GoDaddy, the company that empowers everyday marketing specialists, has published GoDaddy’s Global Entrepreneurship Survey, which examines the effect of the COVID-19 pandemic on the world’s smallest companies. Research shows that the pandemic has severely affected small businesses, with 75% reporting a decrease in their income. However, the effects also reveal the willingness of these traders not only to the economic crisis, but also to thrive.
GoDaddy’s Global Entrepreneurship Survey examines in depth the effects of the pandemic on micro-enterprises around the world. Of the 5,265 companies surveyed in 10 countries, more than 90% have 10 or fewer employees, and some are solo entrepreneurs. five corporations had to close at least temporarily, either for protection reasons or because they were unable to unload the products and fabrics to remain open.
But in these economic difficulties, there is a transparent message: small business owners are determined to survive. Seven out of 10 marketing specialists said they planned to recover within a year and 63% said they expected an expansion of at least 25% more. 3 to five years, similar to pre-crisis expectations.
“This global study confirms what we’ve noticed in our business network in South Africa,” said Selina Bieber, regional director of GoDaddy. “We have heard inspiring stories from South African freelancers and small business owners who decided to be a success These resilient and determined marketing specialists play a key role in contributing to the recovery of their local economy after the COVID-19 pandemic. “
As in past recessions, the existing crisis is a source of entrepreneurship: 30% of respondents in the global survey said they had or intended to start a business, a nonprofit, or a secondary activity due to the loss of their jobs due to the pandemic. Age also played a role in those who were willing to take this step: millennials were 3 times more likely (40%) baby boomers (12%) to perform a secondary activity.
Global effects paint an image of small businesses suffering from the new chaotic economic environment. However, despite the crisis, the maximum number of small business homeowners remains determined. Only six according to the percentage of respondents said it was no longer feasible to run a company. Part (52%) expressed confidence that while COVID-19 had a negative effect on its business, they may simply remain inconsistent with hatred. And one in 3 (35%) declared that his business could prosper with.
Having a has affected customers and the expectations of long-term marketing specialists. Those who had an Array compared to those who did not, were less likely to have closed their business, even temporarily (41 to 36 according to the penny). In addition, other people with a more positive over their long-term expansion forecasts, with 31% indicating a projected expansion of at least 50% compared to only 23% of those not having an Array. More than part of corporations responded by strengthening their online presence by adding more content, expanding their virtual marketing, or adding an online store.
These findings resonate strongly with South African scam artists and small business owners. Konfetti Love’s Marissa Vogel says the shutdown restrictions made it difficult to operate because they didn’t have a real product to sell online. “It forced us, like many others, to start thinking outside and out of our zone of convenience. Our constant focus on an online presence definitely paid off, keeping us applicable and our first point of contact for new and existing clients.
The GoDaddy Global Entrepreneurship Survey conducted in June when some countries began to exit the blockade and countries like the United States were preparing for a new outbreak of the virus. The ten countries studied were Australia, Canada, Germany, India, Mexico, the Philippines, Spain, Turkey, the United Kingdom and the United States.
The survey was conducted in collaboration with Savanta, a leading global firm in data, studies and consulting. The studies were conducted from June 1 to 29, 2020. For more information, visit https://www. openwestand. org/2020-godaddy-survey-entrepreneurship /.
By Selina Bieber, Regional Director, GoDaddy