• Celebrity
    • Of The Essence
    • Celebrity News
    • If Not For My Girls
    • The State Of R&B
    • Time Of Essence
  • Fashion
    • 2023 Best In Black Fashion Awards
    • 2023 Fashion House
    • Red Carpet
    • Fashion News
    • Accessories
  • Beauty
    • Girls United: Beautiful Possibilities
    • 2023 Best In Black Beauty
    • Skin
    • Makeup
    • Nails
    • Hair
  • Lifestyle
    • Love
    • Parenting
    • Relationships
    • Bridal Bliss
    • Lifestyle News
    • Health & Wellness
    • ESSENCE Eats
    • Travel
    • Food & Drink
  • Entrepreneurship
    • Money & Career
  • News
    • Latest News
    • Paint The Polls Black
    • Culture
    • Politics
  • Shopping
  • Video
  • Events
    • 2023 Fashion House
    • 2023 ESSENCE Festival Of Culture
    • 2023 Wellness House
    • 2023 Black Women In Hollywood
    • 2023 ESSENCE Film Festival
    • 2023 HOLLYWOOD HOUSE
  • Studios
  • Girls United

WHERE BLACK CULTURE, COMMUNITY AND CONSCIOUSNESS MEET

Sign up for ESSENCE Newsletters the keep the Black women at the forefront of conversation.

Your email is required.
Your email is in invalid format.
Confirm email is required.
Email did not match.
Select the newsletters you'd like to receive:
Please select at least one option.
By clicking Subscribe Now, you agree to our Terms of Use and Privacy Policy.
Skip to content
SUBSCRIBE
  • MAGAZINE
  • NEWSLETTER
  • Celebrity
    • Of The Essence
    • Celebrity News
    • If Not For My Girls
    • The State Of R&B
    • Time Of Essence
  • Fashion
    • 2023 Best In Black Fashion Awards
    • 2023 Fashion House
    • Red Carpet
    • Fashion News
    • Accessories
  • Beauty
    • Girls United: Beautiful Possibilities
    • 2023 Best In Black Beauty
    • Skin
    • Makeup
    • Nails
    • Hair
      • Hair News
      • Natural
      • Relaxed
      • Transitioning
      • Weave
      • 4C
  • Lifestyle
    • Love
    • Parenting
    • Relationships
    • Bridal Bliss
    • Lifestyle News
    • Health & Wellness
    • ESSENCE Eats
    • Travel
    • Food & Drink
  • Entrepreneurship
    • Money & Career
  • News
    • Latest News
    • Paint The Polls Black
    • Culture
    • Politics
  • Shopping
  • Video
  • Events
    • 2023 Fashion House
    • 2023 ESSENCE Festival Of Culture
    • 2023 Wellness House
    • 2023 Black Women In Hollywood
    • 2023 ESSENCE Film Festival
    • 2023 HOLLYWOOD HOUSE
  • Studios
  • Girls United
Home · News

Report: Only 37% Of Entrepreneurs Sell Enough To Take Profits Or Salary

Are you thinking about starting a business in hopes of making more money? You might want to think again.
Report: Only 37% Of Entrepreneurs Sell Enough To Take Profits Or Salary
By Jasmine Browley · Updated April 29, 2022

Are you thinking about starting a business in hopes of making more money? You might want to think again. 

According to a report from Skynova only 37% of entrepreneurs are netting enough money to pay themselves a suitable salary. 

This is based on the results from a survey that asked 976 entrepreneurs and small-business owners whether their profit margins have taken a hit over the last few years. Among the respondents, 441 were men, 514 were women, 14 identified as nonbinary, and seven preferred not to provide a gender. The respondents ranged in age from 18 to 76 years old with an average age of 40. 

 There was a wide range of experiences recorded but the majority of respondents said they’ve faced significant challenges staying afloat. According to the report, less than half (44%) saw consistent revenue, and approximately one-third were earning enough revenue to grow the business. Additionally, about 86% of entrepreneurs flat out said they’ve been struggling when asked to explain how they’ve been faring. 

The bulk of respondents stated they were facing challenges with getting the word out about their products and/or services—and often had issues finding the right marketing strategy that worked for them. 

Conversions, which is the term marketers refer to as the second stage of the consumer capturing process, is what really translates into making more money. Less than half of small businesses surveyed were putting consistent effort into their conversions, and only 29% were spending money to improve their conversions. When it came to the third step of the funnel, retention, and re-engagement, businesses allocated a similar amount of time and money as they did to conversions.

The data undoubtedly showed that those who invest their money as well as their effort into the sales funnel were more likely to say they’re generating enough sales. That said, only 20% of entrepreneurs put consistent effort into all three funnel stages, and only 9% were investing capital in all of them.

But, on a positive note,  another 73% reported they felt confident in their ability to generate the sales their business needed. 

COMPANY INFORMATION
  • Our Company
  • Customer Service
  • Essence Ventures
  • Change Your Address
  • Contact Us
  • Job Opportunities
  • Internships
  • Media Kit
  • tag
SUBSCRIBE
  • Newsletters
  • Give a Gift of ESSENCE
  • Magazine Tablet Edition
FOLLOW US
MORE ON ESSENCE
  • Home
  • Love
  • Celebrity
  • Beauty
  • Hair
  • Fashion
  • ESSENCE festival

ESSENCE.com is part of ESSENCE Communications, Inc.

Essence may receive compensation for some links to products and services on this website. Offers may be subject to change without notice.

©2023 ESSENCE Communications Inc. All Rights Reserved. | Privacy Policy | Terms of Use | Essence.com Advertising Terms

Get The ESSENCE Newsletter and
Special Offers delivered to your inbox

By clicking Sign Up, you agree to our Terms of Use and Privacy Policy.

Get The ESSENCE Magazine
by subscribing below
subscribe now