The Data Behind Why We Provide Payroll Funding to Small Businesses

Whether you already have your own business or are planning on starting your own, these statistics will help you understand why PLEX Capital provides payroll funding to small businesses. These statistics will help you understand what influences small businesses, how they work, impact the economy, and how PLEX Capital can help. Here’s a look into the data behind why we provide payroll funding to small businesses: 

How Many Jobs Are Created by Small Businesses?

With around 32.5 million small businesses in the US, it’s no surprise that small businesses generate the majority of jobs here. According to the Small Business Administration, small companies create 1.5 million jobs annually, accounting for 64% of new jobs created in the US. Small businesses are an integral part of the US’s economy and growth. Not only do they provide products and services, but they also offer job opportunities and financial growth. This is why PLEX Capital is here to help you thrive by immediately providing your business with working capital. 

What is the Most Common Reason for Opening Your Own Business?

There are many reasons why people might be motivated to open their own businesses. The most common reason being they wanted to be their own boss. The next most popular reason (17%) for starting your own business is dissatisfaction with the corporate US. Other reasons include pursuing passions, a presented opportunity and feeling inspired. Starting your own business means that people have the freedom to be their own boss and the boss of their time. Most of the top motivations are related to having freedom from their current jobs and more independence in how they work. We strive to make your wildest dreams come true by providing the funding you need to succeed. 

What is the Primary Reason That New Businesses Fail? 

42% of new businesses fail primarily because of a lack of market demand. The next most likely reason new businesses fail is they run out of cash. Statistics show that 29% of businesses reportedly failed because of a lack of finance. Other reasons include not finding the right team to work with, being outcompeted by competitors, cost-related issues and more. Don’t let lack of financing be your reason for going under. PLEX Capital is the solution to ensuring you always have the capital you need to thrive. 

Is Your Small Business Overcoming Big Challenges? We’re Here to Make Your Payroll Funding Simple

Within a few years of starting a new business, small companies face several challenges that can restrict their potential. One of the top challenges small businesses face is the poor quality of labor. Small businesses claim it’s hard to find qualified individuals to hire. Small business owners are also faced with financial challenges. Smaller organizations don’t have the advantage of being backed by a lot of funds, they usually struggle to figure out how to manage their finances. When banks can’t help you attain funding, PLEX Capital steps in to provide payroll funding, so you can pay your employees and expand your business. 

PLEX Capital has the funds that your small business needs to take on new contracts, pay your staff, pay business expenses and much more. Get started today!