Business owners reveal their biggest hurdles in setting up shop in the US
From working too many hours to being let down by a vendor and underestimating costs, a new survey reveals the biggest hurdles business owners faced when first starting out.A survey of 1,000 small business owners (SBOs) and freelancers pinpointed the things they wish they’d known from the start.Results showed financial missteps as one of the most common challenges SBOs faced – underestimating just how much things would cost and ensuring proper cash flow impacted over a third of SBOs (36%) early on.Wishing they’d had more support or been able to do more marketing was the second-most mentioned area (29%), while being able to maintain a good work-life balance was something over one in four (27%) business owners and freelancers said they found difficult to manage.While the struggle to attain work-life balance affected many new entrepreneurs, results showed a supportive community can really make the difference – eight in 10 SBOs attribute much of their success to their network of partners and vendors.The survey conducted by Talker Research on behalf of HP for its Instant Ink service found that while many SBOs faced early adversity, they built confidence in their leadership ability – the average SBO surveyed said it took just over two years to feel like a fully confident business owner.That experience is hard-earned – the average SBO estimates they put in just over 50 hours a week to launch their business or establish themself as a freelancer in their field. A quarter (27%) of owners said 60-hour weeks or longer were the norm, while one in six (16%) were clocking more than 70 hours. “Having a trusted tech partner is essential for small business owners,” said Diana Sroka, SVP of consumer services product for HP.“With limited time and budget, it’s important to find solutions that are smart, flexible and adaptable to the unique needs of each business.” Those long weeks show a small business owner must often wear many hats.
In fact, the aver...