80.9% of Successful Online Businesses Start as Side Businesses, New Study by LuisaZhou.com Finds
Small online businesses that reach six figures and more in revenue tend to start as side businesses, according to analysis
NEW YORK, June 23, 2021 /PRNewswire/ -- 80.9% of online businesses that make six figures or more start as side businesses, according to new research from LuisaZhou.com.
The research also discovered that the biggest success factor is to deliver a great customer experience.
The analysis included case studies of 200 successful online business owners, predominantly based in the US (97.5%), with a revenue from high-five figures to high eight-figures. These case studies are published in publications such as Forbes, Business Insider, and CNBC. The analysis was conducted online from April 1-May 25, 2021.
The '2021 Online Business Report' investigated several factors that go into building a successful online business.
Education Level: The analysis found that the majority of successful entrepreneurs are highly educated. 90.5% of the analyzed business owners have a college degree.
Service Businesses Are Popular: 67.4% of entrepreneurs in this analysis run a service-based business. This was the most popular business model among the businesses included in this analysis.
People Start Successful Businesses Later in Life: The analysis found that a majority, 51.3% of the surveyed entrepreneurs, were between 30-39 years old at the time of their interviews. This backs up existing research, according to which successful businesses are started later in life.
Few Business Loans: The analysis found that most online business owners don't take a business loan. Only 4.2% of the surveyed entrepreneurs said that they had borrowed money from a bank.
The Most Important Reason for Starting a Business: The analysis found that the main reason for starting a business, according to 33.3% of surveyed entrepreneurs, is to have a bigger impact and feel more fulfilled.
Complete Study Results: https://www.luisazhou.com/blog/successful-business-statistics/
LuisaZhou.com is a leading resource for business owners that's been featured in Inc, Forbes, Business Insider, and several other major media outlets.
Contacts
Zhou Ventures, Inc
Luisa Zhou
Phone: (636) 748-0867
[email protected]
SOURCE Zhou Ventures, Inc
