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How long should you give a business?


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I should imagine it differs from one business to another. In my line of work it often takes six months to a year to turn prospective customers into customers. It can happen quicker but it does take a while generally. I think the key is knowing your market sector, setting margins correctly and managing cashflow.

 

Viable and profitable are quite different so I can't comment as I only have experience of my own market sector. I knew mine would be viable but wasn't sure how quick it would grow in a recession. I'm sure someone will come along and give a more comprehensive answer.

 

Can you give us more specifics so we could try to give you a better answer?

 

I have looked at your website so I presume its this business you are asking about. Where are you on your business plan?

Edited by Chez2
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Hi,

I started my business 8 months ago and I was just wondering how many years people think you should give it to see if it is viable or not?

Thanks

 

I'd imagine your sort of work is very seasonal so before pushing a panic button I'd leave it until Christmas. Im in a similar industry and first 5 months have been tough but that's been the case to a degree since day one, the next 7 months are traditionally better for us. But this year has been an odd one.

 

That said, if you are haemorrhaging cash left and right now might be the right time. Difficult call.

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ive been running my business for years but have never managed to be in a position to go full-time with it...but then i dont ever intend to.

 

i suppose it depends what your expectations/needs are for the business...and only you can answer that.

 

bridal businesses should be recession proof. if you have what people want, you will always be in demand and customers will scrimp and save to get exactly what they want for the their big day.

 

do you need to look at what you are doing to attract business? do you do the wedding fair circuit, do you advertise, do you employ social media? do you network with the bridal blogs, do you have a working relationship with any local bridal shops/wedding planners etc

 

if your business is ebay based, can you offer the rock bottom prices that people are willing to pay on there? if your prices are as low as they can be, is this affecting potential customers views of you (perceived value) and are you making the profit you should be on your stock? if you are only selling on ebay, should you be looking at other sale opportunities either on your own site or via other outlets?

 

i hope none of this is suck eggsy, it isnt meant to be, merely a bit of food for thought.

 

x

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In my line of work it takes a long time to get a firm customer base, being a first aid trainer and issuing certificates lasting 3 years, I have to build confidence with potential customers in the hope that they use my services when they need staff training. This can and does take years, but I won’t give up nor should you

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Hi,

I started my business 8 months ago and I was just wondering how many years people think you should give it to see if it is viable or not?

Thanks

 

Do you have a business plan?

 

If you do, are you on track?

 

If you don't; get one. If it stacks up and achieves what you need it to achieve, you've got your answer!

 

One thing for certain, if it runs out of cash, you'll definitely have your answer.

 

Good luck with it.

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I've started a lot of different business up in the past I call them enterprises, the thing is research before you start,if it does not take off quick don't throw money away on it move on to something else, you should be able to tell if it is going to be a success with in a few months,if it does show signs that it could be a viable business get stuck into it and go for it some people say you should give a business 2 to 3 years to tell I think that's a load of rubbish myself a business ether works or it does not no use throwing money away for 3 years to find it not happening.

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I've started a lot of different business up in the past I call them enterprises, the thing is research before you start,if it does not take off quick don't throw money away on it move on to something else, you should be able to tell if it is going to be a success with in a few months,if it does show signs that it could be a viable business get stuck into it and go for it some people say you should give a business 2 to 3 years to tell I think that's a load of rubbish myself a business ether works or it does not no use throwing money away for 3 years to find it not happening.

 

You are wasting money to close a business after only a few months. It took my business a year to take off, it's what I expected.

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You are wasting money to close a business after only a few months. It took my business a year to take off, it's what I expected.

 

I agree...it took us 6 years to make a profit (albeit this was deliberate as we were constantly reinvesting cash back into our business).

 

I stand by what I say. If you have a plan which shows a viable business AND you are within an acceptable range of the plan (revenue and costs; and only you will know what that acceptable range is), then you should continue. If you are way off plan (particularly on revenue), then you need to consider the viability of what you are doing.

 

Always remember cash (flow) is king!

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