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Franchise Blog

Do Small Business Owners Prosper?

  Frank Berger  |    Aug 31, 2009 7:59:17 AM  |    Franchise Opportunities

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Photo: Rob Lee

Should I purchase a franchise or should I make my career at DuPont or Ford? Use to be working for a big company was the safe way to go. Now with corporate downsizing, outsourcing and the global economy I'm not that sure.

Wouldn't it be cool if an organization with seemingly unlimited funds did a study on whether or not small business owners prosper to a disproportionate degree from the masses? The good news is the Small Business Administration has done just such study. The cost to you...FREE!

George Haynes studied the subject and wrote Income and Wealth: How Did Households Owning Small Business Fare from 1989 to 2004? 


Overall Findings


Families owning businesses remained significantly more likely to be high income earners and high wealth holders than families not owning businesses. Naturally there are risks involved in owning a business...there are also risks associated with walking to the nearest mailbox.

For the period between 1989 and 2004, the income gap between households with and without a business widened, and the wealth gap narrowed. Small-business-owning households were over two times more likely to be classified as high income (55.2 percent versus 24.8 percent) and about seven times more likely to be classified as high wealth (20.2 percent versus 3.0 percent).

Multiple business owners still appeared to be the most prosperous small business group, with nearly three-fourths of them classified as high income and nearly one-half classified as high wealth.

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