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Home/Blog/Knowing why start up businesses fail leads to success

For the last ten years I’ve had a State Government contract to help people start a business. I do everything that I can in the knowledge that around 90% of them will fail, or never start in the first place. A business fails when it runs out of money. But that’s not the reason they fail. That’s the result.

People are unsuccessful when they build something that no one wants. Do people want Laughter Yoga? No. Do they want the benefits that Laughter Yoga provides? Yes. So you don’t want to develop a laughter business but a business that provides all of the benefits of what you do. The trick then is to prove to people that what you have works and especially for them. This is about the value.

They are also unsuccessful when they lack focus. You need to focus on what matters and optimize your time. You can’t manage time so stop trying to. What you need to do is prioritize your tasks into meaningful for the short term, and then meaningful for the long term. The latter is what people do badly.

And finally they lack passion. There’s an old saying that goes “Do something that you’re really passionate about”. So you’re probably thinking “I’m really passionate about Laughter Yoga and helping people to be healthier and happier”. That’s not the passion I’m referring to. This passion is “business success”. Be passionate about having a business that makes money and achieves a vision. I had my best year ever with Laughter Yoga last year. With still a few weeks to go I’m tracking at a 20% increase on that, and presented to some of the biggest name businesses in Australia. Now that’s success!
Here are 5 things to consider when starting your Laughter Yoga business.

  1. Money. Do you have enough money to run your business for the next 12 months even if you don’t get a single customer, and are you happy to lose it all tomorrow? If the answer’s no then don’t start. It will only end in tears.
  2. Strategy. Do I have something that will make you stand out from the crowd and more importantly which crowd is that? Some people want to be better than other Laughter Yoga people. You need to be better than the other people out there that DON’T do Laughter Yoga also.
  3. Business Plan. A Business Plan is your roadmap for success. Running a business without one is like trying to drive a car from point A to point B with a blindfold on.
  4. Marketing Plan. This is similar to a Business Plan except with a higher degree of creativity and ego. You need to be very good at telling everyone how good YOU are, as well as your products and services.
  5. Have a mentor. You have an Accountant for your books, a Lawyer for your legal issues, and so on. You need a mentor for learning and developing YOU as well as your business.

If you have any further questions regarding starting your Laughter Yoga business then please feel free to email me at mervneal@laughteryoga.org at anytime. Any recommendations for future topics are also appreciated.

Merv Neal is a Laughter Yoga Master Trainer and the CEO of Laughter Yoga Australia and New Zealand. He has successfully owned and operated his own businesses for more than 40 years. He has created a Laughter Yoga Business Training Program, as well as the Business Mentors and Coaches Program, to help others to take Laughter Yoga to commercial organizations, and/or to create a Laughter Yoga business of their own. More information can be found at http://www.laughteryogaaustralia.org or http://www.mervneal.com