When you start your career, you’re more likely to fail. And making money becomes harder.
Ouch. That hurts. But it’s better this lesson hurts you now than let failure discourage you.
According to data about the failure rate of small businesses, somewhere between 5% and 25% of new businesses make it beyond 15 years.1This data is not conclusive. Some sources mention a long-term failure rate of 95% and others mention 75%.
My dad and I started a wholesale company of laundry equipment in 2010, and our company is still around today. None of the companies that started around the same time in our industry are alive now.
Our competitors are the ones who were already in business long before we started. The new players came and went. So the success rate really depends on your industry. In my experience, 95% of new businesses are no longer around 10 years later.
You can say the same thing about writers. I started writing in 2015. I saw many people who started around the same time in my category. Other than a handful of others, I don’t think the others are around.
