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Business Resource Center

Entrepreneurship is at an All-Time High

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Just 44% of business owners have a bachelor's or post-graduate degree, and 20% only have a high school or GED diploma.

Small Business Resources

When it comes to growing a small business, entrepreneurs have plenty of small business resources that can help.

Marketing

One way to spread the word is by posting on social media. A survey found that 64% of small businesses 12 leverage social media in their digital marketing strategy. Social media can also be used to increase sales.

Planning

Research published in the Journal of Management Studies 13 found that owners that created a business plan had an average growth of 33.4% higher than owners who didn't take the time to plan. It's important to update your business plan every year, as well.

Financing

According to a 2020 Small Business Credit Survey from the Federal Reserve, 43% of small businesses applied for a loan14 with a small business lender in 2020. In addition to loans, other options for small business owners include lines of credit and credit cards.

 

Is entrepreneurship the right path for you? Synovus has resources available to help make your journey more successful. Reach out to your small business banker for more information and learn more about starting a business in our Business Resource Center.

Important disclosure information

This content is general in nature and does not constitute legal, tax, accounting, financial or investment advice. You are encouraged to consult with competent legal, tax, accounting, financial or investment professionals based on your specific circumstances. We do not make any warranties as to accuracy or completeness of this information, do not endorse any third-party companies, products, or services described here, and take no liability for your use of this information.

  1. Oberlo, "How Many New Businesses Start Each Year?" accessed September 30, 2021. Back
  2. U.S. Small Business Administration (SBA) Office of Advocacy, " 2020Small Business Profile," accessed September 30, 2021. Back
  3. Pierre Azoulay, Benjamin F. Jones, J. Daniel Kim, and Javier Miranda,

    "Age and High-Growth Entrepreneurship," Insights 2020 , published

    March 2020, accessed September 30, 2021.

    Back
  4. Kauffman Indicators of Entrepreneurship, "National Report on Early

    Stage Entrepreneurship in the United States: 2020," published February

    2021, accessed September 30, 2021.

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  5. Babson College, "Global Entrepreneurship Monitor (GEM) 2020/2021

    U.S. Report," published September 3, 2021, accessed September 30,

    2021.

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  6. U.S. Census Bureau, "Annual Business Survey Release Provides Data

    on Minority-Owned, Veteran-Owned and Women-Owned Businesses,"

    published January 28, 2021, accessed September 30, 2021.

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  7. Mike Juang, "A secret many small-business owners share with Mark

    Zuckerberg," CNBC, published July 19, 2017, accessed September 30,

    2021.

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  8. Payscale.com, "Average Small Business Owner Salary," accessed

    September 30, 2021.

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  9. U.S. Bureau of Labor Statistics, "Survival of private sector

    establishments by opening year," accessed September 30, 2021.

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  10. SBA Office of Advocacy, "Small Business Facts," accessed

    September 30, 2021.

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  11. Gallup, "Amid Pandemic, Confidence in Key U.S. Institutions Surges,"

    August 12, 2020, accessed September 30, 2021.

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  12. Kristen Henhold, "The State of Small Business Advertising in 2019,"

    Manifest.com, published February 27, 2019, accessed October 7, 2021.

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  13. Andrew Burke, Stuart Fraser and Francis J. Greene, "The Multiple

    Effects of Business Planning on New Venture Performance," Journal of

    Management Studies , published May 2010, accessed October 7, 2021.

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  14. Federal Reserve, "2020 Report on Employer Firms Small Business

    Credit Survey," accessed October 7, 2021.

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