In 2018 some 660,000 new companies were formed in the UK alone and the number of startups has grown year on year in recent times. That is the good news. But sadly, approximately 50-60% of those will fail within three years and up to 20% within just the first 12 months.
Even if a number of those ‘failures’ will be businesses that never really started, it still shows how many people’s dreams never came true. And some of these businesses will have failed quite spectacularly, potentially ruining the founders lives along the way.
As we all know, it is not just early stage businesses that fail but businesses of every size – it is just that smaller companies have a much higher risk of failure.
This is because they do not have access to the same level of expertise that larger companies do, due to the fact that they often cannot afford to employ all the full time staff to provide the whole range of services required to understand the complexities of running a business and how best to scale it.
Not investigating the market properly
Failure to produce a full business plan with realistic assumptions
Not enough funding
Bad location, online presence and marketing
Lack of flexibility and not staying ahead of the curve
Over the years we have come to understand the importance of working with reliable, tried and tested partners and that is exactly the thinking behind our own corporate structure. We feel passionately that finding the right partners can quite literally make the difference between success and failure.
It is important that you as founders or directors find your own partners to make your own business grow and prosper. Some of those partners you will want for specific tasks and others you will want to remain with you for your whole journey.
We at BOOM & Partners can play both roles and would love to chat with you – we are very confident that you will see the added value that we can bring to your business as one of your partners.