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Saloth Sar

Disastrous month of August for businesses of Damrai Street (174)

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Disastrous month of August for businesses of Damrai Street (174)

The month of August was awful for several bars on street 174; this week four bars were victim of the Phnom Penh small businesses over saturated market.

1) The Thirsty Elephant Bar

2) Generations Sports Bar

3) Q Bar

4) Unicorn Bar

Surely the business failure isn't something you want to think about when you start a business. Here in Phnom Penh new small trades open at the breaking neck speed in recent years they also closes at even faster speeds. 

 But based on my own seven months survey I can state that three fifth of small retails business startups will fail in the first six months. Only about two fifths survives two years or more and most investments will be lost. These figures are rather grim. There are a multitude of conditions that can result in a business failing, most small commerce’s that go out of business make similar mistakes.

The reason for business failure is often tied to the reason the owner started the business. Is your primary reason for starting your own business the desire to make a lot of fast money? Do you think that if you have your own business that you'd have more time for you and your family? The right reasons for starting a business; you must have dedication, care for for what you’ll be doing, and strongly believe in it.

Based on your market fact finding and investigation that your product or service would fulfill a real need in your district, factors to consider:

·         Where your customers are

·         Traffic, accessibility, parking and security

·         Location of competitors

·         Condition and safety of building, lease duration

·         Potential problems and solutions

·         Capital equipment & supply list

·         Income statement & cash flow (this one is crucial)

·         Sales & expenses

Simply put, if you have a business today, you need a website & social media presence.

 A common fatal mistake for many failed businesses is having insufficient operating funds. New business owners often do not understand cash flow or underestimate how much money they will need for startup and they are forced to close before they have had a fair chance to succeed. They also may have an unrealistic expectation of incoming revenues from sales.

It is vital to establish how much money your business will require; not only the costs of starting, but the costs of staying in business. It is important to take into consideration that numerous businesses take a year or two to get going. This means you will need enough funds to cover all costs until sales can eventually pay for these costs. You also need to be different, you need to stand out from the crowd, and make consumers feel like yours is the place to go, as frequently as possible. Think about the people you’re targeting, your budget, and services you’re willing to offer. Know what your audience wants from you. Don’t surmise any details do your groundwork and increase your chances of success.

 

To be followed: part II, Successful Small Business

 

 

 

Thirsty Elephant 1.JPG

Thirsty Elephant 2.JPG

Thirsty Elephant 3.JPG

Thirsty Elephant 4.JPG

Thirsty Elephant Bar 5.JPG

Unicorn and Q bar closed.JPG

Generations Bar.JPG

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