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A: 56% of small business owners use the outdated tools such as pen/paper for their financial management; only 41% of small business owners use financial management software such as QuickBooks.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.
Ready to grow your business and improve its financial health by hosting QuickBooks from a leading cloud hosting provider?
Schedule 10 days FREE TRIAL to host QuickBooks and discover why Ace Cloud Hosting is the #1 choice of accountants, CFOs, SMBs, CPAs, and cloud accounting providers.
Check out Intuit’s Infographic on the survey, below for more details.
Image Credit: Intuit, Entrepreneurs, You Can Start With $10,000 or Less