Insight from Small Business Owners
Looking back, many small business owners have no regrets about starting their business, according to the most recent SurePayroll Small Business Scorecard®, which surveyed small business owners nationwide last month.
Is their hindsight 20/20? When asked if they had any second thoughts about the timing of when they started their business, the majority (82%) of small business owners said they had no regrets. Nearly 10% say they started their business later than they should have, and just 3% wish they waited until the economy was in better shape.
When it comes to how optimistic small business owners are feeling about the current U.S. economy, the majority (80%) say they feel optimistic compared to last October, when just 63% felt positive. (In 2016, the optimism level remained steadily lower, in the 70th percentile.) Many respondents (28%) felt that the economy has had a much bigger impact on their business than they ever expected.
"Small business owners seem to be in a better place now," said SurePayroll General Manager Andy Roe. "Most have no regrets about starting their business, but many business owners say they wish they were better educated when it came to the changing regulations and administrative requirements."
When asked what they wish they knew before starting their business, more than a quarter of respondents cited that a better understanding of customer behavior would have been helpful. Another quarter of respondents regretted not experiencing the benefits of having a great mentor. More knowledge about customer demand for their service or product would also have been useful for many business owners, in addition to developing a better understanding of the competitive landscape earlier.
Looking back, some of the operational aspects business owners wish they understood better include administrative and regulatory requirements (34%), how to hire the right people (26%), how to better manage their time (19%), and the need for capital and how to raise it (14%).
SurePayroll is a leading online payroll service for small businesses nationwide. Personalized support comes from an award-winning U.S.-based customer care team who are available via phone, email and chat. SurePayroll simplifies and guarantees the process, allowing payroll to be filed easily - from anywhere at any time. Private-label and co-branded services for accountants and banking partners are also available, in addition to solutions for managing 401(k) plans, health insurance, workers' compensation and employee screening. SurePayroll is a wholly owned subsidiary of Paychex. For more information, please visit www.SurePayroll.com.
About PaychexPaychex, Inc. (NASDAQ: PAYX) is a leading provider of integrated human capital management solutions for payroll, HR, retirement, and insurance services. By combining its innovative software-as-a-service technology and mobility platform with dedicated, personal service, Paychex empowers small- and medium-sized business owners to focus on the growth and management of their business. Backed by more than 45 years of industry expertise, Paychex serves approximately 605,000 payroll clients across 100 locations and pays one out of every 12 American private sector