- Direct Sales
- Online Retail
- High-End Retail
- Independent Consulting
- Franchise Ownership
- Traffic-Driven Websites
Overall, I agree with six of the seven on the list. To me, all these businesses require great marketing and success is highly dependent the owner's ability to continually find and keep new customers.
I was surprised at the article's choice of franchise ownership as a challenging business, since the marketing is done by a parent company, the brand is usually well known and the successful procedures are well documented. In presentations, I have been told that franchisees mainly fail because they do not follow the proven procedures. Interestingly, the article pointed out that only 62% of franchise businesses stay open five years, compared with 68% for independent businesses.
Finally, the article points out that most new owners also make the mistake of starting businesses that they like, or an easy/cheap one versus starting one in which they have professional expertise.
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This is not financial or small business advice. Please consult a professional advisor.
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