5 Tips for Avoiding Small Business Failure

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Here are five main reasons why small businesses fail, along with tips for avoiding these common pitfalls:

1. Give up delusions of grandeur – While the rewards can be tremendous, small business owners work many hours and have to be the IT Department, Bookkeeper, Human Resources, Maintenance, etc. all while being the CEO.  Be prepared to work hard, troubleshoot lots of problems, and learn the art perseverance.

2. Nurture your network – Many people simply don’t have a network to sell to when they start out and that can be hard.  When you start a business, you need to network.  This means returning every phone call, tapping into your network of friends and family, attending industry events, and getting involved in your community.  Your network is your net worth.

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