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Microbusiness National Survey Results
In August 2022, Venture Forward conducted a national survey of 3,300+ microbusiness entrepreneurs.
This is our 5th national survey since 2019.
Nearly all microbusinesses have fewer than 10 employees, and almost 60% are run by solopreneurs.
Almost a third were created after the pandemic started.
Almost half of microbusinesses are unregistered making them essentially invisible to policy makers.
While most microbusinesses generally require little start up capital...
...even those needing under $5K reported challenges sourcing that level of funding.
Despite their small stature, microbusinesses are a primary occupation for many owners
These entrepreneurs prefer running their own business to traditional wage employment as a way to exercise control over their careers and to pursue their passions.
However, more than half of all microbusiness entrepreneurs are new to starting up and managing a business...
...leading to a specific set of needs and challenges they face when starting up.
First time entrepreneurs are much more likely to need help with expertise on business planning & management, yet they’re also more likely to start small and are far less likely to report challenges with funding and acquiring employees.
Entrepreneurs have also become more diverse since the pandemic.
This shift demonstrates that microbusinesses are an attractive option for these segments which have historically been challenged in their ability to participate in the economy.
Two-thirds of all microbusinesses are currently producing income for owners...
...and most would like to grow the financial role their microbusiness plays in their household.
In general, solopreneurs want to maintain their small size and independence.
Conversely, Black, and under 30 entrepreneurs tend to have higher aspirations...
...and this divergence causes entrepreneurs to engage with their businesses differently.
More than 65% of Black entrepreneurs, and almost 60% of young entrepreneurs say they plan to increase the number of hours they spend on their business each week.
Microbusinesses play an important role in the US economy.
More than a quarter of microbusinesses generated over $5,000 in revenue in the previous month.
With recent macroeconomic changes, nearly one-third of owners have recently experienced revenue decrease...
...and almost two-thirds said they're feeling some negative forces on their business.
In response, half of these microbusiness owners plan to increase their prices, and 1 in 4 will be cutting costs outside of payroll as a result of current economic conditions.
Only 37% of microbusiness owners believe their local economy will be more positive over the next 6 months, a sharp decline from February 2022.
Economic anxieties at the state level are spilling over into owner expectations for their own business.
Though owners remain significantly more optimistic about their business, that confidence has declined 13% from February 2022.
And cash has fallen to critically low levels; currently 1 in 3 owners say they have less than a week of operating cash on-hand.
GoDaddy Open is here to help.
Built on decades of helping millions of microbusinesses and entrepreneurs succeed...
