5 REASONS TO BUY A SUCCESSFUL BUSINESS INSTEAD OF STARTING A NEW ONE FROM SCRATCH
Are you considering starting a new business ? Maybe this is your first or maybe you're a serial entrepreneur with a few successful businesses under your belt and your next brilliant idea just hit. You've got your ducks in a row, business plan mapped out, motivation at an all-time high, and you're ready to go full speed ahead. But...maybe you shouldn't.
The harsh reality is, most new businesses fail. According to data from the Bureau of Labor Statistics, about 20% of small businesses fail in their first year, 50% fail in their fifth year, and 70% fail by their 10th year.
A CBInsights analysis of 101 startup founders found these are the top reasons why new businesses failed:
?-? 42% of small businesses failed because there's no market need for their services or products.
?-? 29% failed because they ran out of cash.
?-? 23% failed because they didn't have the right team running the business.
Clearly, there are several reasons why new businesses fail. As an entrepren...