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. 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. Because of the anticipation of getting started, too many people jump into their business before it is truly ready to go. 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. 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. Too many small businesses cut corners in the creation or presentation of their product, and they suffer the consequences. 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. When people know a product, they are more likely to feel comfortable using it; this means that small businesses need to do what they can 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.

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!