Avoid Business Failure, MASSAGE Magazine Business Tip

There are various reasons businesses fail, but it is important now more than ever to make sure your massage practice maintains a healthy and successful life.

Here are 15 of the top 20 reasons for business failure, according to Spa Business Strategies: A Plan for Success, Second Edition, by Janet M. D’Angelo. Make sure you have what it takes to keep your massage business thriving.

1. Poor financial and business management strategies

2. Limited managerial experience

3. Insufficient knowledge of the market

4. Economic conditions

5. Inability to establish an inclusive sales and marketing program

6. Sales “anxiety” or uneasiness with selling products and services

7. Inexperienced or poorly trained staff

8. Failure to accurately assess the competition

9. Bad location

10. Inadequate cash flow

11. Insufficient sales or revenue

12. Poor inventory control

13. Insufficient working capital or too much capital invested in fixed assets

14. Inadequate plans to meet rapid growth or expansion

15. Inability to be flexible, improvise or compromise as needed

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