A recent study by Lending Tree has shown that Arizona ranks 10th in the country for the highest rate of small business failures in the first year, with approximately 25% of businesses failing. This is slightly higher than the national average of around 23%. The study also found that the failure rate in Arizona doubles to 50.4% at the five-year mark.
Despite these challenges, there are resources available to help small business owners succeed. The Small Business Development Center in Yuma provides entrepreneurs with guidance and support throughout their journey. The center offers tools, resources, and advice to assist small business owners at all stages of their growth.
During interviews with two local small business owners, they mentioned that one of their biggest obstacles is the decrease in clientele during the summer months when many people leave the area for the season. Both businesses are working on ways to adapt and adjust their strategies to maintain their customer base during the slower months.
Tune in tonight for more information from Valeria Rodriguez on this topic.
