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Small Businesses Struggle Despite the Growing Number of Entrepreneurs
NEWARK, CALIFORNIA, UNITED STATES, January 4, 2023 /EINPresswire.com/ — Despite the increasing number of people venturing into entrepreneurship and starting their own businesses, recent data suggests that many small business owners are still struggling. According to Guidant Financial, a survey of 500 small business owners found that while most were motivated to pursue their passion or become their own boss, nearly half (47.64%) reported they had gone into business due to dissatisfaction with corporate America. Furthermore, a significant number (21.36%) indicated they had started their business because an opportunity presented itself, often as a result of being newly unemployed (23.44%).
It appears that financial insecurity post-retirement may be another factor in the rise of small business ownership; more than 20% of surveyed respondents stated they started working for themselves because they “were not ready to retire” yet. Despite having such noble motivations, the reality is that many small businesses struggle financially. With rising costs and increased competition in the market, profit margins can be slim and future growth uncertain. Even with access to resources like loans, grants, and other forms of assistance from organizations like the Small Business Administration, staying afloat can prove difficult for many aspiring entrepreneurs.
A recent study by Gallup found that one-third (36%) of all small businesses had closed permanently due to financial hardship associated with the pandemic—a rate significantly higher than what was previously reported in 2019 (26%). This has resulted in job losses for thousands across the country and compounded an already tenuous situation for many owners who were barely managing to keep their doors open before COVID-19 hit.
Unfortunately, these devastating losses could continue unless drastic changes are made at local and federal levels of government. According to Stephanie Copeland, executive director of Colorado Office of Economic Development & International Trade: “Small businesses are essential components of our economy… without proper intervention or resources provided to them during this time we will see very long term negative impacts on our economy.” To help alleviate some of these issues facing small business owners today, several initiatives have been proposed such as tax cuts or incentives for those hiring new employees or offering services at reduced cost points; however it remains unclear what actions will be taken or when they might occur.
In response to these struggles being faced by small business owners, All About The Bay Inc. has created b2b services in the Bay Area designed specifically to help businesses get off the ground and survive in this competitive market. With access to resources such as financial planning advice, software tools, network building opportunities, marketing strategies, legal guidance and more, AATB strives to provide small businesses with all the support necessary for success – whether short or long term. In addition, AATB also offers educational courses and workshops that cover topics such as strategic planning skills, money relationships to entrepreneurial as well as mindset for limited beliefs, how to get rid of old habits, productivities, and many other resources for those just getting started.
The benefits of AATB membership program are plentiful; from increased brand awareness to greater opportunities for sustainable goals. Members can also benefit from AATB’s expansive network that promotes each other’s businesses via our online platform and monthly mixers, resulting in more referrals and connections within the community.
“We believe that every entrepreneur should have access to the same resources used by larger corporations in order to level the field when competing against them,” says Paul LeJoy, the President of AATB. “By providing our b2b services we hope we can bridge this gap and give smaller businesses a better chance at becoming successful.”
The future success of so many beloved local shops depends upon swift action from policymakers but also support from customers who understand just how hard times can be for small business owners right now—especially those who went into business out passion or simply because they weren’t ready to retire yet. Now more than ever it is essential that we come together as a community and invest back into our own neighborhoods by supporting those entrepreneurs who have worked so hard against all odds to make a dream come true despite great difficulty along the way.
AATB’s mission is to remove barriers for current or aspiring entrepreneurs who want start or run a successful business but lack resources or funds needed for success. Through its new b2b platform it hopes not only provide much-needed assistance but also create a shared community where entrepreneurs can share successes and failures alike while learning invaluable lessons along the way – all while staying true their original motivation: following their passions.
Karen Huang
All About The Bay Inc.
+1 510-449-4137
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