Choose the location of your business carefully. Credit: Shutterstock

29. Choosing the Wrong Location

Finding the right location can make or break your business. If your store is in the back of a run-down strip mall, you may never see any customers walking through your door. A lot of people choose a bad location, because they feel as though they need to settle for what they can afford. Instead of settling, take your time to save up more money while you search for a better place to set up shop. Sometimes, this may mean that you need to move to another town or state.

Moving to another state might sound extreme, but that is exactly what Jeff Bezos did when he launched Amazon.com. He lived in New York City at the time, but he moved to Seattle, because it was close to Microsoft. He knew that the city was full of tech geniuses that he could hire, and it would also be far cheaper to rent a house and offices, compared to New York or Silicon Valley. In the end, starting up in Seattle was probably the best thing he could have done.