Forty-two percent of small business owners say the ongoing pandemic is hindering the growth of their business, according to a study conducted by Clarify Capital.
Another 30% said the state of the economy, specifically inflation, was also hurting their business.
Additionally, 82% of small business owners polled said the pandemic had created issues for them, including increased uncertainty (44%), hindered growth (38%), lower sales (37%), and decreased revenue (34%).
Sixty-five percent of respondents said they did not have the capital needed on hand to grow their business, and 40% added they did not have options to acquire the necessary capital.
Among those who knew how much capital they required to grow, 64% said they needed at least $10,000, 49% said $5,000, and 37% said $2,000.
The news is not all gloom, however. Heading into the fourth quarter of 2021, 38% of small businesses are projecting growth. Another 31% said they grew slightly, and only 8% said they declined or declined slightly.
Approximately 65% of owners polled said they felt confident about their ability to take the next step, with only 5% saying they were not confident.
Clarify Capital surveyed 356 entrepreneurs and small-business owners aged 18 to 79 in the U.S. Of the respondents, 278 were earning consistent monthly revenue, 272 were making a profit, and 192 were drawing a salary or other compensation from their business.