Did you know that recent studies have shown that 50 percent of small businesses will fail within the first year? How about the fact that a staggering 95 percent will close their doors before they hit their fifth year of operation? That one seems a bit hard to believe but in today’s economy, it could be true. Here are some additional stats that may surprise you (source):
40% of small businesses are profitable.
30% break even.
30% are continually losing money.
These statistics are reasons why you need to be taking “the numbers” seriously from day one whether you have a team running a startup or you are just ramping up your side hustle to eventually allow you to leave a full-time job...