I’m about to share some frightening statistics taken from 2013 census :
- Out of 469,118 businesses, 439,920 had less than 10 employees
- That’s 94%!
- 74% of these are deemed uninterested in or unsuitable for expansion
- 55% self employed people are age 40 – 59
- Average wage small business owners pay themselves is $40,000
What does this picture say to you? To me is says we have an economy largely made up of small business owners, who are not paying themselves enough and have no plan for growth. Many of these will hit retirement in the next 10 years, having worked hard in their business their entire life, and will not be able to sell it (no one will buy a business which is unsuitable for expansion). This is a bleak picture for the business owner and for the economy. I think it’s time things changed.
The two statistics I’d like to see change first are the % of business owners deemed uninterested or unsuitable for expansion, and the average small business owner wage being $40k. Both can be changed with education and inspiration. Firstly, there needs to be a movement to change attitudes. From a small business being more like a low paying job, to a belief that your business is an asset – there to feed you long term wealth. With some careful planning, a lot of drive and some expert guidance – many businesses can be re-engineered to enable growth. But it does take a willing owner. There needs to be a mind shift.
Secondly, there needs to be inspirational education and a support network that gives business owners practical steps to follow once they decide they are willing to go for it.My book Liber8 your Business, together with it’s companion workbook, have been designed more as an at home small business course than a book. The goal is to change attitudes and provide tools to enable change. I’d now like to see facilitated study groups all over the country, to help take the lessons out of the pages in and into practice in small businesses everywhere.
If you’d like to be part of this movement in any way, as a participant, as a facilitator or supporter contact me firstname.lastname@example.org
From the desk of Liber8me.
From the desk of Liber8me. Business mentors and publisher of Liber8 Your Business: The revolutionary business planning technique...
Business mentors and publisher of Liber8 Your Business… HERE NOW! : www.liber8yourbusiness.com
To join a group of committed business owners on a fast track journey to a saleable business, click here for more information: http://liber8yourbusiness.com/mentoring/group/
Having successfully built and sold two businesses, Laura is a proven entrepreneur who now gives regular talks to business groups about creating freedom from business. Liber8me is Laura's entrepreneurial response to the need for a practical guide to creating wealth and freedom from your business. True to Laura's passion, Liber8me is the most leveraged way for her to share her experiences and ideas with as many people as possible...all of her business mentoring skills combined into one easy to access, cost effective online business mentoring programme.
Contact: Laura Humphreys