Starting a new business so you’re in full control is very exciting, but at the same time very daunting. While many new businesses succeed and make a massive impact on the industry there are serving, there are many businesses out there that aren’t so lucky.
Before you start your business, always make sure you have a detailed plan in place that will help you take your business in the right direction; otherwise, you could be one of the many businesses that file for bankruptcy every eight minutes. If you’re struggling to do that or you lack the business administration experience, be sure to obtain an online MBA degree via one of the many online MBA programs out there to give you the experience and knowledge you need to run a successful business.
Here are some facts about startups you may (or may not) what to know.
1. More Than Half a Million New Businesses are Started Every Month
That’s right. Approximately 543,000 new businesses are started in the US every month, and that means you’re going to have to come up with a very special idea to have any chance of success. This fact may not put you off starting a business as such (and it shouldn’t), but it’s worth considering just so you know how high competition is going to be for any venture you start.
2. A Small Business Filed for Bankruptcy Every eight Minutes In 2009
These scare tactics are not meant to try and put you off starting your own ventures, but if you don’t have a detailed plan in place or you don’t have the finances to keep your business on its knees, you could end being one of the many startups that filed for bankruptcy every eight minutes in 2009.
3. There are Already 28 Million Small Businesses in America
If the figure of more than half a million new businesses are started every month didn’t put you off, maybe the 28 million businesses already in operation will. It’s an extremely high figure and that just shows even further that you will need to be on your toes if your business has any chance of success.
A unique idea is generally the way forward in business these days, and if you’re thinking about starting another carwash in your state this year, make sure you do your research beforehand as the chances are there’s already a high-flying one two minutes from yours.
4. 90% of Startup Businesses Fail
It’s not a pleasant statistic, but it’s one that might make you come up with a better business model to ensure you’re able to compete. Common reasons for new businesses failing include anything from little motivation to trying to grow too quickly. It’s important to research your market in detail and come up with a decent business plan that you’re able to stick to.
If you’re one of the lucky new startups that are still in operation after a few years then you’ve really come up with something special to compete with the millions of businesses out there already and the ones already starting.
The above statistics aren’t particularly appetizing, but they are statistics that might make you think twice about coming up with a better business plan.
