It is often said that over half of new businesses fail during the first year. I have good news for you. The latest reports say that it is actually only about 20% of new businesses that fail the first year. So one in five new businesses will fail the first year, not half.
Are you feeling encouraged yet?
Unfortunately, the follow up to that statistic is that 30% of small businesses fail in their second year of business and you are looking at a 50% likelihood of business failure after five years.
But Intuit, the maker of QuickBooks, has some encouraging news: you can significantly improve your likelihood of success by working with an accounting professional.
Our commitment to your success is part of how we make your financial life beautiful.