infographic

Modern Small Business Owner #Infographic

The Modern Small Business Owner | www.TheHeavyPurse.comSmall business owners are the lifeblood of the U.S. economy. Fortune 500 corporations tend to get all the headlines and attention, but more than half the working population is employed by a small business. For many, the idea of becoming a small business owner is their ultimate dream come true and approximately 543,000 new businesses launch every month in pursuit of that dream. The flip side is also the bitter reality that more small businesses shutter than open each month. Success is not guaranteed and every entrepreneur needs to mindful of that reality as they create their business plan.

Of course, it’s not all doom and gloom. Many small businesses thrive, in part because they planned carefully and managed their business finances well. I’ve had the pleasure of coaching many small business owners and on Monday, I’ll share what separated successful businesses from the struggling.

Who is the Modern Small Business Owner?

In the meantime, I found this great infographic from Intuit that sheds some insight into the minds of small business owners. I found it very interesting that 57% admitted they regularly give up free time to work while also being very happy with what they do for a living. It certainly helps make the case that we don’t mind working extra hours when we do work we love, especially when we’re building our own business.

The Modern Small Business Owner #Infographic | www.TheHeavyPurse.com

Small business owners — what concerns do you share? Or differ?

Shannon

July 10, 2015  •  14 Comments  •  infographic

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Comments

  1. Brian @DebtDiscipline
    Friday, July 10th, 2015
    Interesting graphic. Seems like there are a lot of concern for small business owner, but I wonder if they would trade it in to go back to the corporate world?
    Reply
    • Shannon Ryan
      Sunday, July 12th, 2015
      I'm sure some would and many would not. I find that some people are better suited towards being the employee and others the leader. There is no shame in either.
  2. Tonya@Budget and the Beach
    Friday, July 10th, 2015
    It always makes me laugh when I hear that full time people want to leave their jobs to have "more time" so they choose freelancing. While I agree it's more flexible usually, I work a lot longer and more as a freelancer than I ever did full time. It's hard to shut off work. But there are many, many pros of course, including unlimited income potential!
    Reply
    • Shannon Ryan
      Sunday, July 12th, 2015
      I laugh when I hear it too. There certainly can be more flexibility, but most freelancers and small business owners have to work more hours, especially when they are getting their business off the ground. They may not mind the extra hours so much but it still lessens their free time for now. There are definite pro's and con's to both.
  3. Shannon @Financially Blonde
    Friday, July 10th, 2015
    As my business grows, I definitely feel the importance of having help managing the finances. It's hard to wear so many different hats as a small business owner, and while there is an importance and cost savings to wearing multiple hats, it's also important to realize when you need to bring in help.
    Reply
    • Shannon Ryan
      Sunday, July 12th, 2015
      Absolutely, Shannon. One of the mistakes I see many business owners make is not recognizing when they need to bring in help and how it can ultimately help them make more money, not less.
  4. Mackenzie
    Friday, July 10th, 2015
    I am not a small business owner, but I found the infographic interesting, especially the part about 35% of small business owners believe our economy will improve within the next year. Let's home they're right! :)
    Reply
    • Shannon Ryan
      Sunday, July 12th, 2015
      I hope they are right too, Mackenzie. :)
  5. Prudence Debtfree
    Friday, July 10th, 2015
    My husband launched his home business 6 years ago, and I can relate to a lot of what that infographic says. 8 hour days? Not even close! At the busiest times of the year, he easily puts in twice that number. But he's not among those who give up their fitness for work, and I'm grateful for that. With all the stress involved in running a small business, physical fitness is so important. Looking forward to knowing what you have to say about what separates successful businesses from those that are struggling.
    Reply
    • Shannon Ryan
      Sunday, July 12th, 2015
      The long hours are a reality that many new small business owners didn't expect because people always talk about working less or the flexibility in their schedule. Hopefully, you'll find my post helpful on Monday!
  6. Anum @Current on Currency
    Friday, July 10th, 2015
    That explains why I keep ditching my workout to blog or write more, haha! But then again I'm not a small business owner. This was an interesting graphic with plenty of interesting insights.
    Reply
    • Shannon Ryan
      Sunday, July 12th, 2015
      LOL! Working out is one of my biggest stress relievers so it's definitely not something I skip, although for many business owners and non-business owners, it's the first thing they drop when they get busy. My team knows when I miss my workout! :)
  7. Jayson @ Monster Piggy Bank
    Friday, July 10th, 2015
    It is sad that more businesses shuts than these open. What concerns me the most is, aside from federal taxes on business income, the cost of health insurance. But, one solution I know is to do business with an employee leasing firm. You can accrue the discount benefits of becoming part of a health insurance buying group of thousands of employees. That said, you can still hire and manage your employees.
    Reply
    • Shannon Ryan
      Sunday, July 12th, 2015
      There are definitely lots of costs associated with becoming a business owner and unfortunately many people take the leap without always fully understanding them. It's always good to understand your costs and where you can minimize them.
Shannon Ryan SHANNON RYAN, CFP®

  • Meet Shannon

    "As a Certified Financial Planner, it is my passion to help individuals and families build a healthy relationship with money. I look forward to helping you raise financially confident kids.” - Shannon Ryan
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