Research shows that 50% of new businesses fail in their first year and an astonishing 80% fail within five years.
They shut down for pretty predictable reasons. They can’t adapt to a changing market or really get going in an existing one. Owners retire, companies are sold and competitors take over. It’s a natural cycle of birth and death.
If you are starting or thinking of starting a new private aesthetic practice, the last thing you want to focus on is failure. However, if you take the time to address the common reasons for failure up front, you’ll be much less likely to fall victim to them yourself.
Here, in my final article on ‘Breaking Into Aesthetics’ (for Independent Practitioner Today) are the top nine reasons why small businesses fail – and tips for avoiding them.
This article is the final installment of an exclusive series called Breaking Into Aesthetics.
Click on the button below to read part one.