Small business owners are entering 2018 with confidence and economic optimism, as per a poll from small business financing firm Guidant Financial and online credit firm LendingClub Corp (NYSE:LC). The firms surveyed over 2,600 aspiring entrepreneurs and small business owners about reasons for starting into business, problems they face and views on the prevailing state of small business in the nation.
LendingClub and Guidant Financial gathered data from its small business clients in all 50 states. Data exhibited that “ready to be my own boss” was the top reason respondents selected for pursuing business ownership in last year, unseating the top factor “dissatisfaction with corporate America” from a year ago. While the report demonstrates that small business owner in present environment is still 72% male, 2017 saw an 18% jump in female-owned businesses. Moreover, business optimism is up.
As per the survey, 63% of small business owners stated satisfaction in current’s political climate a seven or beyond on a scale of 1-10. Merely 37% ranked it a 6 or below. What’s more, 75% of all business owners ranked their happiness level as an 8 or above.
The survey also comprised those who have not yet commenced a business, but expect to. Similar to prevailing small business owners, 55% of aspiring entrepreneurs are confident about the scope of small business, marking their confidence at 8 or above on a 1-10 scale.
The biggest obstacles among those looking to commence a business are not identifying the right prospect, the inability to get funding, and not knowing where to start. Over half don’t cash for a down payment while 41% announced a lack of knowledge about financing prospects as challenges to getting funding. The survey also showed valuable trend data on the country’s small business economy. LendingClub and Guidant Financial are small business financing professionals committed to making access to fund seamless.