Statistically, many entrepreneurs and small business owners in Florida are at a disadvantage when it comes to their businesses remaining profitable and in business. In fact, according to U.S. Census Bureau and Labor Department data, only about a third of startups actually make it to celebrate 10 years in business. Even less make it to 15 years.
While the current economic client has been tough on many Florida residents and businesses, it turns out that there are some industries that are seeing huge decreases in revenue due to importing and technological changes. For some, this may end up leading to eventual bankruptcy.
Freeman's Men Shop, a privately owned men's retail shop with two locations, recently filed for Chapter 7 bankruptcy. Both of the shops are now closed, which some industry experts say is a growing trend after the recession as more consumers shop at large department stores instead of locally owned independent stores.
More and more small businesses in Florida could start to see an increase in the amount of credit card offers received. Why? Because small businesses are excluded from the credit card reform legislature, which means that those cards can still carry high interest rates.