Business owners are bouncing back from a rough period right now. While at least 100,000 businesses closed permanently during the pandemic, many companies that were fortunate enough to survive are recovering quickly. For example, 47% of small business owners say their business has already returned to pre-Covid revenue, according to a nationally representative survey conducted by WalletHub.
This survey examined how business owners feel about their financial situation currently, what their expectations are for the future, and how they interact with different types of financial products. Below, you can find additional highlights from WalletHub’s survey, which should provide food for thought during National Small Business Week and beyond.
Key stats:
- Roughly 7 in 10 small business owners think now is a good time for a small business to grow.
- Only about 4 in 10 small business owners think Small Business Week helps their business.
- More than 6 in 10 small business owners feel they pay too much in credit card processing fees.
- 45% of small business owners are not in favor of accepting payments in cryptocurrency.
- 76% of small business owners say they have used a personal credit card for business expenses.
Survey Methodology
This report reflects the results of a nationally representative online survey of over 300 small business owners.
After we collected all responses, we normalized the data by age, gender, and income so the sample would reflect U.S. demographics.
Full Details Overall
| When do you expect your business to return to pre-Covid revenue? | |
|---|---|
| It already has | 47% |
| Next 6 months | 32% |
| More than 6 months | 21% |
| How should the rewards on small business credit cards compare to those on consumer credit cards? | |
| Same for both | 60% |
| Better for small businesses | 34% |
| Better for consumers | 6% |
| How should the user protections on small business credit cards compare to those on consumer credit cards? | |
| Same protections | 61% |
| More protections for small businesses | 32% |
| More protections for consumers | 7% |
| What’s most important for small business success? | |
| Low taxes | 44% |
| Easy access to credit | 29% |
| Limited Regulation | 19% |
| Government incentives | 8% |
| Have you used a personal credit card for business expenses? | |
| Yes | 76% |
| No | 24% |
| Is now a good time for a small business to grow? | |
| Yes | 69% |
| No | 31% |
| Does Small Business Week actually help your business? | |
| No | 62% |
| Yes | 38% |
| How do you feel about the amount you have to pay in credit card processing fees? | |
| Too much | 62% |
| About right | 35% |
| Too little | 3% |
| How do you feel about accepting payments in cryptocurrency? | |
| Unfavorable | 45% |
| Indifferent | 33% |
| Favorable | 23% |
| Has the pandemic made you more or less likely to start another business? | |
| More likely | 51% |
| Less likely | 49% |
Note: Percentages may not total 100% due to rounding.