Did you know that over 70% of businesses don’t make it through their first year of business? It is said if you can make it to year 3 then there is a good chance that your business will be successful!! The reason for this is because when businesses first start they are still learning, even with all of the planning they put into place, they are still learning from trial and error. Check the stats!

Top Small Business Failure Statistics: Only 22% of new small businesses and startups survive their first year in business. 30% of U.S. businesses fail in the second year. Half (50%) of all small businesses in America fail in their first 5 years. Around 70% of small business owners fail in their 10th year.- simply insurance

With these statistics, if 100 businesses started in your city this year, in 10 years only about 3 of those businesses will still be functionally operating. Its far from easy and alot of gurus don’t talk about that part with business; the resiliency that is needed. It takes alot to run a successful business in 2023, post pandemic! The advice we were learning before isn’t the same advice we need together in this digitally driven society.

Business owners come to find that alot of advice they learned from the “gurus” didn’t really work for them because it didn’t relate to their personal path. Instead of learning concepts we are told to duplicate steps that were taken by people before us, even if you aren’t 100% sure of your audience.

Whatever you do, do not give up when it gets hard. It’s when it gets hard when you are tested the most to see how much you want something. It’s usually the need to pivot when we come across these mishaps in the beginning stages of our business. Use the first year as the time when you get a better understanding of what you want out of your business, learning your customer profile, and the community.

Failure in business is actually a good thing because it shows you where you need to focus and tighten up. Use this week to make a list of things you feel you need to tighten up in your business. What do you feel is potentially holding you back? Use this time to brainstorm and identify those potential snafus in order for you to get ahead of them.

Whatever you do, keep going. Keep pivoting. Keep learning. Keep growing.