Small Business Owner Report

Small Business Saturday is coming up in a few weeks and we have been focusing on the importance of small businesses in preparation for that. There are many reasons to shop small business and their success affects the local community, city, state and the country. Remember, small businesses make up about half of the national GDP along with employing half the workforce.  Figures show that small businesses create 75 percent of the new jobs in our economy. Because the success of small business is so important to our country, many studies are done gathering statistics to give us all a picture of how the small business world is doing. Bank of America is one of the financial institutions that performs a semi-annual study to show concerns, aspirations and perspectives of small business owners.  The facts and infographic below from Bank of America  gives us a better picture of how small business owners are doing this year both personally and financially. The survey also showed that small business owners not only look after their health but contribute to the health and happiness of their employees as well. Small business owners shared that while they feel optimistic about the health of their business but cautious about the future of the economy.

  • 53% small business owners rate their health as better as a result of running a small business
  • 35% of small business owners exercise more because of being a SBO
  • 29% of small business owners feel they eat healthier
  • 57% of small business owners feel they handle the stress of running a business well
  • 72% of small business owners work more than 40 hours a week
  • In the past year 54% of small business owners went to work even though they were sick
  • 87% of SBO’s expect revenue to increase or stay the same within the next year
  • 86% of SBO’s expect to hire more employees or retain the same number within the next year
  • Millenials are the most optimistic about the economy and the future of their business
  • SBO’s leading concerns about the success of their small business include recovery of consumer spending and consumer confidence

 

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