They say that most small businesses go out of business within a year. There are a lot of reasons why this happens. It can be due to mismanagement, bad location, and poor quality of products and services. But if you want a fighting chance to stay in the business, here are the things that you should do:

1. Not being engaged in the community

One of the best ways to improve branding is to be engaged in your community. They are your first customers, so you need to take your time in building a good relationship with them. Start with finding a good BIA in Vancouver. With the help of a BIA in Vancouver such as DVBIA, you can make strategies on how to reach out to your local community and create engagement.

2. Spending so much money on unnecessary things

Focus on building good foundations in your business first. Improve your core operations, products, and services and put your resources here. By building a solid foundation, you should be able to grow your business steadily.

3. Skimping on advertising

Marketing your business, especially in the early stages, is important for your success or growth. Whether you are aiming for traditional marketing or digital advertising, make sure you allot a reasonable budget for it. It doesn’t have to be too expensive either. There are cost-effective marketing strategies today that will allow you to get what you paid for in the future.

Try to avoid making these mistakes. When you avoid making these mistakes, you have better chances of surpassing the 1-year mark and operating your business long-term.

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