Welcome to the how of business with your host, Henry Lopez, the podcast that helps you start,

run and grow your small business. And now, here is your host. This is Henry Lopez and welcome to

episode 350 of the Howa Business Podcast.

On this episode, I'm going to focus on the benefits of niching down the focus of your business

to help you grow.

In other words, narrowing your focus and offering so that you can better leverage your limited

resources to help you grow your business factor, particularly in the early phases of your

startup. If you want to receive more information about the Hawa business, including links to the

show notes page, visit the howab business.com. So I wanted to focus on this topic of niching down

because it's a common mistake that I see with a lot of business owners is wanting to launch or in those early years

wanting to grow immediately to build the business that you might be envisioning operating 10 years

from now or even five years from now. Whether you are in the planning phase of the launch of your

business or you've been in business for six months, 12 months, or even a couple of years,

this approach of niching down and concentrating your efforts may be what helps you survive

and even thrive in those critical early years of your business.

Let's look at some statistics which are very interesting.

According to the U.S. Bureau of Labor Statistics, only approximately about 20% of new businesses

actually fail during the first two years of being open. And then it's about 45% that fail

during the first five years, and then about 65 that fail during the first 10 years, and only about

25% of businesses make it to 15 years or more. These statistics, by the way, they haven't

changed much over time and have been fairly consistent since about the 1990s. So though the odds

are better than commonly held belief, there are still, the reality is there are still a lot of

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