About Failing

What is Business Failure?
Business failure is when your business has reached the point where it is unable to continue without running into financial problems. The business has reached the point where it can no longer pay its bills and is therefore technically insolvent.

In actual fact the business has no way of meeting its obligations in the near future, and by continuing to operate puts it into further financial trouble.

At that point it could be best accepting that the business has not been successful and consider closing up.

Continuing to trade can deteriorate to a situation where you as owner become liable for all additional and continuing financial woes and more people who deal with you could lose their money.

Failure is Common
They say that well over 70% of businesses fail within the first 5 years. And over 50% of small businesses fail within the first 3 years, from the time the business is set up.

These statistics are disputed by some. Perhaps it may be more corr...

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