Designer Starts A Thread Explaining Why Many Small Businesses Fail

Lakyn Carlton is a Texas-born and LA-based designer and stylist, so she knows a thing or twenty about running a brand.

Recently, she decided to share her knowledge and send an important message to all small business owners.

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While Carlton recognizes good intentions when she sees them, she also thinks that far too many people are trying to please the world at the expense of themselves.

“You can’t run a business off vibes,” she said, building her argument. Continue scrolling to check out the rest of it.

Lakyn Carlton is a writer, designer, stylist, and fashion lover

Image credits: lucas Favre (not the actual photo)

Recently, she gave valuable advice to every small business owner

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Image credits: OgLakyn

Image credits: OgLakyn

Image credits: OgLakyn

Image credits: OgLakyn

Image credits: OgLakyn

Image credits: OgLakyn

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An organization requires financing to meet payroll, develop new products, execute a marketing program, and expand whenever the demand rises. But a small business can sometimes find it difficult to find the money it needs to run and grow the operation. Not to mention that investors and lending institutions are sometimes hesitant to back up a small business that does not have the equity a large corporation has, or the resources to compete in the open market that are available to its bigger rivals.

In a report by Wasp Barcode Technologies, 50% of the surveyed small business owners said that the biggest challenge they face is hiring the right employees. Recruiting new talent has never been an easy task, even for big companies, but small businesses appear to struggle more because they have limited funds and resources.

People immediately started responding to her thread with their own experiences

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The bottom line is that having enough cash to cover the bills is a must. To avoid finance problems, small business owners have to either be heavily capitalized or pick up extra income to shore up cash reserves when needed.

In fact, this is actually the reason why many small businesses start with the founders working a job and building a business simultaneously. While this split focus can make it challenging to grow the operation, running out of cash makes it simply impossible.

However, you could say that money management becomes even more important when cash begins to flow into the business. Although handling accounting and taxes may be within the capabilities of most business owners, professional help is usually a good idea. The complexity of a company’s books increases with each client and employee, so getting help on the bookkeeping can prevent it from becoming a reason not to expand.

And it eventually evolved into a discussion on fast fashion and capitalism

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Folks agree that knock off products are a huge problem

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The post Designer Starts A Thread Explaining Why Many Small Businesses Fail first appeared on Bored Panda.


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