Bank of America releases the fall 2017 Small Business Owner Report

We are pleased to share the fall 2017 Bank of America Small Business Owner Report, a semi-annual study that uncovers the perspectives, aspirations and concerns of small business owners around the country.

This fall, confidence in the economy jumped, with small business owners feeling more confident that the local, national and global economy will improve compared to one year ago. In addition, 71 percent anticipate 2017 year-end revenue to exceed that of 2016.

The report also revealed that the rise in economic optimism hasn’t affected long-term growth or hiring plans in equal measure, which have remained flat and declined, respectively. Only half of small business owners anticipate business growth over the next five years, down slightly from fall 2016. Hiring plans have dropped more significantly – with only 16 percent reporting plans to hire in the next 12 months, compared to 25 percent of entrepreneurs in fall 2016.

This year’s Report revealed some interesting differences in perspectives among male and female small business owners, as well as among urban and rural entrepreneurs. Urban small business owners are more likely to have an aggressive plan for growth than their rural counterparts, while rural entrepreneurs were more likely to express confidence in the national economy.

Among male and female small business owners, plans to hire over the next year are the same. However, male entrepreneurs are more likely to be confident about their local, national and global economies, while women entrepreneurs were more likely to anticipate revenue increases over the next year.

Millennial small business owners are the most optimistic generation about the economy and business growth compared to their Gen-Xer and baby boomer counterparts. Millennials are almost twice as likely to anticipate revenue growth over the next year as baby boomers, and they are four times as likely to hire in 2018. Millennial small business owners are also the most likely to cite social media as important to the success of their business.

Whether you’ve been in business for 30 years or are just starting out, Bank of America is committed to helping provide you with a competitive advantage to sustain and grow your small business.

Sharon Miller, Managing Director, Head of Small Business, Bank of America

Download the fall 2017 Bank of America Business Advantage Small Business Owner Report


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