Small businesses are the heart and soul of the entire US commerce ecosystem today. But sadly, 96% businesses fail in fewer than 10 years. Mistakes range from lack of a proper business plan, inadequate conception about target base, lack of sufficient funding and so on. Are you aspiring to launch your startup sometime soon? Well, the article below offers a glimpse of the typical mistakes observed in small businesses to ensure a flawless and smart venture on your part.
No idea of proper location
At times, even brightest of business ideas can’t save you if you are wrong about your business location. If your chosen city is not really welcoming to new entrepreneurs or your industry, you can’t really do much with your venture. Make sure to choose a location that favors SMEs, your particular trade and also offers potential opportunities for entrepreneurs. According to an article on the analysis of the best of small businesses in the US, NYC is the most favorable city for small businesses.
