You have created a new small business and want to avoid mistakes. Do you know the common reasons why many startups fail?
Here are some common reasons you need to know.

Small Business: 20 Common Reasons Why Startups Fail – Mistakes to Avoid

Poor product
Poor marketing
Pricing/cost issues
Lack of passion
Burnout
Lack of research

Many small businesses start up every month but the failure rate is high. 20% failed in the first year, 50% within five years, and 65% within 10 years.

Reasons to Fail

If you ask former business owners, you will get many answers about why their businesses failed.

Wrong Market or Broad Market: Too many people try to start a business targeting everyone. But this doesn’t work well. It is too broad.

You need to target a specific niche. So it is easier to reach your target audience.

Lack of Research: You have to know what your customers need or want. Too many newbie marketers or business owners think they have a great service or product to offer, but nobody wants that service or product.

By researching your market, you will know exactly how to meet your potential customers’ needs.

Research, find a problem, and provide a solution. Simple but effective!

Bad Marketing: Every business needs two things: marketing and bookkeeping. If you know well both, it doesn’t matter what you are selling or offering because someone will buy it.

Instead of creating a marketing campaign, hire an expert. It costs money but it will bring in much more than you spend.

How to Avoid Failing

Set Goals: Know exactly where you want to be. Without a goal, you just wander without results.

Research: Know everything about your market. Know what customers want. Know their incomes, their desires, and what makes them tick. The more you know, the more you can sell to them.

Love Your Business: If you don’t love what you do, you get bored. You must be passionate about your business.

Don’t Quit: No matter how great is your business. You are going to have a downtime. You need to work extra hours and press harder to succeed.

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