Anonymous asked Fanbank , 12/17/2019 ( 1 comment )

What’s the #1 challenge most small businesses will face in 2020?

Fanbank replied:

Thanks for the question! For anyone running or thinking of starting a small business, there are always challenges business owners will face - from getting access to capital, to finding new customers, hiring employees, and more. Plus, economic uncertainty, access to capital, and other external factors frequently impact a business's ability to grow or simply operate. 

One of the biggest challenges small businesses face, and will continue to face into 2020, is increased competition. More and more workers around the globe and in the US are taking on the tag of entrepreneur. According to Fortune, 6.1% of all job seekers turned to entrepreneurship and started a business in 2016 alone - the highest number since 2009 - and as access to capital for business owners and the search for alternative investment opportunities from investors continue to grow, as well, the number of new businesses popping up will continue to rise.

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