Established April 2023
Business Consultants - Why buy the AI-POWERED Business Idea Analyzer Training Toolkit today?
Instead of spending 4-6 months writing your own prompts, our Toolkit offers instant solutions. This saves time and ensures you're using tried-and-tested methods.
With the Toolkit, you can start monetising your services immediately. The quicker you begin, the sooner you'll see a return on investment.
Elevate Your Analysis!
Biz Insights Au proudly presents the AI-Powered Business Idea Analyzer Training Toolkit. Created with exclusive LLM prompts, this Toolkit is your essential companion for in-depth data collection, rigorous analysis, and impactful presentations.
Don't just guess - assess! Ensure your business ideas stand up to scrutiny. With our Toolkit, make informed decisions confidently.
For the Modern Business Intelligence Consultant
Delve into data-driven decision-making with Biz Insights Au's latest offering: the "AI-POWERED Business Idea Analyzer Training Toolkit". Tailored with unique LLM prompts, this Toolkit streamlines your data collection, sharpens your analysis, and enhances your presentation capabilities.
Transform how you assess the potential of a business idea. With Biz Insights Au, arm yourself with the tools to make decisions that truly resonate.
Start-Ups Failure Stats, 2021 -2022!
According to the Australian Bureau of Statistics (ABS), there were 472,731 new businesses that commenced in Australia in 2021-22. Of these 59,951 businesses exited the market within their first year of operation. Approximately 12% of start-up businesses in Australia fail in their first year.
The average cost for each failed business in Australia is $34,000 AUD
The approximate cost of business start-ups failing in Australia for this period of time is $2,038,334,000.00 AUD.
The failure rate of startups within their first year varies across different sources. One source mentions that 2 out of 10 new businesses fail in the first year of operation1, while another states that the average failure rate for year one across almost all industries is 10%2. A more concerning statistic from a different source estimates that almost 97% of startups will either exit or fail to grow beyond their first two years, although this data encompasses a period extending beyond the first year3.
Specific data on the number of startup businesses registered between 2021 and 2023 that failed within their first year is not readily available. However, an alarming trend was reported where more than 15% of Australian businesses failed in a 12-month period, marking the worst rate since the global financial crisis. Additionally, it was reported that half of new businesses shut down between 2019 and 20234.
These statistics reflect a challenging environment for startups and new businesses in Australia during this period.