Starting your own small business is hard work. From deciding what type of business to get into and figuring out how to finance your dreams. Saving money, borrowing money and doing whatever it takes to get the doors open. Then comes quitting your safe day job and flushing your economic security down the toilet.
Starting a small business requires smarts, hard work dedication and courage. In the months leading up to opening day you, the small business owner, do all your preparatory work and then, suddenly, one day the doors are open and you are in business.
Customers coming in and out. Who are these people? Where did they come from? Compliments – so rewarding! Complaints that you take way too personally. juggling staff and ordering inventory. Who ordered all this cheese? Where is the server that was supposed to start an hour ago?!
Not to mention actually cutting hair, making pizzas or whatever business you have decided to get into.
To borrow a video game analogy – you don’t get to start at level 1 when you open a business and work up to a more challenging level. The minute those doors open on the first day you are at level 50 – maximum difficulty setting. All around the world small business owners are faced with the same challenges and have the same chances of success. And for all that sacrifice and hard work the results aren’t usually pretty.
95% of small businesses fail within the first five years.
95%. If there was a statistic like “95 percent of unicycles kill their rider in the first 5 years” there would be a movement to get unicycles outlawed. The news would start every night with “a unicycle killed another rider today – when will the madness end?” But 95% of small businesses fail every 5 years around the world and for some reason this is OK. “Business is hard – you need to be ready to fail if you want to get into business” goes the saying.
Looking deeper at the problem – a failed small business is often times a crushing defeat for the small business owner and their entire family. If your business fails there is a high likelihood the owner loses his or her life savings in the process. This often leads to bankruptcy and divorce – a failed business can drag your entire life down with it in the process.
So in starting a small business really we are saying “there is a 95% chance you will fail and an equally large chance you will lose all your money and significant other in the process.” Smart and capable people all around the world know how slim the chances of success owning your own small business really are.
As a result hundreds of thousands of entrepreneurs stay on the side lines, at secure but unfulfilling day jobs when they could be running successful small businesses, employing millions of people and enriching themselves in the process. This has a giant cost to the world wide economy.
As the CEO of dub5 I have been involved in starting my own businesses since I was 19 years old. I have had ups, I have had downs and I know the difficulty of starting a small business and keeping it going. When I was 24 I opened my second restaurant/bar and lost all of my money. It was a very public failure and it took me several years before I had the courage to start again. Since then I have had incredible luck and success but that experience of failure has stayed with me.
It was a singular experience sitting in your dream business and slowly watching it die. I knew I was in big trouble but was overwhelmed by having to work for the business – serving drinks, helping with the kitchen, managing staff, trying to build a loyal customer base. I didn’t have the time or the knowledge to understand where my business was failing, where I was losing money and most importantly what I could do to fix things fast.
New Technology Needed
We are building dub5 with those 95% of small business owners in mind whose businesses are set to fail in the first 5 years. We know we can deliver technology that can help them understand their business better and take actions to run it optimally and make more money. Technology that is far superior to the Point of Sale systems that are currently running businesses with a 95% failure rate in 5 years.
A point of sale designed to help you manage your expenses. Designed to plug into ordering websites and delivery services and increase your revenues immediately. Designed to help you make the most money possible at your business. And rather than asking for thousands of dollars up front and fees every month dub5 is entirely free for the small business – hardware and software included. Forever.
The team at dub5 knows the courage it takes to start your own small business. We understand the late nights and early mornings when your friends with jobs are tucked into bed but you have to work. We have felt the fear and uncertainty that comes with not knowing how you will pay your bills and where the money is going to come from to meet your obligations.
And we are building the product that is going to help. The product I would have liked as a 24-year-old restaurant owner. The technology that could have saved my business but it didn’t exist.
– Clark Murray
CEO and Founder