Starting up a business is no easy task. It requires hard work, dedication, finance and, in many cases, a unique selling point.

All that may sound daunting and it’s true that many start-ups will founder. Indeed, those failing to make it will usually fall by the wayside early on because they have neither the preparation or product to succeed. This is why startup coaching can make a big difference.

However, any notion that most start-ups will fail is a myth. This was highlighted last year by Limelight Digital. It noted that the survey figures indicating such gloomy statistics as fewer than half of start-ups making it past five years and 20 per cent not making their first anniversary do not tell the full picture.

Citing government data, it noted that, in fact, 89 per cent of start-ups survive the first year, that the numbers of small businesses have risen in recent years (from 5.5 million in 2017 to 5.8 million in 2019, despite Brexit concerns), plus the startling fact that in 2019 a new firm was formed every minute.

The pandemic may have disrupted all this to an extent, but the fact is the statistics for start-ups are better than many perceive. Millions have made a success of it.

A study last year by CB Insights revealed why some start-ups do fail. The most frequent reasons were a lack of funding and a failure to offer something for which there was a sufficient market. Other common issues included poor business models and regulatory issues.

Notably, only five per cent failed due to people losing their passion for the project and giving up. What this all means is that most people who start up firms badly want to succeed. The key is, evidently, good preparation.

That preparation may be about finding the market niche, being ready to tackle legal or regulatory issues, or simply ensuring a reliable source of start-up capital. The fact that these issues are so identifiable and also obvious means that, with the right expertise onside, you can find solutions that will help your new business become one of the many success stories.