Palo Alto, CA (PRWEB) February 24, 2009
Although small business owners are going through perhaps the toughest time of their careers, 87% of them show no regrets and would start their businesses over again if they had to, according to proprietary survey data released today by PayCycle®, Inc., America's #1 online payroll service. Only 10% were "unsure" if they would start their businesses again, and just 3% said they would not start their businesses again. Over two-thirds (67%) of the respondents started their businesses because they wanted the freedom to work for themselves.
Small Business Owners Show Resilience
"It is truly inspirational that even in this tough economy these small business owners, from across the U.S., still say they would do it all over again. This is a testimony to the core strength of those who drive our small businesses," said Jim Heeger, president and CEO of PayCycle Inc.
"I am living the American dream! Yes, it is difficult right now. Yes, my business struggles sometimes, but I wouldn't have it any other way. You have to remember, when you have your own business, you aren't going to rest as much. You are going to be working longer hours than you did when you worked for someone, but the outcome is really rewarding," said Teri Thornton, owner of Great Florida Insurance.
Searching For Freedom
Two-thirds of the respondents (67%) cited "the freedom to work for myself" as the reason for starting their own business. Six per cent (6%) started their businesses due to a layoff, 5% were continuing a family business and the rest (22%) cited a variety of additional reasons. Some of these reasons included: wanting to be more available to family, the desire to work with a non-profit, and running a side business to supplement income.
The survey also asked small business owners to cite the biggest challenge they faced when starting their business. Twenty-nine per cent (29%) cited "finding good employees", suggesting top employees might have greater job security than they realize.
In addition, 26% per cent cited "dealing with legal and accounting issues", 21% cited "finding customers" and 16% cited "finding funding" as the biggest challenge faced when starting their businesses.
The survey, conducted between January 27 and February 2, 2009, compiled responses from 478 small businesses randomly selected from PayCycle's broad, national base of over 75,000 small business customers.
PayCycle is America's #1 online payroll service, serving more than 75,000 small businesses. PayCycle provides an easy-to-use, innovative, efficient service for small businesses, backed by outstanding customer support. PayCycle also powers payroll services for leading financial institutions including Capital One and PNC Bank, and provides client payroll services through many of the nation's accounting professionals. The PayCycle® service integrates with leading accounting programs such as QuickBooks®, Quicken®, Peachtree® and Microsoft® Money. PayCycle's unique "Do-It-With-YouSM" (DIWYSM) technology platform guides customers through the entire payroll process from paycheck to W-2 forms. PayCycle also holds PC Magazine's highest editorial honor for small business payroll, the PC Magazine Editors' Choice Award. Visit http://www.paycycle.com for a free trial of the service.
PayCycle is a registered trademark, and "Do-It-With-You" and "DIWY" are service marks of PayCycle, Inc. All other product names and trademarks are the property of their respective owners.