Small Business is our Business

Archive for February, 2015

WHAT DOES IT TAKE FOR A SMALL BUSINESS OWNER TO SUCCEED?

A recent survey conducted by BMO Harris Bank of 601 business owners found these traits most desirable for small business owners to succeed—–

*Thinking outside the box              26%

*Calm under pressure                   14%

*Able to bounce back                     12%

*Obsessed with details                   11%

*Workaholic                                    10%

SHOWROOMING AND THE AMERICAN CONSUMER

Showrooming, a behavior where consumers check online prices when in a retail store, is not a threat to stone and mortar retailers as once believed.  Although one-third of shoppers with mobile devices have checked prices and read reviews online, 25% have purchased the item in the store anyway. Who are these showroomers?  The typical showroomer is a young, affluent, urban male who will check reviews using his IPhone and then proceed to purchase the item in the store.  The least affluent  shoppers are the MOST likely to to purchase from an online retailer.

Source:   SeeWhy Conversion survey of 60,000 U.S. consumers

FINANCING YOUR SMALL BUSINESS

*What types of financing has your business used in the past 12 months to meet your company’s needs?

*Earnings of the business                                  32%

*Credit Cards                                           30%

*Used No Financing                              28%

*Large bank loan                                       19%

*Community bank loan                          19%

*Private loan(family/friends)            17%

*Vendor credit                                            15%

*SBA loan                                                       4%

*Credit Union loan                                      2%

*Crowdfunding                                             1%

Source:   Online survey by the National Small Business Association conducted in August 2014 of 1,252 small business owners.

 

ONE-QUARTER OF NEW BUSINESSES STARTED BY 55 TO 64 CROWD

More Americans are starting businesses later in life.  Almost one-quarter  (23.6%) of new businesses were started by entrepreneurs ages 55-64 in 2013, an increase from 14% in 1996.  This is the latest data from the Kauffman Index of Entrepreneurial Activity.  For many of these older Americans, it is a way to strengthen their financial security and a way to stay active and employed.  A survey conducted by the Employee Benefit Research Institute finds  65% of boomer plan to work in retirement.  Reason cited for continuation in the workplace include:  need/want income (62%), stay involved (18%) , and really like what they do (16%).

 

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