Did you know that approximately 20% of small businesses don't make it past their first year? Yep, you heard that right. And by the time we hit the five-year mark, that number skyrockets to a staggering 50%. Now, those stats might sound a bit doom and gloom, but fear not! Today, we're going to take a look at 15 common reasons why small businesses hit the skids – and, more importantly, how you can steer clear of these pitfalls.

Lack of Planning: Alright, let's start with the basics. Failing to plan is planning to fail, as the old saying goes. Before diving headfirst into the entrepreneurial pool, take the time to craft a solid business plan. 

Tip: Don't just scribble down a rough outline and call it a day. Take the time to dig deep into every aspect of your business – from your target market to your financial projections. Think of your business plan as your GPS; the more detailed it is, the smoother your journey will be. 

Insufficient Capital: Money...