Saw an interesting presentation at the Consumer Bankers Association Small Business Banking conference last week from Genie Driskill, who is the head of research at Synergistics Research Corporation. Synergistics focuses on the financial services industry and does a lot of survey research work on small business.
Her presentation focused on the differences between home based small businesses versus business that are not home based. The survey looked at businesses up to $5 million in revenue. A lot of good stuff:
- home based business owners are older at age 55. The average age for non-home based business owners is 50
- The annual sales volume for home based businesses was lower than others, but not substantially. Home based businesses had a medium of $151k versus $200k for non-home based small businesses in their survey. Synergistics focuses on full time home based businesses, which is why the home based number is as high as it is.
- Home based businesses had a median of $50k in liquid assets.
- 18% of home based businesses surveyed said they would need international financial services in the next two years. This is quite interesting given how few home based businesses today export. This is yet another indicator of the growing interest by small businesses in international markets.