According to data from the U.S. Bureau of Labor Statistics, about 20 percent of small businesses fail within their first year. By the end of their fifth year, roughly 50 percent of small businesses fail.
A common reason for small business failure is that entrepreneurs get stuck working in their business, not on their business. Operational duties can add up to real consequences for small business owners. In fact, the survey revealed that nearly a third (31%) of small business owners said that bookkeeping/payroll issues have hindered their businesses’ growth.
Block Advisors Ramon Vasquez shared some tips that aspiring entrepreneurs and small business owners can use to reduce some of the stress and confusion associated with running your own business.
Despite the fear of failure, 95% of aspiring entrepreneurs think they would be more successful if they had the chance to be their own boss. That’s according to a new survey of 1,000 Americans commissioned by Block Advisors.
The financial aspect of running a business can be daunting and survey respondents said the three most confusing business tasks are filing business taxes, determining business tax write-offs, and bookkeeping. Figuring out these details eat away at the one commodity many small business owners’ value more than money, time!