Why Do Small Businesses Fail?

Many people dream of running their own small business, but if you look at the statistics, you will find that most small businesses fail. 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. The excitement and anticipation that is part of the early stages of a small business creation causes many people to jump the gun on getting started. Too many people ignore the fact that once they choose a location, they are likely to remain in that location, and instead of waiting for the "right place" to open up, they take whatever is available. Another motivation for people to take a lesser location is because of a lower price; but the extra money for a good location will pay dividends in the long run!

Saving money: "Saving money" on a location is not the only way small businesses try to save money early on. Lots of small businesses hurt themselves in the long run by saving money in the present on presentation or creation. 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! Small businesses need to learn the importance of going out of their way to create name recognition, as consumers are far more likely to part with their money when it is going to a name they know. 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.

If your dream is to run a small business that sticks around for a long time, it is certainly a dream you can achieve. But first, you need to understand that important steps you must take and mistakes you must avoid if you want to make it happen!

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