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: The survival of most small businesses is dependent largely upon the location that they choose for their storefront. Lots of people jump the gun on starting their small business because they are so excited and filled with anticipation. While they should be waiting for the "right location," they instead going with whatever becomes available, neglecting the fact that they will likely remain in that location for as long as their business remains alive. People also often settle into a poor location because they are saving money this way; but while they are saving money in the short term, they are losing money in the long term.

Saving money: There are more "saving money" ways that small businesses fail than just picking a poor location to save money. 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: People are already familiar with the big brand names, and this is one reason why they continue to draw customers. 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. Whether this occurs through advertising, promotions, an online presence, or some combination of the above, it is extremely important to pursue.

Your dream of running a small business that sticks around for a while is certainly attainable. But before this dream can become a reality, you need to make sure you understand the most common mistakes people make, and you need to know how to avoid them!

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