Intuit recently conducted a survey to better understand how small businesses get started. We asked a representative sample of small business owners across the country about their experience. What made them successful? What do they wish they’d done differently? What are their priorities going forward?
Here are some of the highlights:
- The majority (64%) of small business owners start with less than $10,000.
- Three quarters (75%) of small business owners relied on their own personal savings to get started.
- Two-thirds (68%) of small-business owners say that the first year in business is the toughest.
- The number one regret of small business owners looking back on the first year is that they didn’t spend more time learning about financial management (68%).
- The majority (57%) of small businesses require $50,000 or less in annual revenue to feel confident about their long-term health.