Set Your Small Business Up for Success: Strategies, Best Practices, Insights, and Tips (Part 2)

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Editor’s note: Lantern by SoFi seeks to provide content that is objective, independent and accurate. Writers are separate from our business operation and do not receive direct compensation from advertisers or partners. Read more about our Editorial Guidelines and How We Make Money.
You Built It, Why Didn’t They Come? The 6 Reasons Small Businesses Fail
The Unique Challenges of the Pandemic
Myths and Truths About Small Business Success
Real estate and rental and leasing Agriculture, forestry, fishing, and hunting Retail trade Health care and social assistance (such as home health aides, licensed practical and licensed vocational workers, medical and health services managers)
The mining, quarrying, and oil and gas extraction industry Administrative and waste service companies (such as janitors and cleaners, office clerks, and security guards) Information (customer service representatives, telecommunications equipment installers, and similar businesses) Arts, entertainment, and recreation

6 Reasons Why Small Businesses Fail
1. Running Out of Money
2. Not Connecting to the Customer
3. Lack of Marketing
4. An Inadequate Business Plan
5. Poor Management
6. Pivoting Too Late — or Too Soon
The Takeaway
About the Author
Nancy Bilyeau writes about student loans, mortgages, car insurance, medical debt and many other finance topics for Lantern. A veteran of the magazine business, she has edited stories on personal finance for Good Housekeeping and DuJour magazines and has written articles for The Wall Street Journal, Readers' Digest, Parade, Town & Country and Lifetime/A&E, among others. She is a graduate of the University of Michigan.
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