March 24, 2020 – FreshBooks’ Communications and Research Team will be regularly releasing new data and insights regarding the impacts of COVID-19 on small businesses as they become available. FreshBooks has committed to sharing these and other findings with governments, research organizations, and other institutions in a collective effort to fully understand and appropriately act on the concerns of small business owners everywhere.
Over the past few weeks, COVID-19 has transformed how businesses operate with unprecedented speed. Companies around the world are going remote, reducing their hours, or even shuttering their doors for the coming weeks.
Those working for themselves are especially worried about the future of their businesses, according to new research from FreshBooks’ Communications and Research team. In a survey of more than 400 small business owners, freelancers, and self-employed professionals across the United States, roughly two-thirds (65%) said they were either extremely concerned or very concerned about how COVID-19 will affect their businesses.
More specifically, half of respondents (52%) said limits on social gatherings, as well as travel, will have a huge impact upon their businesses. More than half (54%) said they’re either extremely concerned or very concerned that demand for their services will slow down as a result of the pandemic. Another 1 in 5 (19%) said they did not feel ready to handle business challenges emerging from COVID-19.
The majority of small business owners said they’re unprepared for COVID-19:
Just 11% of small business owners felt extremely ready to
deal with any business challenges arising from COVID-19
28% said they felt very ready
43% said they felt somewhat ready
Almost 1 in 5 (19%) said they did not feel ready
Some small business owners are concerned they themselves will fall ill from COVID-19, preventing them from running their businesses:
15% said they’re extremely concerned
18% said they’re very concerned
42% said they’re somewhat concerned
25% said they’re not concerned
About FreshBooks: FreshBooks has helped more than 20 million people worldwide process billions of dollars with its ridiculously easy-to-use invoicing, time-tracking expense management, and online payments features. Recognized with 10 Stevie awards for best customer service in the world, the company’s mantra is to “execute extraordinary experiences everyday.”
Methodology: FreshBooks used Google Surveys to interview 400 American self-employed professionals who are currently working full-time or part-time. This study was conducted in March 2020.
Are you a small business owner concerned about COVID-19?
We believe more than ever, people are looking to connect. It’s a particularly difficult time to be running your own business, so to bring people together, FreshBooks has launched #imakealiving, a Facebook community creating digital connections, so small business owners don’t have to feel alone.
We have a lineup of interesting business owners from all backgrounds (photographers, event planners, writers, agency owners, you name it…) who will be sharing their stories in the group. They’ll share how COVID-19 is impacting their business, what actions they’re taking right now, and advice they have for others in a similar boat. We’ll also be bringing business leaders into the community to share and teach new skills that may help business owners survive these uncertain times. You can join #imakealiving here.
If you’re looking for additional help or guidance, we’ve curated a helpful list of resources for small business owners across the U.S. and Canada. You can find the list of COVID-19 resources here.
Contact: Candice So, firstname.lastname@example.org