Starting a small business can be one of the most rewarding experiences, but it doesn’t come without its challenges. According to BLS, half of businesses fail within 5 years and only 30% will last for 10 years. However, this doesn’t mean you should give up your dreams of growing a business.
As a small business owner, from maintaining cash flow to keeping employees engaged, there’s probably a lot on your plate. Setbacks or mistakes are inevitable with a growing business. It’s through the small setbacks where you have an opportunity to reevaluate what’s working and what’s not. Learn how to address challenges that you will inevitably face head-on.
Whether it’s networking with local community business groups, scouring the internet for resources, or even crowdsourcing solutions to challenges, there are plenty of tools to help you tackle potential or current hurdles. Reframe your goals and processes by learning from those around you.
Check out the infographic by Valpak below on 6 small business initiatives that didn’t go as planned. It shares candid responses from small business owners across different industries and what they learned to help you not make the same mistakes. The visual provides tips that cover many areas of business, from hiring to social advertising or building a product.