You’ve come up with what you believe is a pretty good business idea, and if you’re like most entrepreneurs, you can’t stop thinking about the strategies you’ll use to grow this business. You’ve got a gut feeling this could be something big, but you’re just not sure.
When starting a business, regardless of whether it’s an already existing concept, a franchise with proven processes, or a brand new idea, there is no way to guarantee that your business will succeed. According to data released by Fundera, 20% of small businesses fail within the first year, 30% fail in their second year, and 50% within 5 years of opening. Although it’s not guaranteed, there are a few signs you can look for in your business idea to indicate if it has what it takes to succeed.