When starting up a business, one of the big hopes an entrepreneur typically has is that their business will be able to last. A recent report indicates that the U.S. has been seeing more relatively long-lasting small businesses lately.
The report was done by the Kauffman Foundation. Among the things the report looked at was the survival rate of the nation’s small businesses. It found that, currently, nearly half of small businesses (48.7 percent) make it to five years of age.
This survival rate not only represents an increase over the previous year’s rate (which was 45.9 percent), but is the highest rate the country has seen in around three decades.
The report further indicates that increases in small business survival rates are being seen all over the country. Only two of the 40 U.S. metro areas with the largest populations didn’t see such an increase. And increases in this rate were seen in a vast majority of the states (47 of them).
Why do you think more small businesses are surviving longer?
A business having staying power can be a very exciting and encouraging thing for an entrepreneur. However, a business being long-lasting can also raise its own set of challenges for a business owner. For example, the types of legal issues a business is likely to face and what can be at stake for a business when legal disputes arise can change as the business gets older and more established. Skilled attorneys can help long-lasting small businesses with addressing their unique needs when it comes to legal issues and disputes.