By Hope Tinney, Washington Small Business Development Center
PULLMAN, Wash. –The top reasons new businesses fail are entirely predictable, says Aziz Makhani, a business advisor with the Washington Small Business Development Center, and forewarned is forearmed.
According to Makhani, the failure rate for new businesses ranges from 90 percent to 50 percent, depending on who you talk to. But, he said, business failures are not random. Businesses fail for specific reasons, and aspiring business owners can dramatically push the odds of success in their favor if they know the common pitfalls.
Makhani will be giving a presentation titled, “Recognize and Avoid the Top 10 Reasons that Kill Startups,” at the monthly Cup O’ Joe meeting from 10-11 a.m. Wednesday, April 11, at Columbia Bank in Pullman. This is a no charge event; no registration is necessary.
The top 10 reasons include such problems as a weak business plan and an ill-prepared management team, but in his hour-long talk Makhani plans to focus on how to avoid three common mistakes: how to identify a genuine market need, the importance of being able to sell your product for more than the cost of production, and making sure you have adequate funding.
Makhani, who has more than 35 years of experience in the high-tech industry, said tech startups and non-tech startups face similar challenges, but strategies for overcoming those challenges can sometimes differ by industry.
Makhani will also talk about how small business owners can work with SBDC advisors to address business challenges, including business plan, market research, cash flow management, business systems, financing, marketing and much more.
The Washington SBDC (https://wsbdc.org/) is a network of more than two dozen certified business advisors working in communities across the state to help small business owners start, grow or transition a business. SBDC business advising is provided at no cost to the client, is confidential, one-on-one and tailored to the needs of each client.
The Washington SBDC is hosted by WSU and receives funding from the U.S. Small Business Administration as well as other institutions of higher education and economic development.
Cup O’ Joe will be held from 10 a.m. to 11 a.m., Wednesday, April 11, at Columbia Bank, 795 SE Bishop Blvd., Pullman.
This topic will also be presented at Lewiston SBDC on 5:30-7:30 p.m. Monday, May 14. Visit the North Central Idaho SBDC page to register.
- Aziz Makhani, Washington SBDC, tel:509-335-8081