When developing a business, it’s important to look at the forecast for your industry. The team at LLC Attorney made this more manageable with a graphic showing business survival rates over three years. They’ve broken down the statistics by industry to give eye-opening looks at which industries yield the greatest chance of success. Their data shows that Agriculture, Forestry, Fishing, and Hunting have the greatest chances of surpassing three years, at 72.30%. As for the most volatile industry, only 53.96% of Information businesses survive longer than three years.
There are many reasons a business may fail. These are some of the most common:
- Market expectations
- Insufficient funding
- Not hiring the right people
- No business plan
- Poor marketing
- Lack of innovation
- Prioritizing profit over customer satisfaction
- No valid data to base business decisions on
This graphic is loaded with information on a wide variety of industries. We can use it to draw interesting conclusions about how competitive or complicated businesses are.
infographic by: llcattorney.com
