SMALL BUSINESS STATISTICS – WHAT YOU WANT TO KNOWJan 04, 2022
When it comes to running a business, there are some statistics you will want to know. Whether you are already an online entrepreneur or just tossing the idea around in your head, you will want to keep these in mind. We are partnered with Reach Reporting and they recently put out a report that we found intriguing and wanted to share it with you.
The most interesting piece to us is the numbers during the fifth year and the tenth year of a business. Within five years, 50% of small businesses fail. Even more shocking is by the tenth year, 70% of them will have failed. We don’t say this to scare you, but to help prepare you to be a part of the 30% after ten years who DO make it. So what does it look like to be a part of the 30%?
BEING THE 30%
We have worked with successful entrepreneurs for many years, so we understand what it takes to make sure your business succeeds. You have to be vigilant in your financial business decisions. Make sure you know your numbers, set up an emergency fund, and have the right team by your side. One of the best decisions you can make as a business owner is making sure you have the right people handling your financials.
When your books are organized and your numbers are clear, that is when you make the best financial decisions for your business. Don’t let your business be a part of the 70% that fail, be apart of the 30% that go on; do it for decades more. Find a tax professional who knows how to handle your business’s financials. By prioritizing your business’s financials, you are prioritizing your business’s success.