Small Business Owners Cite Uncertainty, Burnout As Key Concerns, But Most See Rewards From Business Ownership
Small business ownership can be incredibly rewarding, but is also a challenge for many Americans. As Small Business Trends reports, US Small Business Administration data shows that while about 66% of small businesses with employees make it at least two years, just 50% are able to stay operational for five years, and 33% stay open for 10 years. Among the reasons many small businesses could struggle are insufficient capital, poor cash-flow management, and lack of a sound business plan.
In this competitive small business environment, some new data looks at how small business owners perceive the challenges and opportunities of running a small business. According to the latest Bank of the West Small Business Growth Survey, uncertainty and burnout are the two top challenges facing small business owners. According to Middle Georgia CEO, the survey of 505 small business owners across the US and another 207 in California, found that 82% of owners said they “put everything they have into their business.” The largest number, 52%, cited “the uncertainty that comes with owning a business” as the biggest challenge of small business ownership, while 43% cited “always being on the job,” and 40% said “avoiding burnout.” However, the vast majority of small business owners, 86%, said “all they’ve sacrificed for their business has been worth it.”
What This Means For Small Businesses
Small business ownership has many risks and rewards, as the latest Bank of the West survey shows. Staying informed of some of the key challenges and opportunities they may face is a way small business owners can prepare for the future, even in today’s uncertain economic and regulatory environment.
NFIB provides a variety of resources to help small business owners every step of the way.
Note: this article is intended to keep small business owners up on the latest news. It does not necessarily represent the policy stances of NFIB.