As we’re getting more used to writing “2017”, and have most likely already headed back to work, new data released by Xero in early January reveals that nearly half of Australian small businesses are saying they are “very” or “extremely” confident of growth in calendar 2017, with most having a mixed but overall positive outlook for the year. Starting the year on a positive note — mostly.
But nearly one in three had a neutral outlook — believing their business will remain stagnant – and one in five had a negative outlook for 2017. Out of this final group, 15% believe that it will be a “tough year ahead” and 5% say they will struggle to survive in 2017.
Those who want 2017 to be the year they quit their jobs and start their own business may find the Xero findings encouraging. The survey also uncovered how most small business owners are going about getting their businesses off the ground.
Key findings include:
- close to two in five started their own venture within a year of having the “spark moment”, while more than one in five started their business within one month. Younger Australians are more likely to move faster on their dreams
- more than half started their venture while in full time employment
- some 46% of respondents said they received no financial help in starting their business and used their own savings, while one in three took the plunge on a shoestring. Surprisingly, just 11% of small business owners took out a loan from a bank to fund their business.
Almost half of the Xero survey respondents admit they now work “much harder” running their own business than they did previously, and almost one in two would go back to being an employee.