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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. After 10 years, the survival rate drops to approximately 35 percent.
Following inadequate funding, poor planning and bad management were the next most common issues to blame for small business failure. (Source: https://www.chamberofcommerce.org/small-business-statistics/
71% of small businesses have a website, according to a recent survey. Of those with websites, 79% claim that theirs is mobile-friendly. Tellingly, 92% of the 29% of small businesses without a website plan to have one up and running by the end of 2018. (Source: https://www.chamberofcommerce.org/small-business-statistics/)
71% of small business owners hope to attract new business through the use of social media in 2018. Of the social media networks, Facebook is the most commonly used by small businesses as 75% utilize the website to attract customers. After Facebook, there is a significant drop-off, as just 37.5% of small businesses include Instagram in their small business plan. (Source: https://www.chamberofcommerce.org/small-business-statistics/)
32.7% of small businesses spend over $100 per week on social media advertising, while 13.2% of businesses spend $50-100 per week. 30.5% spend $11-50 a week in the lower brackets, and 23.64% spend less than $10 a week. (Source: https://www.chamberofcommerce.org/small-business-statistics/)
“Clarifying the purpose and direction of your business allows you to understand what needs to be done for forward movement,” said Chondra Wilson, founder of Hawthorne, Calif.-based organic skincare company Blu Skincare.