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BizReport : Research : May 03, 2016

Study: Micro-businesses need more help

There are programs to help small businesses connect and improve, but when it comes to micro-sized businesses, new programs may be warranted. That's the takeaway from a new Invoice2Go report which indicates that most micro business owners agree current SMB programming doesn't fit their needs.

by Kristina Knight

Researchers found that most (93%) like the control of working for themselves, but that reaching a consistent income point remains a challenge (67%). Other interesting findings from the report include:

• 85% of micro businesses say they need better access to health care and loss of income
• 67% say inconsistent income is a problem
• 32% report establishing trust with contracting businesses is a challenge
• 31% report access to benefits, like health plans, are a challenge

"The punch line here is that work and income opportunities have evolved, but current programs designed for small businesses aren't serving the needs of the micro businesses, a rapidly growing category," said Greg Waldorf, CEO of Invoice2go. "Nearly 40 percent of our respondents left traditional work to strike out on their own, and we estimate more than 80 percent of all Invoice2go users have less than five workers, with plans to remain that way. At Invoice2go we are backing this type of entrepreneurial spirit. It is our hope that the government will begin to take note and to support the specific needs of the smallest of businesses."

According to the Association for Enterprise Opportunity, more than 90% of US businesses are made up of 5 or fewer people.

Tags: Invoice2Go, micro SMB trends, small business trends, SMB tips, SMB trends

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