Did you know that 50% of the nation’s small businesses close up shop shop within their first year? Given this competitive environment it can be hard to be optimistic about starting any new business, yet recently more establishments finally opened up than closed. What can you do to make sure your doors stay open for business?
It turns out almost 80% of business owners have no other employees, and most have fewer than 20. This means when the going gets tough, the tough get going by themselves! Yet today’s small business have accounted for 65% of net new jobs over the past 17 years. Could the rough economic conditions hinder these opportunities for growth in the future? Despite these factors, 33% of small business owners are optimistic about the economy.
4 Steps Business Owners Take to Survive
1. 80% find ways to cut costs
2. 79% look to strengthen existing client relationships
3. 69% are actively looking for new clients
4. 65% are refining business strategies
According to most small business entrepreneurs, their success can be attributed to fewer rules and regulations, improved product demand and a larger pool of qualified employees. The current top industries for small business include candy, mobile apps, accounting services, dining and green construction. The cities where small businesses are most thriving include Austin, Oklahoma City, Denver, Raleigh and Salt Lake City.
What are you doing to ensure the longevity of your small business?