The Impact of COVID-19 on Startups – April 2020

Infographic: The Impact of COVID-19 on Startups - April 2020

SCORE surveyed pre-startups and startups in early April 2020 about how they think how coronavirus could affect their business, and this infographic highlights the findings.

Data from a SCORE survey conducted from April 3-16, 2020. 492 business owners responded with 125 respondents identified as thinking of starting a business or in their first year of business ownership.

  • 65% of those surveyed are solopreneurs
  • 28% have 2 to 5 employees
  • 5% have 6 to 10 employees
  • 2% have 11 to 20 employees
  • 2% have 21+ employees

The respondents owned businesses in the industries below:

  • 0.9%: Travel
  • 1.7%: Agriculture, Farming, Fishing & Hunting
  • 1.7%: Banking, Finance & Insurance
  • 1.7%: Construction
  • 1.7%: Hotels and Accommodations
  • 2.6%: Real estate, Rental & Leasing
  • 3.4%: Home Maintenance Services
  • 3.4%: Nonprofit, Public and Professional Organizations
  • 3.4%: Manufacturing & Industrial
  • 4.3%: Education/Day Care
  • 4.3%: Technical & Scientific Services
  • 5.2%: Transportation & Warehousing
  • 6.9%: Personal Services
  • 8.6%: Arts, Entertainment & Recreation
  • 8.6%: Health Care & Social Assistance
  • 10.3%: Retail & Wholesale Trade
  • 12.9%: Restaurants & Food Services
  • 18.1%: Professional & Business Services

Startups have a “wait and see” attitude.

How has your attitude changed about starting or continuing your business over the past month?

  • 43.9%: Still waiting to see what happens
  • 20.2%: No Change
  • 18.4%: Scaled up my plans
  • 14.9%: Scaled down my plans
  • 2.6%: I have abandoned my plans

25% of startups have received outside financial help.

  • 3.7%: Expanded lines of credit
  • 4.6%: Improved payment terms from vendors
  • 7.3%: Crowdfunding or other community requests
  • 7.3%: New loans
  • 10.1%: Delays for existing loan payments

Download the infographic to see the full results.

While you may be facing uncertainty, there is one thing you can be certain of: SCORE is here for you. Work with a SCORE mentor and visit our Coronavirus Small Business Resource Hub.

Infographic designed by Easel.ly.

Infographic: The Impact of COVID-19 on Startups - April 2020

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