7 out of 10 Americans declare that they have a side hustle to earn extra income
HOUSTON, April 20, 2023–(BUSINESS WIRE)–Incfile, a leader in online business formation and startup services, today released Part 1 of its 2023 Small Business Trends Survey. With the start of National Small Business Week on April 30, the annual survey takes an in-depth look at what makes up our nation’s entrepreneurs and what issues affect them. To learn more and follow the full survey results, please visit incfile.com.
Owning a business is hard, but entrepreneurs are up for the task. These are the challenges identified by American entrepreneurs in 2023:
SMALL BUSINESSES LOOK FORWARD TO THE COMMUNITY
When looking for new business resources, many of those surveyed felt they had nowhere else to go. The most common sites visited include IRS.gov (22%) and SBA.gov (21%), but small business owners crave community. Entrepreneurs who are part of a small business community are nearly 60% more likely to do better this year than last year.
Entrepreneurs are the “go to” resources for small business help:
● 31% – none
● 22% – IRS.gov
● 21% – SBA.gov
● 14% – Visa.com
● 12% – Others
The lack of community helps explain why 58% said that when starting out, they did not have access to the knowledge, tools and resources they needed to achieve success.
IS STARTING A SMALL BUSINESS VIABLE?
The Incfile community is more than 1 million strong, and this part of our survey confirms what we hear every day – entrepreneurship is extremely rewarding.
● 72% say what they do is challenging but very rewarding
● 25% say that in their experience, entrepreneurship is fun and rewarding
● Men are more likely than women to say doing business is easy
● Entrepreneurs aged 18-34 are three times more likely to say that owning a business is difficult and not worth it
WHY CHOOSE TO BE AN ENTREPRENEUR?
While we often talk about the freedom that comes with doing business, that’s not the main reason, according to our survey. So, why become an entrepreneur?
● 41% say love is their main reason
● 34% said they had no choice because of financial difficulties
● 15% entered entrepreneurship so they could become their own boss
● 10% are eager to take the entrepreneurial path
WHAT DO SMALL BUSINESSES WANT?
OR IN ADDITION TO?
● 47% want to reduce stress and mental health concerns
● 37% want less bureaucracy and paperwork
● 16% want to eliminate the need to find and hire the right people
WHAT MORE DO SMALL BUSINESSES WANT?
● 47% want more funding and access provision
● 33% want more vacation and vacation time
● 20% want straight answers and community support
“What we hear from our annual survey reflects what we hear from the Incfile community every day…doing business isn’t easy, but the rewards are worth it,” said Dustin Ray, Chief Growth Officer & Co-CEO, Incfile. “We are very proud to work with so many entrepreneurs without stopping. There is no question that passion drives entrepreneurship, and the Incfile community is better for it.”
To follow Incfile’s 2023 Small Business Trends Survey Series or to learn more about entrepreneurship and how to start a new business, please visit Incfile.com.
About Incfile
Incfile is a leader in online business formation and startup services. Since 2004, Incfile has simplified the process of registering and running a business for over one million entrepreneurs and small business owners. In addition to streamlining end-to-end service formation and integration, Incfile’s all-in-one solution delivers a full range of key ongoing services such as compliance, banking, bookkeeping, and more. With simple pricing, no contracts or hidden fees, $0 LLC formation, and a free year of registered agent service, Incfile offers unmatched value for the modern entrepreneur. Incfile is proud to be recognized by Inc. Magazine’s Inc. 5000 National Awards for 2022 and Inc. Magazine’s Regional 5000 Awards for 2023. For more information, please visit www.incfile.com.
See the original version on businesswire.com: https://www.businesswire.com/news/home/20230420005377/en/
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