Top Reasons Why Small Businesses Fail

Most American small businesses end in failure, despite the fact that many people dream of one day running a successful small business of their own. In fact, less than 5% of small businesses are still in action just 10 years down the road from their initial startup date. If you become aware of the mistakes so many small businesses make, you can set yourself up for success with your own small business instead of setting yourself up for failure.

Poor location: Most small businesses exist with a physical location, which makes their location an important element of survival. Lots of people jump the gun on starting their small business because they are so excited and filled with anticipation. Instead of waiting for the right location to open up, they find something available and jump at it; but remember, once you are in place, you are probably there to stay. Another reason people often take a poor location is because it is less expensive; but it is worth paying the extra money to be in a good location!

Saving money: "Saving money" on a location is not the only way small businesses try to save money early on. Too many small businesses cut corners in the creation or presentation of their product, and they suffer the consequences. If you want people to spend money on your product or service, you need to first spend money to make it good and appealing!

Name recognition: One reason why big brand names continue to do well is because they are already big brand names! People are more likely to spend money on a product or service whose name they already know, which is why small businesses need to go out of their way to create name recognition. You can begin to stir up name recognition yourself by doing promotions, by advertising, and by creating an online presence; in fact, you can even combine all these elements together.

You can certainly achieve your dream of running a small business that sticks around for a while. By learning the mistakes most small businesses make, and by making sure you avoid them, you can make this dream come true!

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