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.”

About BizBuySell:

BizBuySell is the Internet's largest and most heavily trafficked business for sale marketplace, with more business for sale listings, more unique users, and more search activity than any other service. BizBuySell currently has an inventory of over 46,000 businesses for sale, and more than 975,000 user sessions each month. BizBuySell also has one of the largest databases of sale comparables for recently sold businesses and one of the industry's leading franchise directories.

BizBuySell was founded in 1996 and acquired by LoopNet, Inc. (NASDAQ: LOOP) in 2004. LoopNet operates the largest commercial real estate listing service online, with more than $405 billion of property listed for sale and 3.2 billion square feet of space for lease. With over 2 million members, LoopNet attracts the Internet's largest community of commercial real estate professionals.

Please visit www.bizbuysell.com.

Contact:

Frank Krolicki
Walker Sands Communications
fkrolicki@walkersands.com
312-546-4127

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