A new research survey from the office of the Secretary of State of North Carolina shows that access to capital, current economic conditions, and taxes are the biggest challenges for new businesses to achieve self-sufficiency.
The survey of over 6,500 entrepreneurs in North Carolina estimates that tens of thousands of new jobs could be created in the state with a small increase in the number of businesses that become self-sufficient, defined as reaching $50,000 in annual revenue.
During a meeting of the Council of State on Tuesday, Secretary of State Elaine Marshall announced a research collaboration between the NCSOS office and Fayetteville State University. The project aimed to determine how the state can develop counseling services to guide small business owners to the information and resources they need to succeed.
Marshall stated, “North Carolina’s economy is one of the strongest in the United States, but not everyone shares that success. Our historical data shows that we have a small window of time to help new business creators, so it is crucial that we take proactive steps to ensure they are connected with business resources that provide them with the best opportunities for success.”
The data from the survey revealed that the biggest challenges for self-sufficiency cited by entrepreneurs include access to capital, current economic conditions, taxes, and the ability to locate and access services. The study also made recommendations to invest in support organizations for entrepreneurs, strengthen referral networks to community development financial institutions, and create an online directory of resources for entrepreneurs.
Marshall also highlighted the launch of Rural RISE NC last year, a program that connects newly formed businesses with important local, state, and federal business resources through a searchable database. Ultimately, the goal is to help new businesses in North Carolina overcome obstacles and achieve self-sufficiency for long-term success.
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