Multi-generational businesses also continue to play a significant role in the small business community, with 17 % of small-business owners saying their parents had also been shopkeepers. For every two small-business owners that say small business has had a positive impact on their wellbeing, one reports a negative deterioration of mental health, physical health or home life. Two-thirds of multi-generation business owners said being a family business was an important factor in influencing customers purchasing decision.
Key Takeaways:
- Multi-generational businesses also continue to play an important role in the small business community.
- Small businesses continue to adapt and evolve in this new retail environment; however the increasing proportion of national and online retailers represents a real threat.
- 83% of small-business owners are satisfied, and only 10% wouldn’t go into business again; only 8% say it hasn’t lived up to their expectations.
“Small businesses continue to adapt and evolve in this new retail environment; however the increasing proportion of national and online retailers represents a real threat.”
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