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Microbusinesses dipping into personal savings
According to a new Gallup poll more than half of microbusinesses are using personal savings to fund their enterprise; about 43% use credit cards. Researchers found fewer than 3% of microbusinesses are using government loan programs and fewer than 2% use crowd funding programs for funding.
In fact, according to the Sam's Club/Gallup Microbusiness Tracker 42% have increased the price of goods they sell while 2 in 5 have dipped into retirement accounts to stay afloat.
"Despite concerns over worsening economic conditions, U.S. microbusiness owners are confident in nearly every dimension of work and life. This vital segment of the U.S. economy is passionate about their choice to pursue a small business venture and unwavering in their commitment to serving consumers with an intense focus on quality no matter how many other factors or challenges they may face," said Rosalind Brewer, president and CEO of Sam's Club.
Still, microbusiness owners are focused on saving for the future. Nearly half (44%) of those earning over $50,000 say they are 'anxious' about saving for retirement; women are more likely than men to worry about retirement savings.
Meanwhile, more small businesses are turning to mobile for their businesses. According to new data out from Constant Contact 77% of SMBs are using mobile technology for their business. They are optimizing mobile websites (60% adoption rate) for their customers and using mobile ads to engage (21% adoption rate).
Image via Shutterstock
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