ECNETNews has obtained insights from a recent survey that reveals shifting entrepreneurial trends and consumer perspectives as we approach 2025. The survey, conducted in November 2024 with 3,000 U.S. consumers and business owners, underscores an increased emphasis on financial planning, digital growth, and resilience among entrepreneurs amid ongoing economic pressures.
Entrepreneurial Resolutions and Financial Goals
The survey indicates that New Year’s resolutions are prevalent among business owners, with 64% aspiring to implement positive changes in 2025. Financial aspirations dominate, with 65% of business proprietors dedicated to meeting their financial objectives, significantly higher than the 44% among non-business owners.
A notable 54% of respondents are eager to launch new businesses in 2025, including 64% of seasoned entrepreneurs contemplating new ventures. The median reported startup cost stands at $5,000, and 37% of existing business owners initiated their enterprises with less than $1,000. Interestingly, 32% of potential entrepreneurs plan to leverage tax refunds as a source of initial funding for their startups.
Side Hustles: An Avenue to Financial Independence
Side hustles are on the rise, with 33% of participants intending to start one in 2025. Entrepreneurs commonly pursue side ventures to enhance financial stability, with 71% maintaining other forms of employment for consistent income and benefits.
The findings also reveal that while 64% of respondents express satisfaction with their current lives, 61% believe that a higher income would boost their happiness. Among business owners, a striking 70% cite increased earnings as a fundamental factor for satisfaction.
Confronting Economic Challenges with Resilience
Inflation stands as the primary barrier to business success, acknowledged by 61% of entrepreneurs. To navigate rising costs, many are adopting innovative solutions such as price adjustments, creative sourcing of materials, and diversifying revenue channels. Remarkably, 72% of business owners plan to invest in growth strategies for 2025, with a particular focus on e-commerce and online sales.
Digital engagement remains critical, as 71% of business owners report operating online to some extent. Social media is recognized as a powerful vehicle for business growth, with 57% of respondents viewing it as essential for expansion.
Hiring Intentions and Workforce Growth
Despite 51% of business owners currently operating without employees, 44% are considering hiring in 2025. This includes both full-time and part-time positions, as well as contract workers, indicating a growing trend towards scaling business operations. Additionally, 21% of entrepreneurs are contemplating the recruitment of accountants or bookkeepers to navigate financial complexities.
Confidence in Tax Management Amid Mistakes
While 84% of business owners are confident in managing their taxes, 34% acknowledged prior mistakes, such as filing at improper times or overpaying. Nearly half (45%) rely on professional tax advisors, while others turn to family or friends for assistance.
As we move towards 2025, entrepreneurs exhibit optimism, driven by goals of financial success and growth. The increasing prevalence of side hustles and reliance on digital platforms reflects a transformative shift in business operations, demonstrating how entrepreneurs are balancing the pursuit of autonomy with the need for stability. Even in the face of economic challenges, business owners are committed to expansion and innovation, heralding a promising year of ambition and adaptability.
Survey Methodology
This survey was conducted in November 2024, engaging 3,000 U.S. respondents aged 18 and older, encompassing current business owners, former business owners, and individuals without entrepreneurial experience. Responses were gathered through diverse outreach efforts to ensure accuracy and representativeness.
