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How to Avoid Business Failure

Ten Tips on How to Start a Small Business

Find the right space. It may be as elaborate as a manufacturing space or prime-location storefront or as modest as your garage and home office, but it needs to serve you well.

If you are opening a retail shop, spend time in the neighborhood on weekdays, evenings, and weekends. Observe the traffic patterns, parking, foot traffic, and demographics of shoppers. You don’t want to be marketing baby clothes, for instance, in a neighborhood frequented mostly by senior citizens.

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