The Business Coach (Greg Balanko-Dickson) has this terrific article about business survival factors. In it, he questions the ‘9 out of 10 businesses fail in the first year’ myth. In reality, almost half of new businesses are still open at the four year mark according to Dun and Bradstreet data.
He also lists Home-Based Businesses as businesses that are less likely to fail. I’ve long questioned the ‘9 out of 10’ thing especially in the context of home-based businesses. With a home-based business we have at least 3 key components that are likely contributors to success. We have a comfortable working environment. We have no stressful, time-consuming commute to and from a workplace. And until we grow to the point of having to acquire physical facilities and employees outside the home, we have the tremendous benefit of low overhead. That’s not to say that one can’t run a home-business into the ground, but it’s nice to see data that supports home-based business success.
So if you’ve been thinking about starting a business, but maybe had this questionable statistic stuck in the back of your head creating that nagging fear factor, give his article a read!
Oh… and if you’re running a home-based business, don’t forget that it’s ok to set the business aside and be sure to spend some quality time with your friends and family this holiday season. Happy holidays to everyone who reads our blogspace here at All Business!