Austin Small Business Owners are Socially Connected and Well Financed
May 29, 2013
We surveyed Austin small business owners to get their sentiments about the city’s business community.
During a visit to Texas for the annual RISE (Relationship & Information Series for Entrepreneurs) Austin conference, we surveyed almost 150 small business owners and entrepreneurs to find out their sentiments about the Austin business community. The results confirmed that business is booming in Texas! A recent piece in CNNMoney says that even small business is bigger in Texas. The U.S. Census reported that Austin is one of the top 10 fastest growing metro areas in the country and that correlates to an uptick in small business ownership.
Our survey results found that Austin small businesses are financially stable, have embraced social media for business use and have their businesses protected against unexpected issues. It’s no surprise that the social media use of Austin business owners is significant, considering the city is a hotbed for technology and hosts the annual South by Southwest festival. Small business owners are using social media channels to engage with current and prospective clients, for networking purposes and to conduct market research. As small business insurers, it was comforting to learn that almost 50% of the small business owners stated they were properly insured for any mistakes they might make. This confirms that Austin business owners know the importance of insurance protection. The survey also revealed how small business owners secured funding to launch or expand their companies. Almost 75% of those surveyed primarily funded their business with savings. A mix of loans and crowdfunding also occurred.