Starting Your Business With SUCCESS!

To start a new business, you’ve gotta dream big.  💫

Remember those posters along your middle school hallway? The ones that said, “Shoot for the moon. Even if you miss, you’ll land among the stars? ” 🌙✨

It might be true for life, but it’s not always true in business. 👩‍💻Before embarking on a new business venture, it’s important to understand the statistics. 

According to the Bureau of Labor Statistics:
❌20% of small businesses fail in the first year. 
❌30% fail in year two. 
❌50% fail after 5 years. 
❌70% fail by year 10. 

With stats like that, we MUST be strategic. 📈

But it’s not all gloom and doom! Starting a new business is nerve-wrecking. It’s okay to be anxious, y’all. It’s a big undertaking! When you focus on marrying strategy and passion to create your ultimate business, however, you can start with success. 🤩

Let’s look at those numbers from a different perspective. 

According to the Bureau of Labor Statistics:
✅80% of small businesses with employees will survive their first year.
✅70% of small businesses with employees will survive their second year.
✅50% of small businesses with employees will survive their fifth year.
✅30% of small businesses with employees will survive their 10th year. 

These rates tend to be consistent over time, no matter what else is going on in the world. 🌎

So what can you do to be one of the 30%? 🏆

First, let’s take a look at why businesses fail. The largest percentage of businesses that fail - 42% - fail because there is no need for their product or service. So start with research. 💻 Before you begin, you should be certain that there is a need for your business. If you’re offering something people want and need, you’re much more likely to succeed! 

We’ll talk more about positioning your small business for success next week, so keep an eye on your inbox and right here!