Do you know most small businesses in the United States start with $10,000 or less?
To understand what made them successful, Intuit conducted a survey on small business owners. Some questions asked:
- What do small business owners wish they’d done differently?
- What are the key priorities going forward to maintain their business?
- What are the key factors that made them successful?
Key findings of this survey:
Q: How much money is needed to start a small business in the United States?
A: Around 64% of US small businesses start with less than $10,000 in capital primarily funded from the founder’s personal savings.
Q: How much confident are they about the future growth?
A: 35% of small business owners think that to feel confident in the business” long-term future with at least $30,000 annual revenue needed.
Q: Where does the funding come from?
A: 75% of small business owners use their own personal finance and savings to get started. Other funding source includes friends, family, financial institution, and investors.
Q: What is the toughest time for small business owners?
A: 68% of small business owners think that the first year in the business is toughest.
Q: What would they recommend to other startup owners?
A: 68% of small business owners recommend spending more energy and time on mastering financial management.
Q: What tools are they using for financial management?
A: 56% of small business owners use the outdated tools such as pen/paper for their financial management; only 41% of small business owners use financial management software such as QuickBooks.
One of the easiest ways for business growth is better financial management with the help of tools like QuickBooks.
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Check out Intuit’s Infographic on the survey, below for more details.
Image Credit: Intuit, Entrepreneurs, You Can Start With $10,000 or Less
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Comments (1)
Agreed, first year is the toughest time for any entrepreneur. Funding, financial management, accounting, there’s a lot to take care of.
That’s a surprise. 64% is a big number. I never thought business can be started with just $10K in hands.