The Secret to Business Longevity

We’ve all heard the statement that more than half of new businesses fail during the first year. And yet, be it because of the belief in a product, or service, or ourselves, every year more and more entrepreneurs enter into the uncharted waters of starting a new business. The good news is, that stat isn’t true. According to the U.S. Bureau of Labor Statistics (BLS), only about 20% of new businesses fail during the first two years of being open. But don’t think if you make it past that point, you’re in the clear. They also report that 45% fail during the first five years, and 65% during the first 10 years. Approximately 25% of new businesses make it to 15 years or more, at which time you can start to breathe a little easier.