The idea of starting a business scares an ordinary person. They often think that they don’t have the knowledge and skills, and even the money. Fear and negativity will drag you down even before you start.
For those who are courageous enough, there is no better time for business than now. Steven Strauss even stated that this period is the golden age of small business. ARF Financial presents some of these small business facts.
Small Businesses are growing
Small businesses are opening everywhere. A staggering 28 million small businesses outnumbered the 17,000 large companies in the US. This number creates half the jobs of private sector employment.
What’s more surprising is that 98% of exporting firms are small businesses. These might be small businesses operating in their niche but the general economic impact is immense.
What makes small businesses even bigger? While big companies eliminated 4 million jobs in the past decades, small businesses added double of this number. Even though 60 percent of these small business owners find it difficult to hire qualified employees, jobs are still available.
It’s easy to think how nice it can be to have a company of your own, but surveys say that handling a business is way more stressful than raising a child. It’s not painless.
Nonetheless, 85% of owners sat they are satisfied with their wealth and savings obtained from their small businesses. 93% expressed satisfaction with their work-life balance.
What’s more satisfying is that nearly all business owners say they feel fulfilled to offer jobs and help others improve their lives. The sense of helping others can be a good motivational factor why small businesses have grown, and their rate of failure becomes smaller through time.
There’s no better time to pursue your business dream than now. You’d be surprised how achievable it can be. Even acquiring a hotel, restaurant or other business loans from a respectable firm can be easier than ever.