Over the years, Coastal Business Strategies has helped several business owners start a business in North Carolina and have seen first-hand the amount of jobs created by these new ventures. The U.S. thrives on the millions of jobs created by small business owners and North Carolina entrepreneurs are now able to start a business easier with the better economic conditions that the nation is currently facing. Although these small businesses play such a vital role in the economy, a huge amount of risk surrounds new ventures that make more prospective entrepreneurs hesitant to pursue their dreams of starting their own business.
The truth is that nearly 95% of all new ventures will close within the first five years of operation. Essentially, these owners lack the business expertise, resources or business acumen that is required to stick it out during the tough times, especially in shifts in the economy. Having the knowledge of how to successfully and efficiently market your product is the primary factor to determine your business’s longevity. Take a look at an infographic that Top-Business-Degrees.net provided and see how starting small and knowing your market will help you create a successful strategy for growth.
Check out some of the statistics of the infographic that are quite surprising.
- 50% of businesses fail within the first year
- 9% chance a business will last past 9 years
- 60% of restaurants fail
- 80% of retail stores fail
- 99% of direct sales reps suffer significant financial losses
For more North Carolina small business tips, discussions and news be sure to follow our blog. At Coastal Business Strategies, we help take you from, “Idea to Implementation!”