Tips On Why Many Haitian Businesses Fail
Starting a business is never easy as it requires time, effort, and expertise. As it is the case with many other communities, many start-up Haitian businesses fail even before they reach the first-year mark. Those that managed to operate for more than a year, on the other hand, find it a real challenge to get past the five-year mark. More often than not, most Haitian businesses fail within five years, except for those being kept on life support.
This is my advise to my Haitian friends, if you are planning to open a business, you should know the reasons why entrepreneurs fail in order to avoid the same mistakes. One of the common reasons is the lack of proper planning. Before setting up a business, it is necessary to come up with a plan involving all aspects such as finances, management, location, services and possible problems and solutions.
Another reason is poor management. You might be passionate about the business that you have but if you are managing it in the wrong way, then you will still fail. The idea of opening a "Multi Service" in the Haitian community because many others are doing that is not the way to go.
In order to manage your business properly, you have to deeply understand its operation, as well as the ins and outs of the industry. If you are not confident about your management skills, it is best to hire someone else who is capable and experienced. There are many professionals in the Haitian community who can help you.
Ineffective marketing is another factor to blame for business failure among Haitians. Keep in mind that marketing is essential as it is the one that attracts customers. Without proper marketing, your business will remain unknown.
These are just some of the common reasons why many small businesses in Haiti or the Haitian Diaspora fail. Other reasons are wrong location, poor executions, weak online presence, speedy expansion and distractions, among others.
Written by Roland Bertold:
Specialized in promoting small, mid-size and large Haitian Businesses
We'll Help You Succeed. Learn How. 7-of-10 Small Businesses Agree.
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Reader Comments 1
Well done Roland and thank you for informing us as soon as you can. Your effort and help are deeply appreciated.
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