There are some pretty damning statistics out there about small business success rates. I read an article on a site called The Motley Fool once that said 80% of new businesses fail in their first year of operations. So, when you start a small business, you’re already fighting an uphill battle.
Therefore, there’s every chance you’re a small business owner with a company that’s currently knocking on death’s door. You’re very close to packing it all in and shutting down your operations. But, are there any last ditch things you can do to pull your business from the depths of despair and push forwards towards better days? Yes. So, if you have a failing business, here’s what to do next:
Get Some Extra Money From Somewhere
The cause of most business failures stems from the financial side of things. You miscalculated the costs of running your business, or you simply aren’t making enough sales to cover the general running costs. Either way, you need money, fast. There are people on your back that you owe money to, and time is running out. The problem is, banks won’t offer you another loan because you’re already in debt, so what can you do? As it happens, there are companies out there like Equify LLC who offer commercial lending based on your assets. Every business has money tied up in assets of some sort, be it equipment, whatever. Essentially, you use your assets as collateral to secure a new loan. Therefore, you’ve now got money to spend on things that help move your business out of the darkness and into the light.
Another alternative is to run a crowdfunding campaign to try and get donations from consumers. It’s possible you have a small customer base that is more than willing to help you out and donate money. When done correctly, and presented in the right way, a business can generate loads of additional funds via the consumer. This can help you pay off your debts and get your business back in the right place.
Take A Risk With A Complete Rebrand
Let’s face it, if your company is at death’s door, then you have nothing to lose. At this point, you may as well take risks. Look at your brand, and completely and utterly tear it down to start fresh. Do a full rebrand of your business, making it look different to the public eye. Loads of businesses have done this in the past to great success. There’s an article in The Guardian that goes through some of the biggest rebrands in history, and it’s a really interesting read. By rebranding your business, you could save it from going under and bring in loads of new customers. Worst case scenario? It fails, and you’re still on a sinking ship like you were before. Best case scenario? Your business survives. So, it’s kind of worth the risk.
At the end of the day, these are the two main things you should do if your company is failing. Find a way to get more money, and take a risk!