Starting at the bottom and working your way up will give you an incredible advantage over most of your competitors.
The estimates are that only 3% to 5% of Australian small businesses starting from scratch prepare a business and marketing plan; that is, know that their business is feasible and have a formal plan to steer that business towards success.
It is then no surprise that CPA Australia estimates that one in three new small businesses in Australia fail in their first year of operation, two out of four by the end of the second year, and three out of four by the fifth year. Just approximately 8% of small businesses succeed beyond five years. These statistics are similar across many of the western economies.