Top Reasons Why Small Businesses Fail

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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: The survival of most small businesses is dependent largely upon the location that they choose for their storefront. 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. 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 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: Trying to save money on a location is not the only place where small businesses fail because they try to save money. 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: 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 use advertising, promotions, an online presence, or even a combination of the above to start stirring up name recognition.

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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