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American small business owners are feeling optimistic about 2020 – despite the uncertainty and challenges facing them, according to new research.
Almost nine in 10 (89 percent) are confident they will achieve their "main goal" in the upcoming year.
The study of 500 U.S. small business owners found their top objectives for 2020 include substantially increasing revenue and growth and reaching new customers.
Three in 10 (30 percent) are also focused on generating repeat customers.
And although more than one in 10 said the main reason they started their business was to earn more money, results found a sixth are yet to break even.
As a result, almost one in 10 considered this to be their main goal for 2020, although nearly a sixth are aiming to simply "survive the next year."
Commissioned by Vistaprint and conducted by OnePoll, the survey revealed that U.S. business owners are most likely to say they feel confident, optimistic and motivated when asked how they're currently feeling about 2020.
However, one in 10 – 14 percent – do feel apprehensive about what is to come.
The research also found a quarter of business owners admitted they see the upcoming year being a struggle.
This is due to more than a third predicting political changes will have an effect on their business, while four in 10 think they will struggle due to bills and expenses rising.
A further fifth are anxious about competitor companies opening nearby.
“While political changes and economic barriers are very real challenges facing U.S. small businesses, our research shows that these factors haven’t dampened the American entrepreneurial spirit," said Simon Braier, Customer Strategy and Insights Director from Vistaprint. “It’s encouraging to see small business owners’ confidence and optimism going into 2020.
“The better they do, the more chance they have of generating jobs for local people, giving an economic boost to their community and continuing to provide significant value to customers.”
Despite these challenges, six in 10 small business owners admitted they don’t have a marketing plan in place for 2020, with more than half (53 percent) saying "everything is going fine as it is."
A sixth (17 percent) would rather just "see what happens."
More than half – 51 percent – believe the most important advertising channel in the upcoming 12 months will simply be word of mouth, while almost a quarter will rely on social media.
A further one in 10 think email marketing and search engine promotion will be most important for their business.
“Even if business is going well, in an increasingly competitive market small business owners cannot afford to rest on their laurels," said Vistaprint’s North American Market Director Erin Shea.
“Word-of-mouth marketing is and will likely continue to be one of the most effective forms of marketing for small businesses. But business owners should seize the opportunity to spread the word further by leveraging other offline and online channels and tactics to drive referrals.”
It also emerged that on reflection, nine in 10 (95 percent) business owners are pleased they took the plunge and started their own business.
For more than a third (37 percent) being their own boss was the main motivation for starting a company. This was followed by flexibility – with one in 10 wanting to decide their own hours – and to pursue a passion according to 15 percent.
