Submitted by GoDaddy
National Microbusiness Survey Results
Since 2019, Venture Forward has surveyed over 30,000 online entrepreneurs. Ahead are highlights from the survey of U.S. microbusinesses in February 2023. It also features highlights from a fresh GoDaddy survey of small businesses on their perceptions of the American Dream.
2023 National Survey
U.S. Survey Key Takeaways
“How many employees do you have, including yourself?”
“What’s your average monthly revenue?”
“What year did you start?”
Getting a Microbusiness Started
69%: REQUIRED LESS THAN $5K TO START
“How difficult was it for you to access the capital you needed to start?”
Twenty-eight percent of microbusiness owners invest their first dollars into creating a website.
Can Microbusinesses Support a Household?
1 in 3 microbusinesses contribute 51% or more to household income*
“Approximately what proportion of your household income comes from your microbusiness?”
% of Household Income: 0%-25%
% of Household Income: 26%-50%
% of Household Income: 51%-75%
% of Household Income: 76%-100%
Half of those contributing 51% or more to household income are generating around $60K+/year.
49%: Women make up almost half of those contributing over 51% to household income.
Are microbusinesses financially stable?
Cash on hand
*Source: GoDaddy Venture Forward National Survey. February 2023 (N=3,609)
Entrepreneurs tend to have a more positive outlook on the next 6 months for their own businesses than the economy as a whole. This finding has been true since we started asking in 2020.
Another positive trend emerged as shown on the right: the monthly revenue from a typical microbusiness grew over the last year.
Upward Trajectory in Outlook and Revenue Performance
Positive outlook for my business vs. the economy1
Population of respondents reporting monthly revenue earned from their microbusinesses2
Revenue $ <5K
Revenue $5K - $15K
Source: GoDaddy Venture Forward National Surveys: July 2020-August 2023.
1. “What is your overall expectation for your business or organization over the next 6 months?”; “What is your overall expectation for the national economy over the next 6 months?”
2. “What is the average monthly revenue for this business?”
A Positive Outlook Is Directly Related to Long-Term Ambition
Optimists are less rattled by recent revenue performance when it comes to long-term aspirations. They also tend to dream bigger.
Optimistic Entrepreneurs’ Aspirations
Pessimistic Entrepreneurs’ Aspirations
Original question: “Which of the following statements best describes your ambitions for your business in the long term?” Source: GoDaddy Venture Forward National Survey. February 2023 (N=3,609).
Do Microbusinesses Differ From Small Businesses?
Motivations for entrepreneurship are consistent regardless of size of business or long-term goal.
39% said “being my own boss” is achieving the American Dream, yet just 6% started for that reason.
“What are your long-term aspirations for your business?”
LESS THAN 10 EMPLOYEES
GREATER THAN 10 EMPLOYEES
“What are the top reasons you started your business?”
Fewer than 10 Employees
More than 10 Employees
GoDaddy Venture Forward Report | Summer 2023 | U.S. Edition
This report is powered by the latest data from Venture Forward, a GoDaddy research initiative to quantify the presence and impact of over 21 million online microbusinesses on their local economies, while shining a light on the entrepreneurs behind them. Our goal is to empower anyone who advocates for entrepreneurs with robust data and insights that can’t be found elsewhere.
GoDaddy is empowering everyday entrepreneurs around the world by providing all of the help and tools to succeed online. GoDaddy is the place people come to name their idea, build a professional website, attract customers, sell their products and services, and manage their work. Our mission is to give our customers the tools, insights and the people to transform their ideas and personal initiative into success. To learn more about the company, visit www.GoDaddy.com.
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Empower by GoDaddy is GoDaddy's global community and philanthropic program equipping entrepreneurs in underserved communities with training, tools and peer networks to accelerate their journeys. GoDaddy rallies behind entrepreneurs in underserved communities by building their confidence and skills to strengthen their small business’ digital presence. Entrepreneurs engage in customized learning experiences, work 1-1 with GoDaddy volunteer coaches and local mentors, and gain access to wrap-around services, in-kind products and networks boosting their small businesses success.
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