Studies show that most start-up businesses don’t make it past the five-year mark.
That does not even account for earthshaking events like the 2020 pandemic, which has shuttered hundreds of thousands of businesses. According to Yelp, 55% of companies that are included on its web site have closed for good, as of the end of July.
“Even as total closures fall, permanent closures increase with 72,842 businesses permanently closed, out of the 132,580 total closed businesses, an increase of 15,742 permanent closures since June 15,” Yelp reports. “This also means that the percentage of permanent to temporary business closures is rising, with permanent closures now accounting for 55% of all closed businesses since March 1, an increase of 14% from June when we reported 41% of closures as permanent.”
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