Why Do So Many Small Businesses Fail?

Why Do So Many Small Businesses Fail?

At Trinity U, we’re yet to meet someone who has set up in business, but who has no real intention of achieving success.  

Of the thousands of new (genuine) entrepreneurs who throw their hats into the ring, every single year, we’d bet that there isn’t one amongst them who doesn’t believe they’ll succeed.  

The truth is, that we all set up in business with the highest of hopes and the best of intentions, but for many businesspeople out there, it just doesn’t go to plan. 

Something is going wrong. 

According to Government statistics, nearly as many as two thirds of all new businesses cease trading within their first three years. 

Were they all simply ‘bad’ ideas, put into motion by people with no idea what they were doing? 

Not all of them, no, and having spent so much time working with new businesses and their owners over the years, we’d go so far as to say that the vast majority of these failing businesses could actually have succeeded, if only they’d known where to turn. 

Knowing where to turn for advice can be difficult, especially in a saturated market with business coaches and marketing gurus popping up everywhere you look, clogging up newsfeeds and spamming inboxes.  

At Trinity U, we know that when people discover what they really need, which is a blend of business (and life) coaching, they come to us knowing that we can help them get the balance right for themselves. 

So, all those small businesses that fail, do none of them seek the advice and assistance of a coach?  

Well, many don’t even entertain the thought… 

…either through ignorance or arrogance, the idea of getting a coach can seem like a backward step for some, even a show of weakness. We believe that the opposite is true, and with the help of a coach you’re able to jump a few spaces in the queue, piggy backing on their knowledge and knowhow along the way. 

This is where many small businesses fall down – they don’t know what they don’t know – and rather than find the support and services of a coach who does, they choose to run themselves into the ground, round in circles, and up blind alleys.  

Ah great, so it’s as simple as ‘getting a coach’ then? They’ll do all the hard work for you and give you the cheat codes to get to the next level faster than you ever could on your own. 

It doesn’t work quite like that, we’re afraid, and we have to warn you, that even though it seems a little contradictory to our last point, getting a coach can be the downfall of some businesses too. 

What?!  

Not getting a coach can be fatal, but getting a coach can be fatal as well? 

Yes, and perhaps now it seems a little clearer as to why so many businesses fail. 

What’s the answer then? There must be an answer, you’re probably thinking, and there is. 

The answer isn’t finding the most expensive coach out there, with what appear to be the best results. 

The answer isn’t finding a coach that a successful competitor has used, because what has worked for them will surely work for others. 

The answer isn’t that every single small business owner should come and work with Trinity U, either, because… 

…the coach you choose to work with, can be a man, a woman, any other gender. They can be old, young or somewhere in the middle. They can from the same town as you or from the other side of the world. They can have experience in your industry or from a whole different ball game. 

The most important thing is that they are the ‘right’ coach for you. 

Since you’re here though, let’s make the case for Trinity U. After all, we might just be the ‘right’ option for you and your business. The choice that helps you stop becoming just another statistic of a failed business. 

The reason why is in our blend of business and life coaching, something which you won’t see banded around as much as the two on their own. 

We believe that you can’t have a successful business, without looking after your personal life, and you can’t enjoy the things you want from life without a successful business. 

The two are intertwined, and it is a symbiotic relationship if ever there was one. 

We look at everything from the ground up, the goals, the dreams, the vision.  

We make sure everything aligns for the person you are, and with the business you want to build, and then we show you how to do it, step by step, brick by brick. 

Our unique brand of coaching gets results, but it gets them in the right way, as we are people and relationship driven in absolutely everything we do. It really isn’t all about statistics and ticking off targets, as without the person behind the business, there can’t be a business at all, and so we’re unashamedly person orientated, just the way it should be. 

Going back to the original question then, and to why so many small businesses fail. 

It really isn’t because they were just unlucky. They weren’t the wrong people, in the wrong place, at the wrong time. 

Those sound a lot like excuses to us, and anyone can come up with an excuse.  

We’re not saying it shouldn’t be hard, because it’s a big bad world out there, but we’re saying that with the right support, from the right place, at the right time (the kind that Trinity U offer) you can make sure that you and your business don’t become just another statistic. 

You can become everyone you wanted to become, and so much more besides.