UpCity Survey Results: 32% Of SMBs Spent $10,000+ To Launch Their Business
Alongside personal investments, individuals opening a business over the last few years found it more beneficial to rely on family and friends for investments, growing largely out of different situations.
CHICAGO, Nov. 23, 2022 /PRNewswire-PRWeb/ -- The SMB Financing Methods survey gathers insight from 500 small business owners throughout the United States to take a deeper look at how these business owners were able to fund their business's initial launch as well as their overall financial methods for 2022.
Statistical highlights include:
- 33% of small businesses used personal investments to launch their business, followed by bank loans at 23%.
- 46% of small business owners said it took 6 months-1 year to obtain adequate funding for their new business
- 36% of respondents said they didn't ask family or friends for a loan when starting their business because they didn't want to be financially dependent on loved ones.
Heidi Sullivan, SVP of Product & Marketing at UpCity, says that this shows that there is no right or wrong way to start a business.
"A notable change over the last year in our respondents' efforts to fund their businesses is that fewer are turning to family and friends for loans," Sullivan said. "With tactics such as bootstrapping, crowdfunding sites, and venture capital investors, people are finding more resources outside of personal investments, bank loans, and credit cards."
Sullivan continued. "we've said this before and we'll happily say it again: As a small business ourselves, we understand that no one can do it alone and that's why we're happy to provide resources that can help our newer entrepreneurs entering the market."
Visit UpCity for more information about this survey and other topics relevant to small and medium B2B service providers, their leaders, and their employees.
UpCity is a resource that helps connect businesses to service providers they can trust. With more than 70,000 listed providers—from marketing agencies to accounting firms to HR consultants to IT specialists, and many more—2 million businesses (and counting) have visited UpCity to research and identify the best partner for their needs.
For interview requests or other inquiries, please contact UpCity SVP of Product & Marketing Heidi Sullivan at [email protected].
UpCity
180 North LaSalle Street, Suite 2100,
Chicago, IL 60601
312-445-9615
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Media Contact
Heidi Sullivan, UpCity, 1 312-445-9615, [email protected]
SOURCE UpCity
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