23 Pro Tips for Running a Successful Business
Just about anyone can start a business.
Once you fill out a few forms, get the necessary permits or licenses, offer a legitimate product or service, and advertise it a little bit, it’s safe to say you’re a business owner.
Running a successful business, though, is an entirely different story. Several factors affect the success of a business that can be internal or external. In this article, we’ll share the latest data that you need to know before opening a small business, the main reason they fail, and a few pro tips on how to run and maintain a successful business.
Here’s a table of contents to help you navigate the important information you need to know:
2021 Business Success and Failure Statistics
In the United States roughly 1 in every 12 business both new and old close each year. On the flip side, more than 4 million were opened in 2020 alone which is the biggest surge the US Census has reported in over a decade.
According to the U.S. Census Bureau, the overall number of business applications dropped in early 2020 as the Coronavirus pandemic emerged, then sharply increased mid-2020 and continued to rise (adjusting for seasonality) through Q1 of 2021.
But, the census data also shows the number of planned wages (WBA) and high-propensity (HBA) business applications is up nearly 45% in January of 2021 compared to December of 2020 — and that’s with seasonality factored in. That’s good news.
And even though the failure rate for new businesses is somewhere around half, with about 50% calling it quits after the first five years, it does mean that 50% are surviving past the five-year mark. The outlook depends on how you view the proverbial glass — half full or half empty.
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