Those Tech-Savvy, Well-Off Small Biz Owners

Experian, the credit reporting agency, conducted a study of the small business market, dividing it up according to incorporated businesses and unincorporated businesses.  The study covered 1.2 million small businesses with no more than 25 employees and $10 million in sales.

The picture it painted was of business owners being wealthier than the general population.  Business owners are tech-savvy individuals, active in sports, who travel, read books and have an interest in do-it-yourself projects.

The study also found that owners of incorporated small businesses were wealthier than those of unincorporated businesses. The mean annual income for incorporated business owners is $78,500, compared with $72,000 for unincorporated business owners, and $58,000 for the general population.

The Experian study also evaluated the attitudes and lifestyle preferences of business owners, finding that:

• incorporated business owners are 94% more likely to be technology savvy and motivated by image and status than unincorporated business owners and the general population;
• business owners are generally more likely to be involved in several sporting activities, such as golf, boating, skiing, tennis and sports in general, than the general population;
• business owners are more likely to be active travelers;
• business owners are more likely to have an interest in do-it-yourself activities, books, current affairs, high tech gadgets, cooking and wines.

It certainly gives some ideas for appealing to business owners during their leisure hours, doesn’t it?

I also found it interesting that incorporated business owners are tech-savvy, belying the stereotype of the small business as technology averse. If that’s your view of business owners, change your attitude right now.

You can download the 12-page Experian report here.