|
Written by HBM
|
 | | home business |
Average $10,000 for New Entrepreneurs
Small and home-based business owners spend $10,000 on average to start a business, according to a recent Wells Fargo/Gallup Small Business Index study. The study revealed that most of these business owners tapped into their own funds.
Of the business owners surveyed, 73 percent funded their business with personal savings. The remaining 37 percent were able to obtain loans and/or lines of credit.
Business financing is a serious issue, according to the study. Over half surveyed (53 percent) said their business launch would have been significantly easier had there been more cash available at start-up.
Funding, however, was not the only start-up impediment. Of the survey group, 49 percent indicated their start-up would have been significantly easier had they received advice from experienced business owners. Furthermore, 39 percent said that more expertise in financial management was very important. HBM
Previously published in the December 2006 issue of HOME BUSINESS® Magazine, an international publication for the growing and dynamic home-based market. Available on newsstands, in bookstores and chain stores, and via subscriptions ($15.00 for 1 year, six issues). Visit www.homebusinessmag.com
|
