When it comes to small business, Americans’ aspirations couldn’t be bigger. According to survey results released today by The UPS Store ®, 48 percent of Americans dream of starting a business, while 71 percent of small business owners say they would start their business all over again today. Despite the interest in being your own boss, starting a small business requires more than simply hanging an ‘Open’ sign in the window. Just over half of small business owners (51%) spent more than two years dreaming about their future company before taking the leap of faith, and nearly one third (31%) spent more than five years planning, according to the findings. “Many small business owners told us they wish they had a partner to rely on for advice when making the leap to start their own company,” said Michelle Van Slyke, vice president of marketing and small business solutions at The UPS Store. “We want small business owners in our communities to know we’re a part of their neighborhood. We understand their needs, and we’re here for them.” As part of its commitment to the small business community, The UPS Store also announced today a national program with SCORE, a non-profit organization that provides mentoring and education for small businesses. Together, the organizations are launching a marketing assessment tool designed to help small business owners develop and implement successful marketing strategies for their unique business needs based on recipes contained within the SCORE Cookbook. “We know people are five times more likely to start the business of their dreams when they have a mentor,” said Ken Yancey, CEO, SCORE. “Programs like The UPS Store’s give small business owners the boost they need to achieve their goals.” Despite the many successful small businesses in the United States, according to the survey results nearly one third of small business owners don’t think they’ve “made it” as a business owner. How they define “making it” varies from a certain amount of time in business, to number of customers, to profitability.
Additional survey findings include:
- The most common type of business Americans would open today is a restaurant (18%) followed by clothing/apparel (7%).
- The most difficult obstacle for small business owners was taking the leap of faith to start their own companies (36%).
- To overcome the hurdle, one in four small business owners relied on their own internal, personal desires while one in five found inspiration from the support and encouragement from others.