{"id":6936,"date":"2024-02-12T11:18:03","date_gmt":"2024-02-12T16:18:03","guid":{"rendered":"https:\/\/pagely-test.frontdoor.godaddy.com\/ventureforward\/?p=6936"},"modified":"2024-02-13T16:43:10","modified_gmt":"2024-02-13T21:43:10","slug":"new-data-suggests-microbusinesses-face-different-top-challenges-than-small-businesses","status":"publish","type":"post","link":"https:\/\/www.godaddy.com\/research\/new-data-suggests-microbusinesses-face-different-top-challenges-than-small-businesses\/","title":{"rendered":"New data suggests microbusinesses face different top challenges than small businesses\u00a0"},"content":{"rendered":"\n<p><strong>The Big Fact:<\/strong> Microbusiness owners struggle or experience more challenges marketing their business online and knowing what to do at each phase of the business compared to small business owners, according to GoDaddy\u2019s <a href=\"https:\/\/www.godaddy.com\/research\/\" target=\"_blank\" rel=\"noreferrer noopener\" data-eid=\"comms.microsites.venture-forward\/link.e38c253cb003a4c0d72ab667d8eb2c6a\">Venture Forward<\/a> research initiative. By contrast, small business owners experience bigger challenges finding workers with necessary skills, tackling rising costs on wages and materials, and networking with other business owners.&nbsp;<\/p>\n\n\n\n<p>While expanding a venture from microbusiness to small business comes with inherent growing pains, ensuring that microbusiness have the resources they need to get started is essential to their success.&nbsp;<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"576\" src=\"https:\/\/www.godaddy.com\/research\/wp-content\/uploads\/2024\/02\/12012023_Business-Challenges-1024x576.jpeg\" alt=\"\" class=\"wp-image-6937\" srcset=\"https:\/\/www.godaddy.com\/research\/wp-content\/uploads\/2024\/02\/12012023_Business-Challenges-1024x576.jpeg 1024w, https:\/\/www.godaddy.com\/research\/wp-content\/uploads\/2024\/02\/12012023_Business-Challenges-768x432.jpeg 768w, https:\/\/www.godaddy.com\/research\/wp-content\/uploads\/2024\/02\/12012023_Business-Challenges-1536x864.jpeg 1536w, https:\/\/www.godaddy.com\/research\/wp-content\/uploads\/2024\/02\/12012023_Business-Challenges-2048x1152.jpeg 2048w, https:\/\/www.godaddy.com\/research\/wp-content\/uploads\/2024\/02\/12012023_Business-Challenges-320x180.jpeg 320w, https:\/\/www.godaddy.com\/research\/wp-content\/uploads\/2024\/02\/12012023_Business-Challenges-120x68.jpeg 120w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n\n<p><strong>Motivational differences: <\/strong>Microbusiness and small business owners listed very different reasons for starting a business.\u00a0\u00a0<\/p>\n\n\n\n<p>For Microbusiness owners, this includes the desire to:&nbsp;<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Be their own boss (43%).&nbsp;<\/li>\n\n\n\n<li>Support a cause or hobby they are passionate about (32%).&nbsp;&nbsp;<\/li>\n\n\n\n<li>Have the flexibility a traditional job couldn\u2019t provide (30%).&nbsp;&nbsp;<\/li>\n<\/ul>\n\n\n\n<p>By contrast, small business owners who participated in GoDaddy\u2019s <a href=\"https:\/\/www.godaddy.com\/research\/summer-2023-american-dream-survey-results\/\" data-eid=\"comms.microsites.venture-forward\/link.1e119169fa32039fe88d29d708572a3c\">American Dream<\/a> survey listed their top reasons for starting a business as the desire to:\u00a0<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Make extra money (49%).&nbsp;&nbsp;<\/li>\n\n\n\n<li>Stay active while being retired (40%).&nbsp;&nbsp;&nbsp;<\/li>\n\n\n\n<li>Achieve a dream they\u2019ve always had of starting a business (33%).&nbsp;&nbsp;<\/li>\n<\/ul>\n\n\n\n<p>And while the majority of American small business owners believe that being a successful entrepreneur is a key way to create new generational wealth (78%), many maintain modest business aspirations, such as wanting to either stay a \u2018solo entrepreneur\u2019 (28%) or remain a small business but with some employees and perhaps a physical location (35%). Only 12% aspire to one day become a corporate business with a large employee base and headquarters.&nbsp;<\/p>\n\n\n\n<p><strong>The research: <\/strong>GoDaddy&#8217;s <a href=\"https:\/\/www.godaddy.com\/research\/\" target=\"_blank\" rel=\"noreferrer noopener\" data-eid=\"comms.microsites.venture-forward\/link.e38c253cb003a4c0d72ab667d8eb2c6a\">Venture Forward<\/a> research initiative analyzes more than 20 million online businesses with a digital presence (measured by a unique domain and an active website). Most of these businesses employ fewer than ten people, categorizing each as a microbusiness. While these microbusinesses may be small, their impact on economies is outsized even though they are often too informal or too new to show up in traditional government statistics.&nbsp;<\/p>\n\n\n\n<p>Since 2018, Venture Forward surveyed more than 36,000 small business owners with a digital presence, making it the source for microbusiness data and insights.&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Big Fact: Microbusiness owners struggle or experience more challenges marketing their business online and knowing what to do at [&hellip;]<\/p>\n","protected":false},"author":15,"featured_media":6938,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[29],"tags":[],"class_list":["post-6936","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-data-forward"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.8 - 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