Hi! This is Jane McFadyen, Kidela’s Forum Moderator. I’ll be looking at all your posts and I look forward to seeing some thought-provoking ideas from you all. Please familiarize yourself with the terms and conditions of the Forums, and start telling us about your experiences in starting up or running your business!
Whether you are already running a business, or you’re just thinking about starting a business, there is a set of questions you’re bound to ask, such as, what is the survival rate for a new business, how am I going to be taxed, or is there a set of industry regulations that I have to follow?
I’ll start off by answering the first question for you. After that, it’s up to you to share your experiences or ask the questions about starting a business that concern you.
The survival of a new business depends as much on the economy as it does the product that’s being produced or the caliber of the people running the business. Success rates fluctuate and have been seen to be lower during times of economic recession. That being said, no one should ever shy away from starting a business if they feel they have something to sell!
While many new enterprises fail, a strong percentage make it through to profitability. Figures in the U.S., as an example, show that seven out of 10 new businesses survive the first two years of trading. 50% make it to five years, a third last 10 years, and 25% of all new businesses are still up and running after 15 years.
The figures may not look that strong, but bear in mind many people follow the age-old adage, “If at first you don’t succeed, try, try again”. That means that for every three false starts, one business is (almost) sure to succeed!
Later on this forum we will also be looking at legislative aspects, tax angles and other issues such as employees’ rights, but for now, please feel free to comment on the above, or share your own experience in becoming an entrepreneur.