The State of Small Business in 2023
Thinking about starting a small business in 2023? Our funding partner, Guidant Financial, produced A Look At The State Of Small Business In 2023 reporting on the outlooks and expectations for 2023 small business owners (SBOs). A few key highlights include:
- 23% of SBOs are unhappy in corporate America
- 47.2% of SBOs are GenX and 39.6% are Baby Boomers
- 46% of small businesses will be franchises due to the proven successful business model
- 76% of SBOs say their businesses will survive the current economy
I hope that you find value in this information as you continue to explore alternative possibilities to your career!
~ Sara
The 5 Emotional Detours to Business Ownership - Detour #2: Turning The Stones
By Terry Powell, Visionary Founder of The Entrepreneur's Source
You’ve been out there for awhile now looking at businesses trying to find that “perfect” fit. You’ve discovered some pretty interesting options. One or two of them have many of the things that speak directly into your goals and needs. Still, with all of the options available, there must be a better opportunity out there. So you look at one more, and one more, and so on . . .
You’re a lot further down the road now and you’re not so sure anymore. There’s so much information to gather and you don’t want to waste too much time on any one option. You’ve got to keep moving. Now you’re simply skimming over a small amount of information for each option, looking for those red flags that tell you “this won’t work in my area” or “this isn’t for me”. You’re really going with your gut or your perceptions at this point. You’re in the mode where you keep “Turning the Stones” hoping to find that “perfect” business.
The problem is that you’re actually imploding the results that you’re seeking. By not gathering
enough information on each option, and allowing your “feelings” about what the business is, to determine your next move, you’re probably moving past a great opportunity without realizing it.
Try this:
- Determine your goals, needs and expectations BEFORE you look at options.
- Be a census taker. Gather the information about the model and make NO decisions until you’re finished with a good study of the data of what makes it successful.
- Recognize that there is NO PERFECT BUSINESS. They all require something that will likely make you uncomfortable at first.
- Be okay with the discomfort. That’s what gives you the opportunity to grow! And that opportunity to grow is probably what you where looking for anyway, right?
Self-Reflection: The truth of the matter is if we look for something that's 100% right or 100% guaranteed, we'll never find it. It doesn't exist. What makes a business successful is you and how you execute it. Spend your time talking to successful business owners and find out why they're successful. Then decide whether you can do what it takes to be successful. We've already determined during completion and discussion of the You 2.0 that you've been successful in your career. If you didn't fail then, what makes you think you'll fail in business ownership?
Stay tuned for Detour #3 - Analysis to a Point of Paralysis in April!
Revisit Detour #1 - Afraid of the Unknown from February.
About Me
I live in the Kansas City Metropolitan area with my husband, Brian, two daughters, one son, a 120-pound German Shepherd, and 2 cats. I have an MBA from St. Mary’s University. I prioritize spending time with my family attending sporting events, musicals and relaxing at our family’s lake house.
Email: sroy@esourcecoach.com
Website: https://sroy.esourcecoach.com/
Location: Kansas City Metropolitan Area, USA
Phone: 913-359-9939
