For
years, there has been a lot of content in our industry around why
contractors fail. With failure stats from the U.S. Department of
Commerce like 29.1 percent failing in year one, 56 percent within three
years, and 72 percent within five, you can see why it is a hot topic.
The
most concerning stats though—and the ones that really should catch your
attention—are the revenue and profit stats of those that do stay in
business. According to Fundera, a finance company for small businesses, a
staggering 98 percent of home service contractors generate less than
one million dollars in annual revenue with a woeful net income of less
than $80,000.