Why Do Businesses Fail And What Can You Do About It? [Infographic]

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!

Brian Wallace is the Founder and President of NowSourcing, an industry leading infographic design agency , based in Louisville, KY and Cincinnati, OH which works with companies that range from startups to Fortune 500s. Brian also runs #LinkedInLocal events nationwide, hosts the Next Action Podcast, and has been named a Google Small Business Advisor for 2016-2018. Follow Brian Wallace on LinkedIn as well as Twitter.

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