One-Quarter Of Businesses Weathering Downturn For The First Time
Washington, D.C., January 8, 2009 – The slowing economy has hit small businesses hard over the last few months, and many entrepreneurs are only expecting things to get worse in 2009. Forty-three percent of the self-employed and micro-business owners say that this is the worst economic downturn that they have experienced, and one-quarter say it is the first slump they have experienced with their current business, according to a study undertaken by the National Association for the Self-Employed (NASE). More than half of the micro-business owners surveyed (51%) expected their 2008 year-end gross revenue to be lower than their gross revenue from 2007. Some small business owners seem more optimistic, with twenty-four percent expecting 2008 year end gross revenues higher than 2007, and eighteen percent expecting no change in gross revenue from 2007 to 2008. “The current economic slowdown is causing many challenges for micro-businesses,” commented NASE’s Executive Director, Kristie Darien. “More small business owners are being faced with difficult choices such as cutting benefits and compensation for themselves or their employees. Others have resorted to putting personal savings into their business to survive in the current economic climate, since they are unable to obtain business loans or credit.” Micro-business owners are considering various actions to address the economic impact on their business:
Methodology: Posted in the members-only portal on the NASE Web site and advertised in the NASE’s eNewsletter, the survey was available for members to take in November and December. Over 500 NASE Members opted-in to the non-scientific survey and members were prohibited from taking it more than once. Kristie Darien is available for more information about the poll or micro-businesses. Please contact Kristin Oberlander by phone at 202-466-2100 or by email at koberlander@nase.org with additional questions or to schedule an interview.
About the NASE The National Association for the Self-Employed (NASE) is the nation's leading resource for the self-employed and micro-businesses, bringing a broad range of benefits to help entrepreneurs succeed and to drive the continued growth of this vital segment of the American economy. The NASE is a 501(c) (6) nonprofit organization and provides big-business advantages to hundreds of thousands of micro-businesses across the United States. For more information, visit the association's Web site at www.NASE.org.
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Courtesy of NASE.org https://www.nase.org/about-us/media-relations/PressReleases/2009/01/08/Micro-Businesses_Pessimistic_About_2009_Economic_Outlook