A new survey by Intuit QuickBooks sheds light on entrepreneurial trends and consumer attitudes heading into 2025. Conducted in November 2024 among 3,000 U.S. consumers and business owners, the survey highlights the growing focus on financial planning, digital expansion, and resilience among entrepreneurs, despite ongoing economic challenges.
Entrepreneurial Resolutions and Financial Focus
The survey revealed that New Year’s resolutions are popular among business owners, with 64% of current entrepreneurs planning to make positive changes in 2025. Financial goals are at the forefront, with 65% of business owners committed to achieving them, compared to 44% of non-business owners.
A significant 54% of respondents expressed interest in starting a new business in 2025, with 64% of experienced business owners considering new ventures. The median reported startup cost is $5,000, and 37% of business owners said they started their businesses with less than $1,000. For many, a tax refund could provide the capital needed, as 32% of aspiring entrepreneurs plan to use refunds to fund their startups.
Side Hustles: A Path to Wealth and Satisfaction
Side hustles continue to gain popularity, with 33% of respondents planning to start one in 2025. Entrepreneurs often pursue side hustles to increase financial security and achieve autonomy, with 71% of side-hustlers maintaining other jobs for steady income and benefits.
The survey found that 64% of respondents are satisfied with their current lives, but 61% believe earning more money would improve their happiness. Among business owners, 70% identified increased income as a key driver of satisfaction.
Economic Challenges and Resilience
Inflation remains the top obstacle to business success, cited by 61% of business owners. Rising costs have driven entrepreneurs to seek innovative strategies, including adjusting prices, sourcing materials creatively, and diversifying revenue streams. Despite these challenges, 72% of business owners plan to invest in growth during 2025, focusing on e-commerce and online sales.
Digital platforms continue to play a vital role, with 71% of business owners reporting that their businesses operate online to some degree. Social media is seen as a critical growth driver, with 57% of respondents identifying it as the most powerful tool for business expansion.
Hiring Plans and Workforce Expansion
Although over half (51%) of business owners currently operate without employees, 44% plan to hire in 2025. This includes full-time and part-time roles as well as contract workers, highlighting a shift toward scaling operations. Additionally, 21% of entrepreneurs are considering hiring accountants or bookkeepers to manage financial complexities.
Tax Confidence Amid Common Errors
While 84% of business owners feel confident about handling their taxes, 34% admitted to past errors, including filing at the wrong time or overpaying. Nearly half (45%) rely on professional tax advisors, while others seek assistance from family or friends.
As 2025 approaches, entrepreneurs remain optimistic, driven by a focus on financial success and growth. The rise of side hustles and digital platforms reflects a dynamic shift in how businesses operate, with entrepreneurs balancing autonomy and stability. Despite economic hurdles, business owners are planning for expansion and innovation, signaling a year of ambition and adaptability.
Methodology
The survey was conducted in November 2024 with 3,000 U.S. respondents aged 18 and older, including current business owners (n=336), former business owners (n=562), and individuals with no entrepreneurial experience (n=2,102). Responses were collected through Pollfish audience pools and partner networks, ensuring accuracy through double opt-ins and random device engagement sampling.
Image: Intuit QuickBooks
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