How Are You Beating the Odds of Business Failure?

How Are You Beating the Odds of Business Failure?

Small businesses account for 99.9% of American businesses, with an astounding 33,185,550 in operation across the United States, according to Office of Advocacy. However, there's a staggering issue: according to the U.S. Bureau of Labor Statistics, the business failure rate in the Mid-Atlantic region hovers around 77.5%-80%.

Source: US Bureau of Labor Statistics (Click link to see your regions data!)

In Delaware, the numbers are even more eye-opening. A LendingTree analysis of Bureau of Labor Statistics data highlights these key findings:

  • Business Failure Rate Within 1 Year: 25%
  • Rank for 1-Year Failure: 18th in the nation
  • Business Failure Rate After 5 Years: 51.9%
  • Rank for 5-Year Failure: 8th in the nation
  • Business Failure Rate After 10 Years: 68.8%

As a first-time business owner or even a seasoned entrepreneur, you may find yourself asking crucial "How" questions to stay afloat and beating these odds:

  • How do we grow?
  • How do we gain more customers with a shoestring budget?
  • How do we increase our online presence through all the social media platforms?
  • How do we build successful partnerships?

If you're a small business that has made it past your first, fifth, or even tenth year in business—congratulations! You've already overcome significant challenges.

We encourage you to share your insights on your social media! How are you beating the odds of business failure? What strategies have helped you stay strong despite the statistics?

Author: George Schwendtner

Founder of: Property Tenders, LLC

#PropertyTendersLLC#SmallBusinessSuccess #BusinessGrowth #Entrepreneurship #BeatTheOdds #DelawareBusiness #SmallBizInsights #BusinessSurvival #GrowthMindset #CustomerAcquisition #Partnerships #MarketingStrategies #Entrepreneurs


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