Eco-friendly businesses are becoming a lot more common these days. Part of this change is due to companies feeling a sincere desire to help the planet, although market forces also play a key role. Last year, a poll cited by Barron’s showed that two-thirds of consumers preferred environmentally friendly businesses. Unfortunately, while the popularity of eco-friendly businesses is growing, they still have a hard time thriving. The failure rate for eco-friendly companies is still worrisomely high. Delving into the business industry is exciting, but it is not an easy task. According to the United States Small Business Administration (SBA), almost 50% of new businesses fail within their first year and only one-third are still operating after two years. It can be even harder for sustainable businesses, in spite of the growing demand for green products and services. This is partially due to the cost structure of eco-friendly businesses. Without proper planning and execution of a business plan, you might find yourself in hot waters. We previously talked about some tips to make environmentally businesses more viable . We wanted to share some more insights today. Why is the failure rate so high? With thousands of people getting their business […]
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