jet printers came out and became very cheap. Since we were a small offset shop, that killed much of the new business we might have gotten and the established clie :hypo: nts were being eroded by other issues. Bad, bad, bad. :hypo:

But now I love online business. It's much easier to see market trends and determine what people are looking for. Lower risk, low cost, and no real overhead. Much better. :-)

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PostPosted: Mon Apr 23, 2012 3:05 am 
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Unfortunately with businesses it is not only lack of knowledge that leads to their demise but also government legislation and greedy big boys. Having been a Publican for the best part of 30 years I have seen the demise of the Pub Trade in England that started about 1990 with the mergers and monopolies commission ruling brewers to hold no more than 2000 sites tied to their products ( premises rents went up by 300% +), then a few years ago the NO Smoking ban ( decline of 40% on turnover directly due to ban ) despite a few years earlier having to install air filtration systems at exorbitant costs ( £5000 spent ), the change in licensing from Magistrates to Councils again at exorbitant costs (another £5000), the big boys like Sky Sports ( £1500 monthly for a few sports ), Electric,Gas,Water,Fire,Employment,Business rates,Health and safety all with new legislation which has to be adhered to as you can see I should have got away from the Pub trade at least 10 years ago, now I concentrate on IM with the biggest problem being that google change their criteria for site ranking being the biggest problem and to change this doesn't have to cost money.

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PostPosted: Wed Apr 25, 2012 8:47 am 
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luds41 wrote:
now I concentrate on IM with the biggest problem being that google change their criteria for site ranking being the biggest problem and to change this doesn't have to cost money.

The real problem isn't Google. It's morons and urgers who insist on trying to get rankings that they simply don't deserve by gaming the system.

Blaming Google for protecting its legitimate users from these parasites is like blaming welfare agencies for passing new regulations to stop welfare cheats from draining the system dry at the expense of the genuinely needy.

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PostPosted: Mon Jul 16, 2012 4:42 pm 
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Unfortunately this is not an uncommon practice and many people jump the gun when it comes to branding their business. Market research can be daunting and at times difficult to achieve, but it's absolutely crucial to a successful business.

Many sites out there have useful tips that can help create a better approach to market research, but yes not doing this properly can be one of the biggest bungles of all.


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PostPosted: Fri Jul 03, 2015 7:23 am 
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Location: Washington, DC
After reading the title of this thread, I absolutely had to click and read.
Unfortunately, retirein10years didn't list what the business was!

Interested to hear what type of business this was, because upon reading, i was already trying to come up with mitigation measures in my head.... now I feel like i've been told half a story and i'm chomping at the bit to hear the rest....

@retirein10years --- what was the business?

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PostPosted: Fri Jul 03, 2015 7:26 am 
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Location: Washington, DC
Oh,
One thing for any readers of this thread -- if you are considering starting a business, you should have an understanding of your market.

If you don't have an understanding of your market, you're handicapped before you begin.

To go a small step further, you can spend about $350 for a detailed market analysis with trends, projections, differentiating factors, cost drivers, market stage, cost distribution as a % of revenue, key players, buying and selling industries/upstream-downstream, highlights, etc. from IBIS world.

A Google search will give you the website. This is very useful information to understand when in the planning stage.

There are a few more out there that will give you much more detail, but if 15-25 pages and the overview approach is what you're going for, i suggest you give it a look.

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PostPosted: Fri Jul 03, 2015 2:30 pm 
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CharmGalJulie wrote:
There is a sad statistic that 50% of small businesses fail in their first year. Here is an about.com article on more essential that shouldn't be overlooked http://usgovinfo.about.com/od/smallbusiness/a/whybusfail.htm

Interesting statistic… and not even the article author and site editor can decide on the time frame!

The author says that at least 50% fail in the first FIVE years.

The site editor's or sub-editor's intro says 50% fail in the FIRST year.

A major research project found that 75% fail in the first five years, and 88% to 91% fail in the first 10 years…

http://profitclinic.com.au/why-small-businesses-fail/ « Right-click on the link to open in a new window.

This short video identifies the REAL reason why most small business owners fail… not just the usual SYMPTOMS!


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