BizBuySell Small Business Survey: With Independence Comes Financial, Personal Opportunity, Say Small Biz Owners
Entrepreneurs cite the desire to make more money and be their own boss as the top reasons to start a business
SAN FRANCISCO – July 3, 2007 – A recent survey conducted by BizBuySell – the largest online business-for-sale marketplace – found that 76 percent of entrepreneurs shopping for a business believe owning their own business will allow them more freedom. In honor of Independence Day, BizBuySell polled its users in the market for a business to find out what drives entrepreneurs to start businesses, as well as what they value most about the independence that comes with ownership.
Financial freedom ranked as the number one reason why entrepreneurs go into business for themselves. Survey results show 42 percent of respondents go into business to generate more income. “My work translates directly to my earnings, not someone else’s. I pay myself for my talents and abilities,” one respondent said.
The second leading reason respondents cited for starting their own business was personal independence, as 33 percent said they want freedom to be their own boss. 58 percent indicated that previously working for a boss they didn’t like played a factor in their decision to pursue an entrepreneurial path. “I want to be in charge of my life. Building, growing, nurturing a business makes it more than a job…That's what I want, something that is mine,” said another respondent.
Other reasons small business buyers listed for self-employment include the ability to do the type of work of their choosing (15 percent) and freedom with their time (5 percent). One respondent said, “Ownership provides opportunities for true creativity, to be different than the crowd.”
Nearly half of the respondents replied based on experience, as 47 percent said they had previously owned their own business.
Entrepreneurs’ previous experience bolsters marketing confidence
In addition to the freedom and independence that comes along with owning a business, entrepreneurs surveyed exhibited high levels of confidence about their ability to run effective marketing campaigns for their companies. The survey found that 70 percent of respondents said they are positive that they will be able to independently implement successful marketing techniques that will help their businesses grow.
Even with their newfound freedom, the past remains a strong indicator of future behavior for the survey respondents. About a quarter of respondents said they will use marketing ideas that have worked for them in the past. However, to most entrepreneurs surveyed, customer feedback was voted the number one source for marketing ideas. Respondents also listed ideas from competitors, staff and magazines and books as sources for marketing ideas.
Freedom and independence remained the recurring theme throughout the survey. In offering words of advice to aspiring entrepreneurs one respondent made it clear that at the end of the day, the owner calls the shots: “Do not let the business or the employees consume you,” the respondent said. “Run the show, don't let the show run you.”
BizBuySell is the Internet's largest business for sale marketplace. Since 1996, BizBuySell has offered tools that make it easy for business owners and brokers to sell a business, and potential buyers to find the business of their dreams. BizBuySell currently has an inventory of approximately businesses - spanning 80 countries - for sale at any one time and receives more than monthly visits. The site also features an extensive franchise directory as well as an easy-to-use business valuation tool. Please visit www.bizbuysell.com for more information.
BizBuySell was founded in 1996 and in 2012 became a division of CoStar Group, Inc. (NASDAQ - CSGP) - commercial real estate's leading provider of information and analytic services. CoStar conducts expansive, ongoing research to produce and maintain the largest and most comprehensive database of commercial real estate information and offers a suite of online services enabling clients to analyze, interpret and gain unmatched insight on commercial property values, market conditions and current availabilities. For more information, visit www.costar.com.
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