New Business Growth Sluggish In Recent Times

Recent statistics indicate that new business growth hasn't been as robust as one might hope in recent times, both here in Michigan and in the rest of the country.

According to data from YourEconomy.org, between 2010 and 2013, Michigan saw an average annual drop of 25.5 percent when it came to business start-ups. As a note, these numbers may have been skewed by certain happenings particular to the time following Michigan's recession.

On the national level, recent times have seen business closings outpace business start-ups. For example, according to figures from a Gallup analysis, in 2012, business start-ups represented 8.1 percent of the nation's businesses, while business closings made up 8.4 percent of the nation's businesses.

Why do you think new business growth has been sluggish as of late? Are there certain things that you think have been more challenging than usual about getting a business off the ground in recent times? Do you think new business growth will improve in Michigan in upcoming years or that it will continue to be slow?

Of course, even though new business growth has been sluggish as of late, there are still people out there who are starting new businesses. It can be a very exciting time for an entrepreneur when they are getting a new business off the ground. It can also be a time full of challenges. Among the various things that can sometimes pose challenges for new businesses are: customer acquisition, product development, getting financing, licensing requirements and government regulations.

Thus, a new business can be in a rather fragile position when it is getting off the ground. During this fragile time, a business dispute could have the potential to have some very significant effects. Thus, dealing properly with business disputes that arise can be particularly important for new businesses. Lawyers can provide new businesses that are facing business disputes with guidance regarding dealing with the dispute.

Source: mlive, "New business growth in Michigan remains weak," Rick Haglund, April 12, 2015

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