Bootstrapped entrepreneurs work their way toward success without the help of any external factors, and they are very influenced by the economy. When these small-firm owners plan for growth, it means that uncertainty is becoming less of a factor in 2013.
Economy may be turning around for small firms
Recent research compiled from two different surveys found optimism is steadfast among many small-business owners entering the new year. Growth equity firm Mainsail Partners found 65 percent of bootstrapped entrepreneurs are anticipating higher growth for their companies than they did in 2012.
“We think bootstrapped companies are an especially insightful barometer on economic trends, since their sharp focus on profitability makes them more sensitive to economic headwinds and changes in the business environment,” said Gavin Turner, co-founder and managing partner at Mainsail Partners.
Optimism could lead to growth, hiring
Small-business owners often enter the new year rejuvenated and ready to bring their firm to higher levels of success. With greater optimism comes plans for growth and additional staff, and recent data collected by small-business solutions provider ONTRAPORT showed nearly 60 percent of entrepreneurs are planning to hire in 2013, while many believe that acquiring talent will be easier that it has been in previous years. Whether or not small-firm owners are ready to add more staff, it’s always important to have business insurance policies in place to take the risks out of hiring.
Plans for growth can often lead to looking for outside help when small-business owners are trying to finance operations at their firm. The research revealed that many respondents are not going to pursue capital for their enterprise from outside sources, with 40 percent of respondents claiming that its harder to come by financing for smaller firms than it has been in the past.
Entrepreneurs tired with the daily grind
For many small firm owners. their job is their life, and they want a better work/life balance. The survey found the leading response when asked what they would do with an extra hour every day was taking more personal time, which was said by 34 percent of respondents, beating out focusing on marketing, product development and customer service.
“We found it interesting that many entrepreneurs indicated they wanted more personal time,”said Landon Ray, CEO of ONTRAPORT.
