Small-Business Owners Stressed but Optimistic
A survey of small-business owners by Bank of
America suggests running a small business is more stressful than raising a
child or managing a relationship with a significant other, but the study also
found that optimism and plans to hire are strong among business owners.
Nearly one-third (31 percent) of those
surveyed said they expect to expand their workforce in the next 12 months. In
the next year, 42 percent said they expect their own local economic conditions
to improve, compared with 35 percent who say the national economy will get
healthier.
Among those small businesses planning to
hire, owners expect to increase the number of employees by 25 percent on
average. Overall, 61 percent of respondents forecast a revenue increase for
their business, and 32 percent projected revenue would remain the same.
Small-business owners are also more focused
on their local economy and individual decisions than the general health of the
U.S. economy, the survey indicated. Indeed, 69 percent view their local economy
as very important to their business’ success, and 53 percent state that their
own decisions are more likely to influence business outcomes. The sentiment was
particularly high among younger small-business owners, the survey found.
“We know how much small-business owners give
up to make their businesses successful, but despite their sacrifices, they are
still optimistic about the future,”
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