FAQ - THIS QUESTION & ANSWER SECTION IS BEING UPDATED!

Q. Why would my business fail?

A. An analysis by CB Insights found there are 20 primary reasons why startups fail. These include:

  • No market need – 42%

  • Ran out of cash – 29%

  • Wrong team – 23%

  • Out-competed – 19%

  • Pricing or cost issues – 18%

  • Unfriendly user product – 17%

  • Product without a business model – 17%

  • Poor marketing – 14%

  • Ignored customers – 14%

  • Mistimed product- 13%

  • Lost focus – 13%

  • Disharmony among team and/or investors – 13%

  • Pivot gone bad – 10%

  • Lack of passion – 9%

  • Failed geographical expansion – 9%

  • No financing or investor interest – 8%

  • Legal challenges – 8%

  • Didn’t use network – 8%

  • Burned out – 8%

  • Failure to pivot – 7%

 

Q. How can I succeed in my 1st year of business?

A. It tough to make it a sure thing but here are a few pointers that will help give you the best odds.

  • Create a business plan

  • Keep expenses low

  • Focus on the customer

  • Utilize and build your network (become a Main Street Partner)

  • Increase sales efforts

  • Seek work/life balance

 

Q. How long has Pryor Main Street been in Pryor?

A. Good question, we were established in 2013 and have been helping grow downtown businesses ever sence.

 

Q. I am nervous about taking the first step, should I even start a business in Pryor?

A. Starting a business isn’t easy, but with advanced planning, budgeting and vision, you can achieve wild success no matter your industry. By knowing what to do (and what not to do), you can continue being a successful business owner for the rest of your life.