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Small businesses have been proving their resilience in 2024, navigating a landscape of high interest rates and shifting consumer confidence. This is where keeping an eye on small business statistics from 2024 can be a significant help.
| “In June 2024, we surveyed over 250 small business owners based in the U.S. Despite predictions of an economic slowdown, many business owners remain optimistic about their future, driven by a desire to expand, innovate, and push through the challenges they face,” said Credibly Founder Ryan Rosett. |
“Whether it’s launching new products, expanding into new markets, or boosting marketing efforts, entrepreneurs are investing in their growth. Yet, access to capital remains a critical hurdle.”
In this blog post, we’ll go into key insights from our annual research report on trends in small business, what is driving challenges and opportunities, and how you can get the full report to make informed decisions for your own business.
Key Insights into the State of Small Businesses in 2024
Overall, small business owners are still committed to growth, but economic uncertainty is shaping how much they can invest. 
Over 53% of respondents in our survey stated that the current state of the economy influences their decisions to pursue additional financing.
With the upcoming change in administration, many might be feeling that uncertainty around how the economy and policies impacting small businesses will change. However, the seasoned entrepreneurs in our survey advise other business owners to stay the course through changes.
As one owner with over 10 years of experience said: “I am in this for the long haul. I try to take growth opportunities when they are available, and not worry much about the temporary rises and falls in revenue.”
Access to capital remains a hurdle
Small business growth statistics reveal that securing the necessary funding to fuel business growth has become a major challenge, with 46% of business owners indicating that access to capital will be their biggest obstacle over the next 12 months.
The need for funding is clear, but many businesses are finding it harder to get the financing they need to expand, hire, or invest in new opportunities.
The challenge of building a strong financial profile
Many business owners, regardless of how long they’ve been in operation or how much revenue they generate, struggle with demonstrating the financial health needed for approval.
Ways you can build a better financial profile
| One critical small business loan statistic? Despite 60% of financing applicants being approved, 44% of those who chose not to apply felt they were/would be ineligible for financing. |
This underscores a broader issue: Many businesses are seeking capital while feeling uncertain about how to position themselves financially to access it. This mirrors a hope for better performance in small business success statistics in 2024—with 61% of small businesses saying their business was in good shape, while 24% said there was room for improvement.
How businesses are turning challenges into opportunities
Small business owners are casting a wider net when it comes to securing financing. With access to capital tightening, entrepreneurs are exploring an average of three different sources for funding—up from just two in 2023. This shift highlights the need to get creative in the search for financial support.
Top financing sources haven’t changed: online lenders, traditional banks, and personal networks remain the go-to options.
Many business owners are also diversifying their applications across multiple products. While lines of credit are popular, approval rates for credit cards, merchant cash advances, and short-term loans have been notably higher.
Businesses are staying flexible, adapting their strategies to tap into the right resources to fuel growth.
Insights from business owners
Running a small business comes with its fair share of challenges, but it’s also an opportunity to learn from others who’ve been in your shoes. Here’s what some business owners had to say.
“CHARGE WHAT YOU ARE WORTH! This was the hardest thing for me to do, especially starting out, but I have seen nothing but growth in my business after raising my prices. Valuable clients and customers will invest in you when you prioritize your worth.”
“I would encourage all small business owners to take small but helpful intro courses to financing, accounting and bookkeeping.“
“Don’t give up and keep an open mind about acquiring new knowledge to maintain and grow your business. Also never be afraid to ask for help. A great business takes time, it’s not about winning the race but finishing and achieving your goals.”
Discover how 257 business owners are tackling the top challenges in 2024.Get the insights you need to stay ahead. |
