A Business Closes Each Minute

startup business Scrabble tiles

Photo (CC) by Dennis Skley, on Flickr

Does that headline surprise you?  Actually it may be higher than that depending on the statistics you use.

But about that same number of businesses also open each minute (right now those opening might be slightly higher).

So with those kind of numbers is starting a business something you want to do? The reality is that those are just averages. They don’t represent you and your business.  And understand that some of these businesses shut down because the owner sees a better opportunity elsewhere. We don’t use the term failure, instead we just use the term closure.

Other reasons that a business may close include financing, lack of planning, inadequate marketing, an owner retires, or the owner just is tired of the strain of running a small business and being responsible for most or all of the duties.

So why bring up all of this?  It is not meant to scare you from opening. The idea is to let you know what you are facing. You need to have a passion to keep going and have done everything you can to plan for different scenarios. Talk with current or past business owners and they will often say they enjoyed their time in business.

So consider the opportunities of owning a small business? Then do your homework. It can be a rewarding decision.

Get more information on small businesses at:

Power of Business

SBA – https://www.sba.gov/content/small-business-facts

State of Small Business

Forbes Small Business Statistics