Newsletter
August 2018 Newsletter
Tough times for small businesses and start-ups as failures increase
With the large increase in small business competition within the retail and construction industry, there is no doubt a large increase in the amount of small business and start-up failures. Did you know that from our last financial year tax cut in Australia that the rate of businesses failing increased by 12.7%?
Data that was derived from FairFax Media analytics allowed for us to see that more than 250,000 small businesses were deregistered for the Australian Securities and Investment Commission (ASIC) by June 30.
With the increased amount of competition in the markets it is crucial for all new small business owners to be aware of the precautions when entering their desired market. One of the greatest downfalls that all entrepreneurs seem to be facing is getting the funding they need from banks or lenders due to the influx of businesses needed these investments. The business failure rate is now almost as high as it was back in 2013, with data showing that start-ups that are female led face difficulties in obtaining the level of funds needed.
Read the full article at The Sydney Morning Herald here: https://www.smh.com.au/business/small-business/tough-times-for-business-as-failures-increase-and-startups-flounder-20180820-p4zym3.html