The COVID-19 is arguably the worst pandemic the world has ever witnessed. Due to this pandemic, many small businesses worldwide are struggling to get on their feet after the havoc that led to financial consequences. Data from the National Federation of Independent Business (NFIB) shows that as of March 2020, 0ver 90 percent of small businesses had already suffered the consequences of the pandemic. The same study stated that only 5% of small business owners said they had experienced no effects from the pandemic.

For many, summer is a time to relax and rest with their families. On the other hand, others take a break from school, while some see it as a time to try new things. Instead of relaxing the whole day doing nothing, maybe you can activate your entrepreneurial abilities and start a business. You can be your own boss by making the most of the amazing summer weather and maybe change careers in a year or two altogether. Here are a few things you can try out during the summer holidays.

It's difficult but necessary to close your failed business. Business closing is one of those things that has been around for a long time, but mostly by people who have no idea what they're talking about; or, more likely, are talking about it badly.

Small businesses often go through many challenges as they seek to cement their place in a competitive business landscape. According to Harvard Business Review, companies go through various stages of growth from their inception to maturity. Accordingly, each business starts at the startup phase. However, not every one of them reaches the highest level, such as those reached by companies like Apple and Microsoft. According to HBR, 92% of high-growth tech startups fail even before reaching three years. This is a worrying trend for entrepreneurs, with only half the businesses remaining operational five years after being founded. Since the challenge has proven to be real, here are some things you should consider as you prepare for the survival of your business.