When you start a business you are full of optimism for the future. That optimism can soon turn to fear and dread as the realities of running a business set in. Around 20% of businesses don’t make it past the first year, and 70% of businesses fail by the first decade. There are a lot of factors that go into whether your business will be successful or not.
For starters, are you in the right industry? Healthcare businesses have the greatest chance of succeeding in most markets, while construction and transportation have some of the worst survival rates. Location is also very important – there are many places where businesses have a slim chance of survival because of economic factors. Cash flow problems, lack of need in the market, having the wrong team, and competition are all things that can be detrimental to your business’s’ long-term success. Learn more about why businesses fail from this infographic!