1.37 million new business applications were filed in the first quarter of 2021 and 1.44 million in the second quarter. In June 2021 alone, more than 448,000 new business applications were filed. (census.gov)
Despite the changing times, business owners are not changing their minds about their business ideas.
Entrepreneurship is not for the faint of heart… we know things can change on a dime, and we take the leap anyway.
But, how can you ensure you won’t be a part of the failure statistics? Failure rates have literally doubled since 2016 when the rate of failed businesses was noted to be 20.4%, and rose to 50% in 2020. (bls.gov)
As you can see from the chart above, businesses can fail for so many reasons, across so many categories. There really is so much to juggle; reading the pulse and needs of your community, choosing the right team, effective marketing, making sure you are covered legally, keeping the right amount of profit margins and capital surging, etc. etc. etc..
This list is enough to scare off even the most convicted of entrepreneurs. This is why hiring a business consultant you vibe with is crucial. You need the right people behind you, so when you get overwhelmed (and you inevitably will at various points) you have someone to run ideas by and lean on to get you and your business through it.
You can exhaust yourself from the start up alone, and you will need to pull strength from somewhere. While I do believe that most people that have the gusto to start a business, can pull more strength from the depths as needed, why drive yourself to total and utter burnout?
You are in business to stop the grind and not perpetuate it.
Form a team that is available, knowledgeable and supportive whenever and wherever you need it. Hatched Consulting is here to help you do just this. REACH OUT.
Want to read on about surprising business statistics? I really like this information from FindStack.