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Saturday, November 21, 2015

Why Do Small Businesses Fail?

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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, if you look ten years down the road from the start date of most small businesses, less than 5% of them are still around. 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: If you have a small business, chances are you will probably have a storefront, and location will be important. 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. 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: 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. 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 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. 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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