As many as 63% of workers are confident that if they quit their job, they could start a business immediately from scratch. This was a key finding of new research by Invoice2go.
The survey asked 2,500 people – including 500 small business owners – their thoughts on running their own business in the current climate.
It found that three out of five US employees admit they will stop at nothing to become their own boss. 68% believe they have a skill, hobby or passion that they could utilize into a successful small business. Furthermore, 40% of full or part-time employees say they currently do freelance work to supplement their job. Three in ten run their own business on the side.
Inspired by Lockdown to Rethink Career Choices
The survey, which was conducted by OnePoll, found that 60% of respondents say they have been inspired to consider new career moves from their time spent in isolation. Some of the leading hobbies employees believe they could make money from include writing, baking, cooking, graphic design and illustrating.
The findings of the survey are important as they show that despite the challenges and disruption caused by the pandemic, the is an air of optimism about starting businesses. With the right resources and support, employees are confident about turning passions into a freelancing career or small business. It also gives inspiration to others with skills and interest in the likes of writing and baking that they could turn their passion into a rewarding freelance career.
Importance of Online Presence
The survey also flags up the importance of having the right resources, tools and skills in place to run a successful freelance career or small business. One area that entrepreneurs need to devote time and attention to is maintaining a strong online presence.
As Mark Lenhard, CEO of Invoice2go, comments: “Solopreneurs are acting as the sole accountant, marketer, and employee — they’re too busy managing other parts of their business to regularly maintain an online presence. Having an online presence is critical to reaching current and new customers; it can be incredibly valuable for driving passionate people to your brand.”
Lenhard also notes the value for freelancers and small business owners to get paid on time, through a robust invoicing system:
“It’s fundamental for long-term success and daily operations that small business owners and freelancers get paid on time. We’ve seen a rise in digital payments this past year, and these will only become more critical for service-based business. My advice to small business owners is to find user-friendly technology you can rely on to get paid quickly and easily,” he added.
Skill and Personality Traits Vital for Entrepreneurial Success
The respondents were also asked which skills and personality traits they thought were essential for entrepreneurial success. 50% of existing and would-be small business owners believe that ambition it paramount to success. 47% believe customer service skills are top of the list, followed by 46% who said that creativity was most vital.
The research also touched upon the most common reasons employees want to ditch their employer in favor of running their own business. 36% said that toxic work environments are their most pressing complaint. This was followed by a lack of growth opportunities and bad bosses.
The survey therefore gives important insight into what small business owners should prioritize in order to attract and retain staff. Creating opportunities for growth and being a good boss will go a long way in keeping employees satisfied.
All in all, Invoice2go’s research shows optimism among existing and want-to-be entrepreneurs. It also underlines how having the right tools and support is paramount to small business success.