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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, if your dream is to have a small business that is around for 10 years or longer, you have less than a 5% of being successful. If you own or plan to own a small business of your own someday, you can avoid failure yourself by becoming aware of the major mistakes so many small businesses make. Poor location: If you have a small business, chances are you will probably have a storefront, and location will be important. 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. 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: One reason why big brand names continue to do well is because they are already big brand names! 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 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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