Small business owners throughout the U.S. are broadly optimistic about their opportunities in the next 12 months, despite ongoing pandemic challenges. That’s according to the second annual Small Business Survey compiled by BizFilings, a leader in online incorporation services for small businesses and part of Wolters Kluwer CT Corporation. Forty-nine percent of survey respondents expect their business to grow, while 43% believe that business will remain stable. Only 8% expect performance to decline.
The survey, which asked 400 small business owners to provide insights into the motivations and issues that entrepreneurs face when establishing their business, also found that “fear of failure” is the biggest challenge facing small business owners (45% up from 39% from the 2020 survey), revealing an overall need for guidance and support in all aspects of running a business. Concern for doing something wrong is the second greatest challenge (33%).
“Small business owners continue to exhibit the all-important can-do attitude that drives growth and innovation, creating significant employment opportunities across the country,” said George May, Vice President and Small Business Segment Lead for BizFilings. “The survey results demonstrate how small businesses would be wise to leverage additional expert resources to fill in business gaps. The fact remains that despite the hiccups and barriers encountered, almost all small business owners feel that the effort is worth it. Tellingly, ninety-one percent agreed that having their own business is more rewarding than working for someone else.”
Key survey findings include:
- The importance of forward planning: 50% of respondents have found forward planning more difficult in the past year
- Business registration leads to credibility: 54% believe the choice of business structure is an important decision for small business owners due to the legal, financial, and operational implications.
- LLC popularity: 64% of survey respondents who chose to register their business opt for the limited liability company (LLC) structure.
Over the past twenty-five years, BizFilings has helped to incorporate hundreds of thousands of businesses and offers small business owners a full suite of services to incorporate, form an LLC, Benefit Corporation and other business structures.