Self-employed small business owners are struggling to grow their business amid fierce competition and a lack of time or money to invest in their business, according to a survey released by QuickBooks Self-Employed. However, despite such challenges, 78 percent of these small business owners say it’s a good time for other people to start a business.

Here are some of the findings of the national survey of 753 self-employed small business owners.

The economy

66% | Percentage of self-employed small business owners who say they feel financially insecure
60% | Believe the economy is good
47% | Are concerned about the negative impact a recession would have on their business

Competition

85% | Percentage of self-employed small business owners who say they are experiencing more competition now than ever before
71% | Say competition is affecting their business

Optimism

78% | Percentage of self-employed small business owners who say it’s a good time for other people to start a business

Challenges

14% | Percentage of self-employed small business owners who say they work more than 50 hours per week
27% | Say their business is currently growing above a steady rate
13% | Say they consistently meet their growth goals
31% | Blame a lack of money as their biggest challenge to growth

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