The 2007 numbers from the Small Business Administration’s Office of Advocacy are as follows…
There were 29,804 new small business startups in Georgia (that’s more than the number of marriages). There were 29,315 closures (higher than the divorce rate). It’s estimated that just 5% of the new businesses will be created to produce an offering that will satisfy an observable need that is in high demand while about 95% will be created because the owner is good at something and wants to create a company around that. (Not necessarily a bad things as long as there are plans that are followed.)
Of the 29,804 startups, about 79% of those, or 23,500, will
fail within 5 years. The number one
reason they’ll fail will be due to a lack of customers and revenue. About 10% of the new startups will create a
marketing strategy and fewer will follow it.
It’s hard to look at these numbers and not want to help. My message to those interested in starting a business is 1) do some research on new business ideas, and 2) create both a business and marketing plan. Do both of these well before you start a business.
If you've already been in business and haven't done these things, then get in gear!







