SCORE surveyed pre-startups and startups in early April 2020 about how they think how 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 125 respondents identified as thinking of starting a business or in their first year of business ownership.
- 65% of those surveyed are solopreneurs
- 28% have 2 to 5 employees
- 5% have 6 to 10 employees
- 2% have 11 to 20 employees
- 2% have 21+ employees
The respondents owned businesses in the industries below:
- 0.9%: Travel
- 1.7%: Agriculture, Farming, Fishing & Hunting
- 1.7%: Banking, Finance & Insurance
- 1.7%: Construction
- 1.7%: Hotels and Accommodations
- 2.6%: Real estate, Rental & Leasing
- 3.4%: Home Maintenance Services
- 3.4%: Nonprofit, Public and Professional Organizations
- 3.4%: Manufacturing & Industrial
- 4.3%: Education/Day Care
- 4.3%: Technical & Scientific Services
- 5.2%: Transportation & Warehousing
- 6.9%: Personal Services
- 8.6%: Arts, Entertainment & Recreation
- 8.6%: Health Care & Social Assistance
- 10.3%: Retail & Wholesale Trade
- 12.9%: Restaurants & Food Services
- 18.1%: Professional & Business Services
Startups have a “wait and see" attitude.
How has your attitude changed about starting or continuing your business over the past month?
- 43.9%: Still waiting to see what happens
- 20.2%: No Change
- 18.4%: Scaled up my plans
- 14.9%: Scaled down my plans
- 2.6%: I have abandoned my plans
25% of startups have received outside financial help.
- 3.7%: Expanded lines of credit
- 4.6%: Improved payment terms from vendors
- 7.3%: Crowdfunding or other community requests
- 7.3%: New loans
- 10.1%: Delays for existing loan payments
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 Small Business Resilience Hub.
Infographic designed by Easel.ly.