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A new survey from financial services platform Kabbage reveals just how low that number can be.
1 min read
More than half of entrepreneurs launched their companies with less than $25,000 and a third started with less than $5,000, according to a recent survey of 600 small-business owners from financial services and technology platform Kabbage.
The study found that the most expensive types of small businesses to start are restaurants, medical offices and manufacturing firms– 38 percent, 23 percent and 19 percent of the entrepreneurs of those businesses, respectively, reported that it cost them more than $100,000 to get off the ground.
Related: 5 Tips for Financing Your Startup
The three types of businesses that need the least amount of startup capital to afloat during the first six months are accounting businesses, online retail and construction and landscaping. Forty-five percent, 44 percent and 39 percent, respectively, said they only needed $5,000 or less during that very crucial period.
Sixty-five percent of entrepreneurs reported that they didn’t feel that they had enough money to start their companies, and 93 percent said they’d predicted a run rate of under 18 months. Eighty-two percent said they didn’t have enough experience to run their companies. But despite those feelings of imposter syndrome, Kabbage noted that all of those businesses are currently operating today.
January 9, 2019 at 09:36AM