When you’re considering starting your own business, a big part of actually taking the leap is not financing, staffing or marketing, but simply finding the confidence to do so. If the latest Kauffman/LegalZoom Startup Confidence Index survey is any indication, entrepreneurial confidence is on the rise.
Some 83 percent of startup business owners surveyed are confident their profits will increase over the next 12 months. Among entrepreneurs aged 18 to 30 years old, the optimism is even greater, with 93 percent feeling confident or very confident their businesses will become more profitable in the next 12 months.
Entrepreneurs are also feeling more optimistic about consumer demand, with 45 percent saying they expect a moderate to significant increase in consumer demand in the next 12 months—up 10 percent from the third-quarter survey.
Those feelings are translating into action, with 40 percent of startup owners saying they plan to hire additional employees in the next 12 months, a 10 percent increase from the third-quarter survey. In addition, 16 percent of small business owners applied for loans or lines of credit in the past year. While that’s pretty similar to the prior quarter’s figure, the number whose loans were approved increased by 14 percent compared to the previous quarter.
Of course, this survey polled startup entrepreneurs who have already gotten their ideas off the ground. But if you’re still on the fence about starting your own business, consider this rising optimism a sign of the times—and a sign that you need to take action. As more startup business owners gain confidence, invest more in their businesses and take steps toward growth, don’t you want to be part of that mix? Why sit on the sidelines where someone else could start your big idea before you ever get it off the ground?
Improve your startup confidence even more by getting advice from the experts at SCORE to make sure you’re taking the right steps toward achieving your business goals. Visit the SCORE website to get matched with a mentor and get free business counseling 24/7. With help from SCORE’s experienced mentors, you’re sure to feel your confidence soar.