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Twenty percent of small businesses fail within their first year.
Entrepreneurship is no walk in the park. In fact, the amount of new businesses that fail exceed the number that succeed. That’s why it’s more important than ever to create a unique product or service that helps you stand out from the rest.
Related: Why ‘Fail Fast, Fail Often’ Is All Hype
However, don’t be discouraged. If you believe in your , passion will prevail. On average, 75 percent of small-business owners are confident in their company. And why shouldn’t they be? They’ve turned their passion into profit. Yet, keep in mind it’s important not to be overly confident. Instead, take things one step at a time. Typically, 20 percent of fail in their , 50 percent in their fifth year and 70 percent after a decade of being in business.
A number of factors play into a business’s closing, such as location, the current market, and more. The number of reason most small businesses fail is due to cash flow, and cities such as Stockton, Modesto, San Bernardino and Santa Rosa are some the worst places to launch a business because they can be expensive, the market’s not there or they are too isolated.
Related: 3 Crucial Questions to ‘Fail Proof’ Your New Business Idea
So in order to ensure your business is on a path to success, it’s crucial to invest in the right idea, test your product or service first, interact with prospective customers and build a solid team.
For more information on small-business failures, check out Insurance Quotes’ infographic below.
5 reasons why businesses fail (infographic) – entrepreneur
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