GoDaddy recently conducted a survey of over 500 small business owners and GoDaddy customers focusing on the ups and downs, joys and challenges of running a small business in today’s current market. While challenges continue to abound in entrepreneurship, the vast majority of those surveyed felt their efforts were well worth it and were optimistic about their company’s prospects, predicted strong future growth, and felt that their business enabled them to have a happier and healthier lifestyle with more flexibility. Here are some of the top takeaways from this survey as to the benefits of 21st century entrepreneurism.
- Greater happiness: In fact, 83 percent of respondents reported that they were happier owning a business than they were at their old job, with 88 percent optimistic about their company’s prospects, and nearly 46 percent hoping for their business to double in size.
- More flexibility: Around 62 percent of business owners reported that their day is unstructured and they are able to work around other activities, while only 36 percent reported that they are still working a regular office schedule.
- A healthier lifestyle: In terms of healthier eating patterns, by a 7 to 1 ratio small business owners reported that they were likely to eat better, while 51 percent reported a positive change. Only 7 percent said they ate unhealthier with business ownership, while 40 percent reported no difference. Around 53 percent of small business owners reported being able to fit regular exercise into their workday as well.
In addition, to the above benefits, the survey looked at the importance of having an effective website and strong Internet presence to business success.
- Among respondents, 83 percent reported that it was important to have a personalized website, with a majority calling it “very important.”
- By a 2 to 1 margin, business owners report that having an online presence had a huge impact on their success, particularly in the area of sales.
- In the area online marketing, 58 percent felt that both a strong website and consistent social media presence was an important part of their marketing strategy. In contrast, only 4 percent reported that they only needed social networks, and 28 percent said that a website was sufficient.
Likewise, the GoDaddy survey gave an interesting snapshot of the state of entrepreneurism in the 21st century.
- Around 53 percent of small business owners reported generating $150,000 or less in annual revenues, with 72 percent having 5 or less workers.
- In terms of workspaces, 51 percent reported they work at home, with most working in an office space set aside to them (only 12 percent worked at a kitchen table, 6 percent out of the car, and less than 1 percent propped up in bed).
- In financing their new businesses, two-thirds of small business owners tapped their own resources (through savings or credit cards). Only 9 percent resorted to bank loans and 7 percent to help from family and friends.
Ray, Ramon. Survey Results: The Joy and Pain of Small Business Ownership. Small Biz Technology. 12/2/14 (12/4/14) .