Roughly 80% of small businesses survive the first year in business, according to the Small Business Administration. This may be surprising as much of the rhetoric surrounding small business focuses on getting to the one-year mark, rather than past it. However, that percentage falls swiftly after the first year. Just under half of all small businesses make it to the five-year mark, and only one in three small companies last a decade.
According to a recent article from Forbes, two of the most common reasons that small businesses fail are lack of funds and intense competition. Small businesses must be competitive, while remaining financially conservative – and there are many ways to do that without spending a dime. With a focused strategy and clever thinking, many businesses can ensure that they’ll celebrate their ten-year anniversary.
1. Amp Up Marketing
Marketing is a crucial part of making a small business be