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Pros and Cons of Being a Small Business Owner

PROS AND CONS SMALL BUSINESS OWNER BEING A few years ago, Alex set out to pursue his dream of starting a small business. 57% 80% Small businesses It takes 6 days to 7 out of 10 small 60% to 80% of all employ 57% of the country's private workforce start a business in businesses last at new jobs come from small the U.S. least 2 years, and about 50% survive 5 years businesses Since then, Alex has been working around-the-clock to ensure his business grows and is successful. 70% 60% 72% 54% On average, 72% of small In the past year, 70% of small businesses are 60% of business owners spend at least 6 months 54% of small owned and ousiness business owners developing their operated by a single person owners work went to work new business more than 40 hours a week while sick ideas before they actually come into fruition After a few years, Alex's business is profitable. All the hard work has paid off, and he finally has the independence and lifestyle that he always wanted! 4x 53% 49% Self-employed businesspersons are business owners 4x more likely to be millionaires than You can work whenever you want, wherever 53% of small 49% of small business believe their personal health is better as a result owners are getting between 7 you want, and however you those in traditional employer-employee of running their and 8 hours of want roles small business sleep every night Like any entrepreneur, Alex wants to pursue additional business growth. He considers his borrowing options for the funding his business needs. $337.730 80% AVERAGE BUSINESS LOAN In recent history, the average business loan size was $337,730 More than 80% of successful small businesses borrow money Unfortunately, Alex is turned down by his bank and only offered extremely high rates by alternative lenders. Traditional Banks Alternative Lenders 80% 100% REJECTION RATES INTEREST RATES Flexible loans with low interest rates, but rejection rates over 80% and lengthy application Most typical are invoice factoring and merchant cash advance, where the approval rates are high, but the interest rates can exceed 100% and the loan terms are usually only 6-9 months. process. Alex decides to explore peer-to-peer lending and finds his match! With the help of his peers, Alex now has more flexibility and lower rates than other lenders. Alex continues to live his dream and grow his business. Peer-to-Peer Lending With peer-to-peer lending, many investors participate. The result is flexible underwriting, fast funding and fair pricing. Sources: www.sageworks.com http://www.sba.gov/content/7a-loan-amounts-fees-interest-rates https://www.sageworks.com/pressroom.aspx?article=978&ti- tle=The-fastest-growing-small-business-sectors-heading-into-2013&date=December-26-2012 http://highered.mcgraw-hill.com/sites/dl/free/0073511757/873343/ferrell8_sample_ch05.pdf http://smallbusiness.foxbusiness.com/finance-accounting/2012/02/10/cant-get.. http://about.bankofamerica.com/assets/pdf/small-business-infographics/Spring_2013_Small_Business_Owner_Report.pdf http://smallbusiness.foxbusiness.com/finance- ting/2013/05/07/top-us-cities-for-small-business-growth/ http://www.businessinsider.com/facts-about-small-businesses-in-america-2011-8?op=1 Brought to you by xDealstruck

Pros and Cons of Being a Small Business Owner

shared by StaceySD on May 21
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Owning your own business is not just another job. It's a totally different lifestyle. Being a small business owner can be extremely rewarding at times, however it can also be quite challenging. The fo...

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Business
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