The Challenges of Business Ownership

• 55% opened a small business in order to be their own boss.
• 44% of business owners are 39 to 54 years old (Gen X).
• 41% of business owners are Baby Boomers vs 12% for Millennial owners.
• 32% say the lack of capital or cash is their biggest challenge.

Employee recruitment & retention increased by 22% as the biggest challenge for businesses.

The Challenges of Business Ownership

Owning your own business is part of the American dream – though reasons for opening up shop range from pursuing a passion (39%) to responding to opportunity (25%) to a desire to be your own boss (55%).

These are statistics from the Small Business Trends Alliance, which cites the top three challenges business owners say have been the most pressing over 12 months: lack of capital/cash flow, recruiting new employees and marketing and advertising.

Contractors are likely familiar with all of these challenges, including trying to find good employees in the tighter pool of a strong labor market. Further, overcoming marketing challenges is a steady struggle, yet a good plan will strengthen cash flow.