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‘Freedom’ top reason why people start businesses

Why are you in business for yourself? According to a proprietary survey released by PayCycle, Inc., 67% of small business owners started their companies to have the freedom to work for themselves. And, 87% said they did not regret their decision and would do it again, despite the poor economy.

Only 10% were “unsure” if they would start their businesses again, and just 3% said they would not start their businesses again. Six per cent (6%) started their businesses due to a layoff; 5% were continuing a family business; and the rest (22%) cited a variety of reasons in addition to wanting freedom in their work. Some of these reasons included: wanting to be more available to family, the desire to work with a non-profit, and running a side business to supplement income.

The survey also asked small business owners to cite the biggest challenge they faced when starting their business:

• 29% cited “finding good employees,”
• 26% cited “dealing with legal and accounting issues,” and
• 16% cited “finding funding.”

The survey, conducted between January 27 and February 2, 2009, compiled responses from 478 small businesses randomly selected from PayCycle’s broad, national base of more than 75,000 small business customers.
Source: PayCycle,

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