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One in six adults owns a small firm

Sep 17 2010 11:31
Sapa

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Johannesburg - One in six adults in SA is a small business owner, according to FinScope SA's Small Business Survey for 2010.

Released on Friday, the survey also indicated that two-thirds of these businesses did not employ anyone other than the business owners, and 79% were involved in product sales.

"Woman are more likely to be small business owners, although small businesses owned by men are more likely to render services and to employ other people," the survey found.

Two-thirds of small business owners needed start-up money and most of these funds came from own sources, with 37% claiming to have borrowed from other sources.

Only 5% of small business owners claimed to have current borrowing or loans for the business, and 39% claimed to save for business purposes.

The survey found a "significant opportunity" for innovation in the banking sector to meet the needs of the small business owner.

"Another area is basic business banking similar to the Mzansi type account which allows for multiple deposits."

Affordability was a key barrier to the take up of insurance, with over 50% of small business owners saying they could not afford it. Only 45% of respondents agreed insurance was important for their businesses, suggesting business owners did not really see a need for such products.

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