Control and Flexibility Motivate Small Business Owners to Operate Their Own Business

Results of a recent small business owner survey conducted by TD Bank, America’s Most Convenient Bank^®, show that nearly all small business owners (96 percent) feel flexibility and control are the best parts about owning their own business.

That flexibility and control also are what they love most about owning a business compared with working at a larger corporation (95 percent), and almost half (44 percent) reported that it’s what prompted them to start their business in the first place.

“We conducted this survey because we feel it’s invaluable to understand our small business customers. A lot of them become entrepreneurs so they can be their own boss, control their work hours and find that perfect work-life balance,” said Jay DesMarteau, TD Bank’s Head of Small Business. “Knowing that better enables us to provide them with the products and services that are going to help them best manage their finances.”

 

Tasks to Love and Hate

TD Bank’s survey, which polled more than 500 U.S. small business owners, also asked owners to identify their favorite and most hated tasks as business owner.

More than half of those surveyed (68 percent) love talking with clients/customers. Forty percent love fulfilling products orders/services. A quarter reported enjoyment from sales and setting appointments, while only 15 percent report that they love bookkeeping. Male owners like sales more than female owners (30 percent vs. 20 percent); while female owners are more likely to enjoy bookkeeping (19 percent vs. 11 percent).

However, bookkeeping as a whole was the least favorite task for almost half (46 percent) of the owners, with marketing the business and banking and handling finances tied for second most hated tasks (22 percent each).

“As a banking partner, we’re here to help business owners manage their finances in convenient ways so they can focus on the things they love about their job,” DesMarteau said. “Customers can bank with us in a store, online, or even with their smartphone; we look for ways to make banking convenient because we get it – we love spending time with customers, too.”

 

Have a Business Plan

TD Bank asked small business owners to reflect on the beginning of their own business venture, and consider the best advice to give to someone else just starting out. Nearly half said having a well thought-out business/financial plan is the top tip they would offer.

“I agree that this is great advice to give to new small business owners,” said DesMarteau. “We encourage small businesses to meet with us to review and update their plans routinely, not only to help them keep a pulse on the financial health of their business, but to make sure they’re using the right banking products and services possible for them to manage their finances efficiently.”

 

Other Key Survey Facts

·         Nearly half of small business owners surveyed work more than 40 hours per week, with 40 percent working between 40 and 60 hours.

·         Overall, owners reported that industry associations/networking groups are the greatest source of small business ownership advice (41 percent), followed by friends and family (35 percent).

·         One in five business owners are concerned with money and finances – it’s what keeps them up at night. However, the owners report that business management (25 percent) and business growth (23 percent) are the top three worries that cause late night worry.

·         Owners working more than 60 hours per week find bookkeeping and banking to be particularly draining (58%  hate bookkeeping and 34% banking).

                                                            

TD Bank Small Business ranks highest in J.D. Powers’ Small Business Customer Satisfaction Northeast survey and was recently named as Money Magazine’s “Best Big Bank in America” for 2013.

To learn more about TD Bank, America’s Most Convenient Bank, stop by a store, visit us atwww.tdbank.com, find us on Facebook at www.facebook.com/TDBank or on Twitter atwww.twitter.com/TDBank_US.

 

Survey Methodology

The study was conducted among a nationally representative group of small business between April 23rd and April 28th, 2014. Included were small businesses of $5 million or less in revenue, and 100 employees or less. The sample size of 508 has a margin of error of +/- 4.3 percent. The survey was hosted by global research company Angus Reid Public Opinion.