There are over 30 million small businesses in the United States, with new ones opening every day. But with so many businesses and so much competition, this means that many businesses are closing every day as well. Which U.S. cities have the most that are opening or closing? According to this graphic created by the team at SMB Compass, the answer to both is New York City. With more than 8 million people and over two-hundred thousand businesses in NYC, there is some serious competition for anyone that runs a business in this bustling metropolis. In large cities like NYC, it’s not uncommon to see a high rate of business turnover, but what leads to a business closing its doors for good? According to SMBCompass there are several common reasons why this happens. The most basic reason is money, whether it's low sales or a lack of capital. Having a poor business plan, or a lack of demand for the product are other common reasons. Sometimes unforeseen events can lead to a business closing its doors, such as the owners retiring or dealing with health issues. Have you ever successfully opened a business, or had to close one down?
