Businesses had to pivot or shut down during the pandemic. With no sales, demand, and a host of restrictions, small businesses that could transition to a digital platform and still operate took that route while many others ceased to exist.
According to the U.S. Bureau of Labor Statistics (BLS), 20% of small businesses fail within the first year. This rate jumps up to 50% in five years. After ten years, two-thirds of all companies have gone under.
