Every five years the U.S. Census conducts a Survey of Business Owners as part the economic census. This 2012 survey collected data from 1.75 million businesses . Results have finally been released. Some highlights from this survey include—-
*There are 9.9 million women-owned businesses nationally in 2012— up 26.8% from 2007.
*There are 3.3 million Hispanic-owned firms–up 46.3% from 2007.
*There are 1.9 million Asian-owned firms—–up 23.8% from 2007.
*There are 2.5 million veteran-owned firms—- up 3.0% from 2007.
*There are 2.6 million black owned firms—–up 34.5% from 2007.
The overwhelming majority of small business owners think the benefits associated with running their own business surpass the challenges they experience. Why?
*It has improved their financial well being (73%)
*It doesn’t feel like a job (55%)
*It provides financial peace of mind (52%)
*They like “being the boss” (41%)
Source: Bank of the West Survey of 500 small business owners in operation for five years or more.
Twenty-six percent of new business startups are older Americans aged 55-64. The Kaufman Index of Entrepreneurial Activity has seen this percentage continually rise . In fact, these older Americans start new businesses at a higher rate than those in their 20’s and 30’s. This has been the case every year since 1996. Possible explanations for this include—-
*Senior entrepreneurs are less likely to worry about experience, risks or family life
*Despite the economic downturn of late, seniors are more financially secure with a variety of income sources—-retirement savings, pensions, social security.
*With greater work experience, senior entrepreneurs are more confident about their abilities.
Source: Ewing Marion Kaufman Foundation.
A survey commissioned by Bank West of 500 small business owners who have been in business for five years or more offered these insights concerning small business ownership—–
*31% said to separate business finances from personal finances
*27% said to maintain a healthy cash reserve
*22% said manage cash flow
*17% said create a budget and stick to it
Data from the National Financial Capability Study reveals two-thirds of millennials (aged 23-35 in 2012) have at least one source of long term debt—student loans, home mortgages, or car payments. Thirty percent (30%) have more than one of these obligations. Their debt does not stop there. For millennials short term debt is also a burden. Over fifty percent (50%) carry a credit card balance while 22% have been hit with late fees and 13% have been charged with over-the-limit fees. In addition bank overdrafts are prevalent (29%) and almost one in four (22%) of retirement account owners took hardship withdrawals in the last twelve months prior to the survey. Quite simply this generation owes a lot and could certainly use a bit of financial counseling.
B-TO-B marketers are using mobile marketing to connect with customers and to raise brand awareness. A survey in June 2015 found companies are using mobile to——–
*Increase brand awareness 67%
*Increase customer engagement 62%
*Increase customer retention 48%
*Increase sales revenue 48%
*Increase traffic 48%
*Nuture & engage with prospects 33%
Source: Regalix, State of B2B Mobile Marketing 2015.