If you are running a small business and have been around for any length of time, give yourself a pat on the back. I’ve been running my small business for 16 years now and believe me, I’m thankful each and every day. I especially feel that way after coming across this small business infographic on some of the most tried and failed small businesses.
Did you know that recent studies have shown that 50 percent of small businesses will fail within the first year? How about the fact that a staggering 95 percent will close their doors before they hit their fifth year of operation? That one seems a bit hard to believe but in today’s economy, it could be true. Here are some additional stats that may surprise you:
- 40% of small businesses are profitable,
- 30% break even,
- 30% are continually losing money,
- 9% have a chance of surviving 10 years.
Now before you get discouraged, keep in mind that many factors go into the success or failure of any small business. A good business plan and strategic marketing and customer service can go a long way toward obtaining success. This infographic by Top Business Degrees seeks to explain why some businesses fail and others flourish.
(article by D.Wallace)