Intuit recently did a survey of small business owners. A key finding was 64% of small business owners surveyed said they started their business with less than $10,000 in invested capital.
Equally interesting is that only 13% said they spent more than $50,000 starting their business.
Our surveys of independent workers who work on their own as freelancers, independent contractors, etc. consistently show most of these solopreneurs spend even less. These solopreneurs report on average that spend $5,000 or less getting their businesses going.
The Internet, cloud computing and the general cost declines associated with technology have made it much cheaper to start a business. This, of course, means it's also much less risky and easier.
Easier, cheaper and less risky = more people becoming independent workers and starting small businesses.
For more on this, see the 2014 MBO State of Independence report which covers the growth of the independent work force.
Great post! It's goes to show that starting a small business is more dedication than. Likewise, we are firm believers that it's never too late to start a business - check out our post on the topic here: http://www.yola.com/blog/5-reasons-its-never-too-late-to-start-your-own-business/
Posted by: Stacey MacDougall | October 17, 2014 at 03:18 PM
Technology has certainly made it easier for many startups, though certain types of businesses still need a large chunk of money up front to get started. For more great insights for small business owners and startups, check out http://businessingmag.com
Posted by: Emily Lund | October 16, 2014 at 09:36 PM