New businesses are launching and popping up all the time but unfortunately for some, they don’t all last for long. With the pandemic only adding to the number of startups that have failed before they’ve really got going, how can you save yours?
According to tech.co, 1 in 5 businesses fold within just 3 years.
The Coronavirus pandemic saw over 1.6 million startups forced into temporary closure and perhaps unsurprisingly the aviation and hospitality industries were some of the worst affected.
Sometimes startups fail because they’ve made a mistake or haven’t invested in the right areas. However, as the pandemic proved, sometimes you can have the perfect product, the ideal business model and an identified target audience and yet factors far out of your control still end up hitting you hard.
Startups need to be resilient, ready to pivot and adapt and realistically have enough reserves to weather unexpected storms. It’s not all bad news however with these graphics highlighting that businesses within the healthcare and social assistance industry performing well with a 55% survival rate after 5 years.