The UPS Store Survey Finds Two Thirds of Americans Dream of Opening a Small Business
May 02 2018 - 8:51AM
The UPS Store, Inc. released the findings of their first annual
“Inside Small Business Survey” today, which found that 66 percent
of respondents dream of opening a small business. Part of The UPS
Store® annual initiative to celebrate National Small Business
Month, Small Biz Salute, The UPS Store “Inside Small Business
Survey” captures sentiments of Americans and their feelings toward
both starting and shopping at small businesses. Throughout the
month of May, participating The UPS Store locations across the
country will be celebrating Small Biz Salute with local events
geared specifically to honor and recognize small businesses and
entrepreneurs right in their communities.
Of respondents who hope to open a small business, top motivators
include being their own boss (38 percent), followed by believing in
the power of their own idea (17 percent) and creating their next
career path (15 percent). Sentiment of starting a small business in
2018 is high, with nearly half of all respondents saying they’d be
optimistic about opening a small business this year.
“Don’t be fooled, the American Dream of owning your own business
is still very much real, especially when compared to the rest of
the developed world,” said Dr. Luke Pittaway, Ohio University
College of Business Copeland Professor of Entrepreneurship. “How
Americans are choosing to open small businesses is where we’re
seeing the largest shift. Consumer habits are changing, forcing
Americans to consider how they open small businesses in 2018–
whether it’s focusing more on e-commerce than actual store fronts,
or focusing on selling to a local community or region instead of a
broader national audience.”
According to The UPS Store “Inside Small Business Survey”,
Americans’ top fears in opening a small business are financial
security (45 percent), the financial commitment required to open
the business (39 percent) and the fear of failure (37 percent). The
number one expense respondents associated with operating a small
business was the price of supplies and equipment (72 percent),
followed by basic operating costs (69 percent) and the creation of
an advertising/marketing budget (65 percent). Meanwhile, 40 percent
of respondents said they associate shipping expenses with operating
a small business.
“At The UPS Store, we understand the challenges of small
business owners and offer products and services designed
specifically to help and support them,” said Tim Davis, president
of The UPS Store, Inc. “Small business owners are unparalleled in
their passion for their business, and understanding that aspiration
is critical for us. We want to celebrate that enthusiasm with
the Small Biz Salute Pitch Off contest, where one lucky winner will
walk away with $25,000 to help them grow their business.”
Three out of four Gen Xers, more so than Millennials or Baby
Boomers, said they dream of starting a small business and more than
half are optimistic about opening a small business in 2018. The
types of business Gen Xers want to open include businesses that
offer technology solutions (29 percent), food/restaurant services
(22 percent) and product/consumer goods (21 percent). Men responded
they are slightly more optimistic about opening a small business in
2018 than women (47 percent compared to 43 percent). Americans
overwhelmingly responded in 2018 they would operate a small
business as a home-based business (56 percent), followed by
brick-and-mortar (30 percent) and then an e-commerce business (20
percent).
“It should come as no surprise that Gen Xers are the generation
that feel the most optimistic and most willing to branch out and
start their own small business,” said Dr. Pittaway. “This portion
of the workforce is most likely well established in their career,
financially equipped and starting to think about how they’ll spend
the final stages of their career. In many cases, even when Gen Xers
and Boomers reach retirement age, instead of grabbing their golf
clubs or boarding a cruise ship, they’ll be looking for their next
professional act. More and more we’re seeing that later career
stages and retirement is the time professionals open a small
business, and for many it’s the first time.”
To support small business owners, The UPS Store together with
Inc. Magazine, invite entrepreneurs and small business owners from
across the country to enter the Small Biz Salute Pitch Off, a
contest that will reward one small business owner with $25,000 and
an editorial feature in Inc. Magazine. To enter the contest,
eligible owners and entrepreneurs of qualifying small businesses
need to submit an entry sharing how $25,000 would help them grow
their business.
For more information about The UPS Store “Inside Small Business
Survey”, how to enter the Small Biz Salute Pitch Off and for full
official rules, visit theupsstore.com/smallbizsalute.
Survey Methodology: The UPS Store commissioned Atomik
Research to run a general population online survey of 1,003 people
in the United States. In accordance with Market Research
Society guidelines and regulations, the margin of error fell within
+/- 2 percentage points with a confidence interval of 95
percent. The fieldwork took place between March 5-6,
2018.
RULES & REGULATIONS: Open to owners of small business
only. No purchase necessary. Void where prohibited. Grand
prize of $25,000 and editorial feature in Inc. Magazine. Must be 18
or older as of 3/21/18 to enter. Contest entry ends 5/4/18.
Visit inc.com/theupsstore/rules for complete and official
rules. Sponsored by The UPS Store, Inc., 5050 Cornerstone
Court West San Diego, CA 92120 and Mansueto Ventures LLC, d.b.a
Inc. Magazine, 250 Greenwich Street, New York, NY 10007.
About The UPS Store With approximately 5,000 locations
across North America, The UPS Store® network comprises the nation’s
largest franchise system of retail shipping, postal, print and
business service centers. The UPS Store locations in the U.S. are
independently owned and operated by licensed franchisees of The UPS
Store, Inc., a subsidiary of UPS (NYSE: UPS). Services, products,
pricing and hours of operation may vary by location. For additional
information on The UPS Store, visit theupsstore.com. For
information on franchise opportunities for opening a The UPS Store
location, visit https://www.theupsstorefranchise.com/. Follow The
UPS Store on Twitter at @TheUPSStore and like The UPS Store on
Facebook at facebook.com/theupsstore.
Jenny Robinson, The UPS Store
858-455-8846
jennyrobinson@upsstore.com
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