FreshBooks releases its 2024 State of Small Business Report: covering evolving market trends to financial challenges – the most important elements shaping the future of entrepreneurship in America.
FreshBooks, a leader in cloud-based accounting software for small businesses and accountants, releases its in-depth report on the State of U.S. Small Businesses. The report uncovers trends among American small business owners, why they start their businesses, what motivates or challenges them, and how satisfied they are with self-employment.
“At FreshBooks, we understand that small businesses are the backbone of the U.S. economy. This report highlights trends and generational differences when it comes to the motivations, challenges, and successes of small businesses and entrepreneurs today. Our mission is to make life easier for small businesses by providing them with the tools and insights they need to thrive. FreshBooks is committed to the changing demographics and preferences of all small business owners, so they can build a brighter future” – Faye Pang, FreshBooks Chief Growth Officer.
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Takeaways:
- Freedom and Flexibility: 8 in 10 business owners started their businesses to gain the freedom and flexibility of self-employment, with younger generations particularly valuing work-life balance.
- High Satisfaction Rates: 73% of small business owners express positivity about their choice, with Gen Z leading in satisfaction at 56%.
- Happiness in Work: Over a third (34%) of entrepreneurs prioritize daily happiness, while 27% are motivated by the potential to increase their income.
- Health and Flexibility Matters: More than half (53%) of Gen Z report mental health concerns with traditional jobs, while 39% value flexible schedules.
- Financial Stability and Challenges: Nearly half (48%) of small businesses are financially stable, though only 36% saw improvement last year. Major challenges in 2024 include finding new customers and managing costs.
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