Many small-business owners started businesses with their own money, and with relatively small amounts, according to the Wells Fargo/Gallup Small Business Index study.
Small-business owners spend an average of $10,000 to start their businesses, the study said.
Seventy-three percent of business owners surveyed funded their businesses with personal savings, while 37 percent obtained loans and lines of credit.
More than half of those surveyed, or 53 percent, indicated they would have had an easier time had more money been available at the outset.
The survey shows what many small business owners wish they had at the start - more capital and more financial management education.
Photo by a_kartha.
J Carter on August 19th, 2006 at 11:12 am
The great thing about the internet is that you can start a business for practically nothing (OK, well, less than $10) and much of the information you require is available for free from Newsletters, ezines and ebook downloads.
For people considering starting a business with little capital investment - it’s well worth reading up on the opportunities available.
buyllp on August 19th, 2006 at 6:21 pm
there are millions of opportunities available online, some of them Free to join! every one should do their own due diligent and spend some time understanding the opportunity, maybe even talk to other friends about it, but don’t research it for ever!