How Can I Keep My Small Business From Failing?

Even though many Americans dream of running a small business of their own, many small businesses end up failing. In fact, less than 5% of small businesses are still in action just 10 years down the road from their initial startup date. There are a number of reasons why small businesses fail, and by making yourself aware of these reasons you will be better able to avoid them yourself.

Poor location: Most small businesses exist with a physical location, which makes their location an important element of survival. Because of the anticipation of getting started, too many people jump into their business before it is truly ready to go. 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. 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. But you have to spend money in creating and presenting your product if you want people to spend money on the product itself!

Name recognition: People are already familiar with the big brand names, and this is one reason why they continue to draw customers. 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.

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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