WASHINGTON, April 27, 2017 /PRNewswire/ -- In honor of National Small Business Week, SCORE, the nation's largest network of volunteer, expert business mentors, has published its inaugural "Megaphone of Main Street: Report on America's Small Businesses." This data report is the first in a series that will present original, statistically significant survey data on the American small business landscape.
Survey data was collected from 18,000 respondents in all 50 states and Washington, D.C., representing small businesses of varied sizes in a broad coverage of industries. SCORE has collected this data annually for eight years through its annual Client Engagement survey, conducted by PricewaterhouseCoopers. However, this is the first time that selected statistics (showcasing small business owners' experiences and sentiments in fiscal year 2016) will be shared with the general public.
Key findings include:
Start-Ups: Jobs Created by Non-Employer Firms, Part-Time Workers and Independent Contractors
- 42% of start-ups reported hiring one or more part-time employees and independent contractors, for an average of 3.2 jobs.
In Business: Microbusinesses Overcome the Odds
- When part-time employees and independent contractors were included in calculations, microbusinesses (0-4 employees) contributed the most jobs and hired more new workers, in comparison to small businesses with more than five employees.
- 65% of micro-businesses reported expecting to be struggling or stagnant in 2017, while 54% of other businesses (>4 employees) anticipated growth in the same time span.
Shared Concerns and Sources of Information
- Only 14% of start-ups, and 15% of existing businesses, obtained financing.
- Entrepreneurs at all stages of the business life cycle ranked "marketing and sales (finding new customers)" as most important to their respective business' success, out of eight possible answers.
- Small business owners in all stages of the business life cycle looked to other business owners and peers as their primary sources of information, at double the rate of the second most popular source of information (Internet search).
In releasing this new information, this report fills a gap in existing available data and helps cultivate a more accurate understanding of the state of today's Main Street, USA. The data contained in this report also lays a foundation for future "Megaphone of Main Street" reports, which will delve deeper into specialized small business subtopics such as start-ups and small business financing.
For more information, download "The Megaphone of Main Street: Report on America's Small Businesses," and its accompanying infographic.