St. Paul, Minnesota (PRESS RELEASE – June 19, 2011) – Deluxe Corporation (NYSE:DLX) recently announced the results of a new small business survey, answered by more than 500 respondents through PartnerUp, the first, and one of the largest online social networks for small business owners and entrepreneurs. The Deluxe survey results reveal a glimpse into the modern face of today’s small business owner across America and are being released in tandem with the company’s first Small Business Insight and Innovation summit being held in Minneapolis, Minnesota.
Deluxe’s survey reflects a snapshot of today’s social media savvy small business owners and where they stand regarding job passions and key challenges. Deluxe’s survey of small business owners uncovers the following results:
- 75% were motivated to start their own business in order to pursue a personal passion and work for themselves; only 10% started a business after being laid off from a job.
- They want to work for themselves, not someone else. 63% would not take another job if offered one.
- If given more free time, 40% of small business owners would spend it on their current business or try to start another new business venture, vs. leisure activities.
- Women entrepreneurs represented almost 40% of those who responded to the survey; more than 60% of respondents are currently raising a family.
- Many entrepreneurs have a day/night jobs — 35% started their businesses while still working at their previous day jobs.
- Social media use is high among this sample, with 83% of respondents planning to utilize social channels for business over the next year; 40% plan to focus their efforts on Facebook and 25% on LinkedIn.
- 57% report using social media to increase their reach/frequency of contact with potential customers. 15% cite a direct impact on sales.
- 49% of small business owners claim that effectively reaching customers with limited resources is their biggest challenge. This is more than twice other key challenges cited: managing the costs of doing business (19%) and securing credit (12%). Their biggest frustration about marketing: They don’t know if what they are doing is effective.
The results of the survey also hint that this group may be more optimistic than the broader small business population, but struggles still exist for small business owners and entrepreneurs. Because of the challenges small business owners face with marketing, Deluxe created Project REV, a 12-month marketing lab to help nine entrepreneurs across the country find effective marketing tools and make time to market their businesses. Today, these small business owners and entrepreneurs are sharing their business results and Project REV experiences at an Insight and Innovation summit hosted by Deluxe.
This summer Deluxe will start recruiting for its next installment of Project REV. Interested small business owners can sign up at http://projectrev.com/about/ to find out more details on how to win a year’s worth of marketing mentorship and thousands of dollars in Deluxe marketing products and services.
*The survey was conducted through Market IQ, a proprietary research and surveying platform available on PartnerUp, the first and one of the largest social networks for small businesses. More than 500 respondents participated in the survey which was available to registered members of PartnerUp during May 2011.
About Deluxe Corporation
Deluxe Corporation is a growth engine for small businesses and financial institutions. Through its industry-leading businesses and brands, Deluxe helps small businesses and financial institutions attract and retain customers. The company employs a multi-channel strategy to provide a suite of lifecycle-driven solutions to its customers. In addition to its personalized printed products, Deluxe offers a growing suite of small business services, including logo design, payroll, web design and hosting, business networking and other web-based services to help small businesses grow. In the financial services industry, Deluxe sells check programs and fraud prevention, customer loyalty and retention programs to help banks build lasting relationships and grow core deposits. Deluxe also sells personalized checks, accessories and other services directly to consumers.