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Statistics to Drive Small Business Growth [Infographic]
Small businesses face numerous challenges at the initial stage. And according to the researchers, about two-thirds of small businesses survive the first two years of being in business, half of the small business survive for five years, and one-third of them survive ten years.
What is the reason?
• 82% of businesses face cash flow problems
• 27% of them don’t know how much funding they require
• 43% of businesses are victims of cyber-attacks
• 74% of businesses don’t have an e-commerce website
• 14% of small businesses are not capable to mitigate various risks
And so on. Thus, survival in this active market has become difficult for small businesses especially the funding issues. This issue has been debated for so many years. More so, Wellsfargo and Kauffman Firm surveyed to know the initial capital small businesses require. And the result was quite frightening? Some said $10,000 and some gave the average figure of $80,000 a year. Apart from this, small business accounting and bookkeeping is essentially important to thrive in the competitive market.
Thus, in this infographic, we’ve shared some crucial information that can help you to find the right funding source for your small business along with various tax & legal structure, multiple challenges faced by small businesses and how to over overcome them.
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