Being a small business, and effectively a start up after our relaunch last year, this quote really resonated with me :
“About 90% of startups fail. 10% of startups fail within the first year. Across all industries, startup failure rates seem to be close to the same. Failure is most common for startups during years two through five, with 70% falling into this category.” : Source embroker.com
Pretty frightening stats. Makes me proud and nervous in equal measure.
The most frightening fact of the stat for me is that it is talking in general terms and does not factor in a global pandemic, the ongoing recovery from the pandemic and now the financial state of the UK in general with accompanying energy crisis. Like many small businesses, we could have easily gone under in 2020. It was a very close call in the middle of the year.
Every decision you make as a small business makes an immediate impact. The payroll firm you use, insurance cover you buy, benefits for the staff, websites you subscribe to, IT provider, energy provider (sore topic at present), putting the bins out and paying the window cleaner – the list goes on.
On most days I love the variety, diversity and general mayhem of running a small business. On other days, it drives me to the brink of despair and makes me wonder what am I doing to myself. That said, it is a 99 / 1% split as I love what we do, what we have created, and continue to create, here at FJN.
We are in this for the long run here and will not fall into the categories at the start of this message. Recruitment is tough. Being a Small Business is tough. We are tougher though, so stick with us as 2023 is going to be a big year!