The Discover Small Business Watch for June revealed that small-business owners' economic confidence leveled off this month after a two-month climb.
The Discover Small Business Watch for June revealed that small-business owners' economic confidence leveled off this month after a two-month climb.Owners reporting cash-flow issues jumped to 51% (the highest number this year since January), from 45% in May. Of the owners polled, 45% reported no cash-flow issues, and 4% were unsure. As for the challenges of running a small biz, they remain the same as always: finding new business (34%), government rules and regulations (23%), managing cash flow (11%), finding good employees (7%), and managing health care and other insurance costs (4%). Eleven percent cited some other challenge, and 5% were unsure.
But despite the ups and downs of owning a business, many would still be up for the task: 53% of owners said they wouldn't take a job for the same or more money, and 41% said they'd never sell their business. The two main reasons for becoming an entrepreneur are basically the same now too. This year, 50% of owners cited schedule flexibility or being one's own boss, from 46% in 2007. Other reasons that came up in the poll: a feeling of accomplishment (16%, from 14% in 2007); making more money (10%, from 19%); needing a job (9%, from 8%), and some other reason (12%, from 11%).
The Discover Small Business Watch is a monthly index measuring the relative economic confidence of U.S. small business owners with fewer than five employees. That segment consists of 22 million businesses producing more than $1 trillion in annual receipts. The Watch is based on a national random survey of 750 small-biz owners.