Starting a business is easy. Growing and succeeding is another story.
Did you know that 20% of small businesses fail within their first year and 45% fail before their fifth year in business? Labor statistics estimate that only 25% of small businesses survive past 15 years.
Why is this?
According to the U.S. Census Bureau’s Annual Survey of Entrepreneurs, about 25% of small business owners are forced to close their doors yearly due to low sales volume and low cash flow.
No one can be sure of success, but there are steps you can take to maximize your chances to grow your business. While there is no perfect formula, working hard, marketing your business, staying current with market changes, and understanding better your customers needs, can help you succeed and not become part of the 25% of small businesses that fail.