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In early April 2020, SCORE surveyed business owners who have been in operation at least a year on how they think the coronavirus could affect their business, and this infographic highlights the findings.

Data from a SCORE survey conducted from April 3-16, 2020. 492 business owners responded with 363 respondents who had been in business for one year or more.

• 44% of those surveyed are solopreneurs.
• 33% have 2 to 5 employees
• 11% have 6 to 10 employees
• 6% have 11 to 20 employees
• 3% have 21 to 50 employees
• 3% have over 50 employees

The respondents owned businesses in the industries below:

• Professional & Business Services: 16.9%
• Retail & Wholesale Trade: 16.6%
• Personal Services: 10.1%
• Restaurants & Food Services: 7.6%
• Arts, Entertainment & Recreation: 6.7%
• Health Care & Social Assistance: 6.5%
• Education/Day Care: 4.8%
• Construction: 4.5%
• Real estate, Rental & Leasing: 4.2%
• Home Maintenance Services: 3.9%
• Manufacturing & Industrial: 3.7%
• Transportation & Warehousing: 3.4%
• Nonprofits: 2.8%
• Technical & Scientific Services: 2.5%
• Banking, Finance & Insurance: 2.2%
• Travel: 1.7%
• Hotels & Accommodations: 1.1%
• Agriculture, Farming, Fishing & Hunting: 0.8%

Most owners of established businesses see lower revenues continuing over the next year.   

How has your attitude changed about continuing your business over the past month?             

• Still waiting to see what happens: 41.3%
• No Change: 21.4%
• Scaled down my plans: 19.9%
• Scaled up my plans: 15%
• I have abandoned my plans: 2.3%                 

Since March 2020, 47% of small business owners have let go of employees in some capacity, but 36% hope to hire in a year:

• 8% of established small business owners have fired employees.
• 39% of established small business owners have furloughed or temporarily laid off employees.
• 35% of established small business owners have reduced employee hours or pay.
• 32% of established small business owners have made no change with respect to employees.
• 3% of established small business owners have hired new employees.                                                                                           

32% of established small businesses have received outside financial relief.

• Delays for existing loan payments: 20.0%
• Improved payment terms from vendors: 7.1%
• Expanded lines of credit: 4.4%
• Crowdfunding or other community requests: 2.9%
• New loans: 2.9%

Download the infographic to see the full results.

While you may be facing uncertainty, there is one thing you can be certain of: SCORE is here for you. Work with a SCORE mentor and visit our Coronavirus Small Business Resource Hub.
 

Infographic designed by Easel.ly.