As the number of entrepreneurs grows, more business owners need transaction management solutions
While many Americans have taken the opportunity to launch their dream company in recent years, new research shows individuals are opening companies at the highest level seen in more than 10 years. Not only do these business owners need to be prepared with knowledge of their unique industries and a business plan, many will want to streamline payment processing by using a duel function a currency and check scanner machine, as well as a coin counter, to ensure they'll be able to process transactions effectively once they open their doors.
Entrepreneurs a large and diverse group
Research from Babson College and Baruch College revealed the average rate of activity among early-stage entrepreneurs jumped to 13 percent. This represents a new high since the Global Entrepreneurship Monitor U.S. Report first started tracking data in 1999.
Thirteen percent of Americans are taking part in entrepreneurial activities, and the research showed high levels of diversity among this motivated group of individuals. The data indicated there are currently seven female business owners for every 10 male entrepreneurs, and opening a company attracts people of all ages. First-generation immigrants had high levels of entrepreneurial spirit, with 16 percent of these individuals owning their own business, compared with 13 percent of nonimmigrants.
Preparing for the future
American business owners appear optimistic about the future, meaning they may be increasingly willing to invest in check scanners or cash counting machines to properly manage a growing number of sales.
The study revealed more than 43 percent of Americans think opportunities abound when it comes to starting a business - the highest number ever seen. This could explain why about 75 percent of business owners started their company to pursue an opportunity instead of out of necessity. Another 56 percent think they possess the characteristics necessary to run a successful business
While entrepreneurs do face unique challenges, managing cash flow doesn't have to be one of them. By investing in the right cash and check management strategies, a business owner can more efficiently count daily profits, leaving him or her with a more concrete idea of where sales are and how improvements can be made. A state-of-the-art cash and check scanner can allow these entrepreneurs to more quickly and easily complete transactions and ensure funds are transferred - an essential part of running a successful firm.