SAN FRANCISCO, Nov. 24, 2017 /PRNewswire/ — Today Fundbox, a leader in small business credit and payment solutions, released a new mini documentary in honor of Small Business Saturday, called “I Wish I Knew,” that features small business owners reflecting on what they wished they knew when first starting their businesses. The mini documentary can be viewed at www.fundbox.com/i-wish-i-knew
I Wish I Knew by Fundbox I Wish I Knew – Advice From Small Business Owners When They First Started Their Companies
Directed by acclaimed Austin, TX filmmaker Adam Hootnick, the documentary features over 20 small business owners representing a wide range of industries including digital marketing, gourmet food trucks, architectural lighting, to custom built motorcycles.
Shot over a period of 24 hours, each business owner was asked the same question: “What is it that you wished you knew when first starting your business?” Often humorous and at times poignant, the responses ranged the gamut, from learning how to manage cash flow better, to empowering your employees to make decisions on their own, to never putting drywall behind a sink, and more. Regardless of the answers, it was clear that small business owners really love their work, even though for many, running a small business comes with its own unique set of challenges, like getting paid by customers.
One of the main objectives behind the production of this documentary was to use storytelling to bring attention to issues that impact the growth of the small business economy here in the US. For example, in November of 2016, Fundbox conducted a data analysis of over 50,000 small businesses connected through the company’s Small Business Graph, only to discover that:
The value of small business unpaid invoices (US only) is $825 billion— equivalent to 5% of U.S. GDP. [Tweet this] It takes the average small business 21 days to get paid. [Tweet this] and lastly 81% of small business invoices are 30 days past due. [Tweet this].
Based on these and other insights, it’s clear that small business owners, even in today’s technology-enabled business environment, continue face significant challenges. These insights are concerning when you consider that when according to a 2017 SBA study 99% of all businesses in the US are small businesses and they employ over 50% of