NORTHAMPTON, MA / ACCESSWIRE / February 14, 2024 / go daddy
Originally published by GoDaddy's Venture Forward Research Initiative
Important facts: GoDaddy research shows that small business owners struggle with marketing their business online, know what to do at each stage of their business, and spend more time than small business owners. experiencing challenges venture forward Research Initiative. In contrast, small business owners face greater challenges, including finding workers with the skills they need, grappling with rising wages and material costs, and networking with other business owners.
Expanding a venture from micro to small business comes with its own set of growing pains, but ensuring a small business has the resources it needs to get off the ground is critical to success.
The three biggest challenges for micro and small business owners
Challenge:
market your business online
Know what to do in each phase
Find employees, independent contractors, or consultants with the skills you need
Rising labor and material costs
Networking with other business owners
Source: Entrepreneur Survey Results: U.S. Countries and Cities, February 2023
Differences in motivation: Microenterprise and small business owners gave very different reasons for starting a business.
For small business owners, this includes the following aspirations:
In contrast, small business owners who joined GoDaddy American Dream Survey The following are the main reasons for starting a business:
Additionally, while a majority of American small business owners believe that becoming a successful entrepreneur is an important way to create wealth for a new generation (78%), many ” (28%) maintain modest business aspirations. Or remain a small business but with several employees and perhaps a physical location (35%). Only 12% aspire to someday becoming a corporate company with a large employee base and headquarters.
research: go daddies venture forward The research initiative analyzes more than 20 million online businesses with a digital presence (measured by unique domains and active websites). Most of these businesses have fewer than 10 employees and each is classified as a microenterprise. These micro-enterprises may be small in size, but their impact on the economy is outsized, even though they are often too informal or new to appear in traditional government statistics.
Since 2018, Venture Forward has surveyed more than 36,000 small business owners with a digital presence, making it a source of small business data and insights.
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