There is several mistakes small business owners do make that can be likened to stepping on a banana peel. Their businesses crash down before they know it.

According to statistics, it reports that over 71 percent of small businesses churn or die out within 10 years of establishment.

Running a small business can be a bit of a stress especially when you just started.

For people establishing a business for the first time, this realizations comes as a shock to them when they see the challenges other businesses owners face daily.

If you equip yourself with the right information, mentorship, and education,  then these challenges can be overcome.

The following listed below are five mistakes smaller businesses owners make every time:

Choice of Business name

The name you choose for your business is important. Your business identity is your business name.

It’s how your potential customers can find you through social media, online search word of mouth and so on.

There are several tools out there you can make use of to generate business in seconds.

And if you don’t prefer that one, you can search for suggestions from Family and friends. Quora. WhatsApp Groups, Facebook Groups, and so on.


Collecting Unfavorable loans

Some small business owners have little money to establish their business.

This leads them to desperately lend money from friends and family and some even source out for loans which comes with unfavorable conditions such as high interest rate.

Such small businesses doesn’t end well



Read more: https://smpreneurs.com/04/5-mistakes-many-small-business-owners-make-every-time/

Bros, these are least of the of problems causing fatalities to Small Business.

What do you think of unfriendly business environment that increase the operating cost of the enterprise?