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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 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. 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. Lots of people jump the gun on starting their small business because they are so excited and filled with anticipation. 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: There are more "saving money" ways that small businesses fail than just picking a poor location to save money. Lots of small businesses also cut corners in the way they present or even create their product, and this hurts them in the long run. But if you want people to support you by spending money on the product you make or service you provide, you first have to spend money making and presenting the product or service! Name recognition: Consumers already know the names of the big brand names, which is one major reason why the big brand names stick around. 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 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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