Small business owners juggle a lot: they’re constantly thinking about their next sale, finding new customers, and managing long to-do lists. Nights can be restless with all the daily worries.
Curious about what concerns them the most? We asked them directly, and their answers will help us support them better. Through SCORE’s latest client survey, which involved over 18,000 entrepreneurs, we gained insights into their motivations, concerns, and goals.
From this survey, SCORE has put together its first data report, The Megaphone of Main Street, Volume 1. This report and its infographic present key thoughts from small business owners, reflecting various stages of owning a business and highlighting the current state of small businesses across the country.
Here’s what small business owners are thinking about:
Pre-start Business Owners:
Those who haven’t yet started their business said the most crucial services for success were marketing and sales, closely followed by financial assistance and general business operations. Marketing and sales were top concerns across all business stages.
For guidance, about 40% of pre-start respondents relied on advice from their peers, with other common sources being online searches, friends, and family.
Including data from individuals who haven’t started a business is essential since many surveys skip this group. At SCORE, we support clients throughout the entire business journey, starting from the initial idea and planning stages, which are vital for future small business owners.
New and Start-up Businesses:
A mere 14% of start-ups in their first year obtained financing, with most being self-funded. New business owners had mixed projections about growth; while 40% anticipated none, about 34.6% expected over 50% growth.
These varied responses reflect the diverse goals of small business owners and the rise of microbusinesses and the gig economy. Notably, 76% of start-ups we surveyed operated without full-time employees beyond the owner.
Despite their small size, start-ups significantly impacted their communities. In their first year, 42% of start-ups hired staff, providing jobs for an average of three people.
Established Businesses:
Many established small businesses remain small, often classified as microbusinesses with zero to four employees, including the owner. While 92% of all businesses fall into this category and are major job creators, about 65% reported struggling or stagnant growth.
Only 15% of existing businesses secured financing, underscoring the challenge of growing with limited funds. Additionally, 58% of established business owners turned to other business owners for advice, highlighting the significance of mentorship throughout the business lifecycle.
Need advice for your business venture? Whether you’re just considering entrepreneurship, running a start-up, or managing an established business, connecting with a SCORE mentor can provide valuable perspectives to help you achieve your small business goals.
