Many businesses in Utah have failed, and many more will do in the future. It’s a morbid thought, but it’s the truth. In fact, according to global analytics, 50% of new businesses in the USA do not succeed within their first five years.
It’s tempting to give up when your business is failing, but you don’t have to go through that. You might feel emotional after selling your business in Ogden. But fortunately, you can revive your company. Here's how you can save your business:
Put Your Business Up for Sale
It’s a worst-case scenario, but you can use it to your advantage. A new opportunity could appear. Your focus is no longer at attending to your business, so now you have some free time to evaluate your goals. And when a new business idea comes to mind, start with the lessons you’ve learned from your previous business.
When selling your company, determining a realistic price range and understanding tax consequences can help you successfully land a suitable buyer. You can seek the help of professional business brokers. They can help you handle these aspects of the selling process.
Change Your Business Model
Getting a new business model is an ideal but challenging technique for any business. You have to completely change your target market, product or service, and pricing. It’s no simple feat, but the results are often successful.
One of the main reasons why businesses fail is the changing market. Consumers demand something new, while industries release new technologies. Here’s an example:
Caller IDs were introduced to American homes in the early 1990s. Unfortunately for telemarketing companies, this was a considerable hindrance to their business. To prevent their businesses from falling apart, call center companies changed their business model. Today, they focus mostly on providing customer service and technical support.
Rebranding is generally a last-minute idea when you haven’t reached a selling point. It’s good because it can jump-start your business without changing your entire business model.
What rebranding does is that it overhauls your brand’s approach. It reinvents the image of your business and product or service. Take Old Spice for example. They’ve been around since the 1930s, so it was inevitable that they would lose their appeal.
Seventy years later, at the helm of Procter & Gamble, Old Spice changed its packaging and branding. From being recognized as a deodorant for older men, it reinvented itself as deodorant with a scent that women love.
It takes months, even years, to start a business. It’s just proper that you give yours a lot of second thought before closing it. If it can’t be avoided, create a closing plan that will protect your spouse, lenders, cosigners, reputation, credit, and personal assets.
In the end, remember that you might end up facing debts and lawsuits for years if you put up a sign that says “out of business.” You can avoid this by implementing a proper shut-down process. You should inform your customers and creditors ahead of time.