Rural - Amazon S3€¦ · Rural small businesses are comparable in revenue and profit to urban...
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Rural Entrepreneurship https://www.sba.gov/sites/default/files/advocacy/Retreat-Rural-Entrepreneur.pdf https://www.fundera.com/blog/rural-vs-urban-business-financing https://americaninnovators.com/wp-content/uploads/2019/03/Unlocking-the-Digital-Potential-of-Rural-America.pdf https://smallbusinessmajority.org/sites/default/files/research-reports/Opportunities_and_Challenges_Facing_Rural_Small_Businesses.pdf Self-employment has dropped across the country since 1990 but has remained higher in rural areas than the suburbs and cities Rural small businesses are comparable in revenue and profit to urban companies Revenue Profitability of rural small business owners believe the quality of life and cost of living are much better in rural areas BUT they cite challenges. Challenge #1: Access to capital 40% of rural small business owners have trouble accessing capital so most use personal savings Funding sources (selected all that apply) Whether your business is rural, suburban, urban or online, SCORE mentors are available in 300 chapters in the U.S. and online. Sources: 1990 1995 2010 2005 2000 2015 9% 7% 8% 6% 5% Rural areas Suburbs Central cities Percentage self-employed in rural areas, suburban areas and central cities 21% 52% 56% 53% 49% 24% 3% 4% 26% 21% <$100k $100k-$1m $1m-$10m >$10m Rural Rural Urban Urban (% of employer firms) Personal savings Loan from a community bank or credit union Investments or gifts from friends & family Loan from a large bank Angel investor or seed funding An online lender Crowdfunding 71% 14% 13% 6% 4% 3% 3% 80% Challenge #2: Access to workforce Finding candidates with the right education, skills or training Finding candidates with the right kind of experience Lack of talent pool in my area Finding candidates willing to relocate to my area BANK $ $ $ $ $ 74% 72% 53% 69% Barriers to finding workers Challenge #3: Access to connectivity Digital technology increased gross sales for rural small businesses by 17.2% during the past three years. 20% of rural small businesses generate at least 80% of their revenue by selling online. BUT 56% of rural small businesses do NOT have good access to digital technology 20.6% of rural small businesses do NOT have high-speed broadband 5.4% still use dial-up access
Transcript of Rural - Amazon S3€¦ · Rural small businesses are comparable in revenue and profit to urban...
Rural Entrepreneurship
https://www.sba.gov/sites/default/files/advocacy/Retreat-Rural-Entrepreneur.pdf
https://www.fundera.com/blog/rural-vs-urban-business-financing
https://americaninnovators.com/wp-content/uploads/2019/03/Unlocking-the-Digital-Potential-of-Rural-America.pdf
https://smallbusinessmajority.org/sites/default/files/research-reports/Opportunities_and_Challenges_Facing_Rural_Small_Businesses.pdf
Self-employment has dropped across the country since 1990 but has remained higher
in rural areas than the suburbs and cities
Rural small businesses are comparable in revenue and profit to urban companies
Revenue Profitability
of rural small business
owners believe the quality
of life and cost of living are
much better in rural areas
BUT they cite challenges.
Challenge #1: Access to capital
40% of rural small business owners have trouble accessing capital so most use personal savings
Funding sources (selected all that apply)
Whether your business is rural, suburban, urban or online, SCORE mentors are available
in 300 chapters in the U.S. and online.
Sources:
1990 1995 201020052000 2015
9%
7%
8%
6%
5%
Rural areas
Suburbs
Central cities
Percentage self-employed in rural areas, suburban areas and central cities
21%
52% 56% 53%49%
24%
3% 4%
26%21%
<$100k $100k-$1m $1m-$10m >$10m
Rural
Rural
Urban
Urban
(% of employer firms)
Personal savings
Loan from a communitybank or credit union
Investments or giftsfrom friends & family
Loan from a large bank
Angel investoror seed funding
An online lender
Crowdfunding
71%
14%
13%
6%
4%
3%
3%
80%
Challenge #2: Access to workforce
Finding candidates with the right
education, skills or training
Finding candidates with the right kind
of experience
Lack of talent pool in my
area
Finding candidates willing to relocate
to my area
BANK$
$
$
$
$
74% 72% 53%69%
Barriers to finding workers
Challenge #3: Access to connectivity
Digital technology increased gross sales for rural small businesses by 17.2% during the past three years.20% of rural small businesses generate at least 80% of their revenue by selling online.
BUT
56%of rural small businesses do NOT have good access to
digital technology
20.6%of rural small businesses do NOT have high-speed
broadband
5.4%still use
dial-up access
