10 Statistics About Owning A Small Business That Might Surprise You

Money

With numbers totaling more than 33 million across America, small businesses are essential drivers of the U.S. economy. This May, Intuit celebrates the owners of those businesses and their place in their communities with its fourth annual Small Business Success Month. Key events during this month of celebration include the release of new data from a survey to shine a light on the challenges small businesses face and the vital role they play, and on May 28, the launch of the new QuickBooks Grant Program, which will offer 20 business owners a $10,000 cash award and three months of business coaching to help them thrive.

The Intuit QuickBooks Grant Program

From May 28 to June 30, 2024, small businesses can apply for the Intuit QuickBooks Grant Program. (To see if you are eligible, please visit our FAQ and review the Official Rules.) The 20 small businesses selected for the grant will be given $10,000 along with three months of virtual business coaching. That coaching will include six weeks of participation in Intuit’s Adopt a Small Business program and a series of webinars focused on helping small business owners set a strong foundation for continued success.

Winners will also receive guidance on the importance of digital tools and the ways platforms like QuickBooks can optimize your business and help you manage accounting, pay your team, accelerate money movement and get paid, all in one place.

The Data

In addition to the grant program, QuickBooks also unveiled results from its latest survey of 1,969 U.S. small business owners. Whether you currently own a small company or you’re in the process of starting one, the findings of this survey — along with additional data about small business ownership — are helpful for understanding your business better:

1. About 6 in 10 small business owners surveyed say they’re on track to meet their earnings goals this year. However, another 19% say they’re running behind. Failure to hit earnings goals can result in decreased satisfaction for business owners that negatively impacts other aspects of their lives.

2. Small business owners reported that their businesses need to earn an average of $351,000 to be successful in 2024. At the same time, 65% of small business owners would be satisfied with less than that.

3. Small businesses with fewer than 10 employees reported cutting 58,000 jobs in the first quarter of 2024. This suggests that small businesses face challenges that larger businesses don’t.

4. Owning a business has helped a reported 86% of small business owners meet their personal financial goals. In the survey, these goals included starting a savings account, paying off debt and improving their credit scores.

5. Just over half of the small business owners surveyed reported working with an accountant for their business. At the same time, small business owners who reported having an accountant say they have more and faster business growth than those who don’t use an accountant.

6. Of the small business owners surveyed, 92% use digital tools to manage their business. In 2024, it’s almost a requirement to use at least one digital tool.

7. Community is everything for small business owners, and 89% say they feel that consumers need to support small businesses by shopping locally. On a positive note, 73% of those surveyed feel supported by their local communities.

8. Millennial small business owners reported getting and giving the most community support. In the survey, 82% of millennial-aged business owners said they feel supported by their community. At the same time, 78% of millennial business owners agreed that it is important for consumers to support small, local businesses in their communities.

9. 84% of small business owners who have previously owned a business that closed say that their previous “failure” was motivation to try again. Of those surveyed, 62% of small business owners said they’ve previously started or owned a business. While the majority of those businesses failed, that hasn’t deterred business owners from trying again.

10. And 43% of small business owners say cash flow is a problem for their business, with 74% saying their cash flow challenges have stayed the same or worsened over the last 12 months.

*All data provided by Intuit QuickBooks.

The results of this survey demonstrate the small business community’s resilience during a time of economic headwinds. Small business owners continue to find ways to move beyond challenges by participating in, and receiving critical support from, their local communities and by leveraging digital tools and expert help from accountants.

By shining a light on these challenges, and building products and solutions like the QuickBooks Grant Program, QuickBooks continues to do its part to help small business owners succeed!

If you’re a small business owner, visit www.QuickBooks.com/grants to learn more and start your application to win one of 20 $10,000 grants plus three months of business coaching.

*NO PURCHASE NECESSARY. A purchase of any kind will not increase your chances of winning. Legal residents of the 50 United States (D.C.), 18 years or older. Ends 6/30/24. To enter and for more information, including odds and prize descriptions, see the Official Rules. Void where prohibited.