Entrepreneurship remains strong in rural areas, despite a nationwide drop in self-employment over the past 30 years, according to data gathered by SCORE, mentors to America’s small businesses. 80% of rural small business owners believe the quality of life and cost of living are superior to urban or suburban areas, although they struggle to find funding, to hire the right workforce and to reliably access digital technology.
“Data shows that rural businesses tend to operate at a higher profitability margin than urban businesses, and they typically earn comparable revenue to urban businesses,” said SCORE Acting CEO Bridget Weston. “What this means is that rural entrepreneurs have the advantage of keeping more of their business revenue, which makes it possible for them to provide a higher quality of life for themselves and their families.”
Rural areas maintain a slightly higher percentages of entrepreneurs than urban areas:
Rural small businesses earn comparable revenue to urban businesses, and are slightly more profitable (56% vs. 53%):
40% of rural small business owners have trouble accessing capital, so many rely on personal savings:
Rural entrepreneurs struggle to find employees with the right skills, experience, and geographic location, citing major barriers such as:
Digital technology has helped rural small businesses to increase sales, but more than half of rural small businesses do not have reliable access to technology:
However:
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