Under-30-year-old small business owners are finding new ways to make self-employment and small business ownership more rewarding—and more successful — according to a recent survey of 1,005 small business owners by the bookkeeping company Bench. The surveyed business owners ranged from freelancers to companies with up to 10 employees

Here are some of the survey’s findings.

Owner motivation

  • 20% | Percentage of business owners under-30 say they go into business “to make a difference in the world.”
  • 56% | Percentage of small business owners (all ages) who said they started a business so they could be their own boss

Ownership reality

  • 60% | Percentage of business owners who believe that owning a business IS NOT  an easy way to get rich
  • 56% | Percentage of business owners who believe that owning a business IS NOT a guarantee for freedom

Finances and stress

Under-30 small business owners in the survey sa financial administration including bookkeeping and taxes, are the most stressful part of their job.

  • 20% | Percentage of under-30 business owners who admit they don’t understand their business finances
  • 17% | Percentage of under-30 business owners who outsource their bookkeeping
  • 9% | Percentage of over-45 business owners who outsource their bookkeeping

Small business owners would rather be stung by a bee than do a month of bookkeeping

Of all the tasks that under-30 small businesses are responsible for, bookkeeping is the activity dislike most.

  • 46% | Percentage of small business owners who would rather get stung by a bee than do a month of bookkeeping
  • 30% | Small Business owners who feel they have a confident understanding of their business finances
  • 28% | Percentage of small business owners who would choose to offload bookkeeping over any other to-do, including web development
  • 72% | Percentage of small business owners who still do their own bookkeeping

More findings from the survey can be found at Bench.co.

GettyImages

Related Articles