80.9% of Successful Online Businesses Start as Side Businesses, New Study by LuisaZhou.com Finds
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.
Zhou Ventures, Inc
Phone: (636) 748-0867
SOURCE Zhou Ventures, Inc