To have more insight about startups and what waits for them in the future, Guidant Financial and Small Business Trends Alliance (SBTA) collaborated and surveyed more than 3,100 small businesses across the country.
They asked black entrepreneurs who own businesses and operate franchises about the present-day business trends, their toughest hurdles, and their outlook about the future.
The survey has shown positive results and has revealed some interesting trends. About 72% of businesses operated by black entrepreneurs earn an exceptional profit, and there has been a 5% boost since the previous year. Black owners of businesses and franchises are satisfied and stand assured with the current political outlook. When they were questioned how happy they are being business owners, on average they replied. "somewhat happy" on a scale of "very unhappy" to "very happy." They also responded that they were "somewhat confident" on average when asked about how they feel about small businesses in the current political landscape.
Black entrepreneurs are aiming to start their own independent business now more than the last few years. Out of the 34% of the responses, "ready to be my own boss" is the top motivation for small black business owners. The responses have increased by 25% over the years with the second and third most response further emboldening the movement. "Wanted to pursue my passion" remains the second response, while the third being 21% of small business owners being dissatisfied with corporate America.
Black businesses are a part of various industries, with the top one being business services accounting for 20% of the survey respondents. The ones at the second, third, and fourth account for 9% and they include retail services like health and beauty, fitness services, and food or restaurants. The fifth most popular industry for black business owners in construction and contracting, which accounts for 8%.
Infographic by: Guidantfinancial.com