Pro Tips for Running a Successful Business
For example, in the United States roughly 9% of businesses both new and old close each year. On the flip side, only 8% are opened. We're losing more than we're gaining for the first time since those statistics have been tracked, and the crossover coincided with the recession of 2007-2009. According to the U.S. Census Bureau, the overall number of business applications began to recover in late 2009 and has been trending up for the past ten years. That's good. But, the census data shows the number of planned wages (WBA) and high-propensity (HBA) business applications have not shown the same level of bounce-back. That's not so good. The failure rate for new businesses is somewhere around half, with about 50% calling it quits after the first five years. Not a great stat, but it does mean…