There are of course many reasons why so many small businesses fail each year in the United States. Most are based on either impulse or ignorance. We’re not talking here about being a franchisee of a major chain of stores or restaurants because these, for the most part, are professionally run and they have a proven formula. We’re discussing what is commonly referred to as a “mom and pop” or family operation. While it is clear that a franchisee has a much better chance of at least a modest success, it doesn’t mean that something that is individually-run can’t succeed. Many huge businesses today started out just this way. Ever hear of Wal Mart? These 9 small business tips should help:

1. The Product or Service.

The first thing you have to ask yourself is whether the product or service you are going to be selling has enough potential buyers. Is what you’re offering going to attract customers? Is the product or service unique or are there others across the country that are successful in this field? It isn’t enough to just “think” someone will be a customer. You need to do some real soul searching and basic research before you take any more steps. Also, an important factor is determining if your business can attract the same customers again and again, such as dry cleaners might. The repeat customer is the life blood of your operation.

2. Suppliers and Pricing.

Once you are set on your product or service you need to be sure you can get whatever you’re selling on a quick turnaround. If you start running out of something you will quickly lose customers. They are coming to you to buy and if you don’t have it they won’t be patient for long. It is too easy for them to go somewhere else. So inventory control is very important. Also, you want to be sure the vendor making your product(s) can maintain a high level of quality. And once you’re all set with products you’ll need to figure out your pricing. Normally the retail price is at least double the wholesale price. Will that give you an acceptable profit?