Why most businesses fail? …. The mistake most aspiring entrepreneurs make isn’t a lack of ideas—it’s what they do next.
They jump in without the right foundation, and when challenges arise, they struggle to stay afloat. But what if you could start your business the right way? One that makes money and doesn’t crumble under pressure? Let’s talk about it…
Many people dream of starting a business, but only a few actually succeed. Studies show that 20% of businesses fail within the first year, and nearly 50% shut down within five years. Why? Because they didn’t build with profitability and longevity in mind.
If you’re here, it means you’re serious about doing things differently. You don’t just want to start a business—you want one that generates revenue, thrives, and grows over time. Whether you’re just nursing an idea or already running a small business but struggling to scale, this guide will show you the step-by-step process to set yourself up for success.
Step 1: Get Clear on the Problem You’re Solving
Before you think of a logo or start posting on Instagram, ask yourself:
- What problem am I solving?
- Who has this problem and is willing to pay for a solution?
- How is my solution different or better than what’s already out there?
The best businesses are not idea-driven—they are problem-driven. If you’re not solving a real problem, you’ll struggle to get paying customers.
📌 Action Point: Take a moment to write down the specific problem your business will solve and who will benefit from it.
Step 2: Validate Your Business Idea (Before You Waste Money)
Many entrepreneurs spend months building a product or service before realizing… nobody wants it. Don’t make that mistake. Before investing big, test your idea with real potential customers.
Ways to validate your idea:
1. Ask people in your target market what they struggle with (run surveys, have conversations)
2. Offer a small version of your product/service and see if people actually buy
3. Share content on the problem you solve and check if people engage (this shows interest!)
The goal is to get proof that people need what you’re selling before you pour time and money into it.
📌 Watch this: Coach Iphie breaks this down in her YouTube video. Watch it here
Step 3: Start Small, Start Lean
Most people think they need a huge capital investment before they can launch a business. That’s not true. You can start with what you have and grow from there.
Examples of starting lean:
1. Service-based business? Start with one client before building a full-blown agency.
2. Selling products? Start with a small batch instead of buying in bulk.
3. Want to start a coaching or consulting business? Offer a free session and get feedback.
You don’t need the perfect website or fancy branding to start. You need a valuable offer and real customers.
📌 Action Point: Write down one way you can start small and test your business idea without a big investment.
Step 4: Build a Business, Not Just a Hustle
A lot of people run side hustles—but a business that makes money and stands the test of time needs structure.
Key things to put in place:
1. Business name & registration – Make it official!
2. Pricing strategy – Don’t just charge “what feels right.” Research industry rates and profitability.
3. Marketing plan – How will people find you? Social media? Word of mouth? Ads?
4. Customer experience – Happy customers = repeat business. Have a process to keep them satisfied!
If you treat your business like a side hustle, it will pay you like one. If you treat it like a real business, it will grow into one.
Step 5: Master the Art of Consistency & Growth
Businesses don’t grow overnight. The real secret? Consistency. You must be willing to keep showing up, learning, and improving.
How to keep growing:
1. Learn from business mentors & industry leaders
2. Track your progress (sales, customer feedback, marketing efforts)
3. Keep testing and improving your offers
4. Stay adaptable—pivot when necessary!
The businesses that stand the test of time are the ones that keep evolving.
📌 Action Point: Write down one thing you will commit to doing every week to grow your business.
The Right Start Leads to Long-Term Success
If you want to start a business that makes money and doesn’t fade away after a few months, then you must:
1. Solve a real problem
2. Validate your business idea
3. Start small and lean
4. Set up structure and systems
5. Stay consistent and keep growing
Watch this: Want to go deeper? Coach Iphie shares more strategies in her YouTube video. Watch it here!
Which of these steps have you been struggling with the most? Drop a comment and let’s talk!
