Bank of America releases the fall 2018 Small Business Owner Report

Bank of America is pleased to share the results of its fall 2018 Small Business Owner Report, a semiannual study that explores the concerns, aspirations and perspectives of small business owners around the country.

This fall’s report finds business owners poised to end 2018 on a high note. Four in five entrepreneurs anticipate year-over-year revenue growth, and many plan to expand their businesses. Strengthening these growth plans is a groundswell of economic optimism as business owners are increasingly confident in the continued positive performance of both the national economy and their local economies.

Small business hiring plans are also on the rise, having peaked to their highest level in three years. This surge, however, brings a new challenge to the forefront: finding qualified talent in one of the most competitive job markets in half a century.

Taking Caviar from Niche to Nationwide

Michael Jalileyan, the owner of Caviar & Caviar USA, shares the motivation behind his business that brings fresh and flavorful caviar to high-end establishments and individuals nationwide—as well as plans to expand to meet the needs of his ever-growing customer base.

When it comes to caviar, most people think of special occasions or the holidays, but for Jalileyan, caviar is just another day at the office. Drawing from his family’s 30 years of experience in the business, he launched Caviar & Caviar USA in 2010 and quickly rose above the competition by offering the highest quality product, providing top-notch client service and utilizing eco-friendly and sustainable methods.

Jalileyan has worked tirelessly to push his business into its current position as one of the top domestic suppliers of caviar, offering a wide selection of high-grade varieties under the brand name Sasanian Caviar. Even with an extensive product list, Jalileyan has kept his pricing competitive, especially when compared to most foreign suppliers—making Caviar & Caviar USA a favorite among high-end chefs and grocery stores, as well as the Four Seasons, The Ritz-Carlton and St. Regis properties.

To succeed with a national sales model, Jalileyan knew he would need to look beyond one-time, “special occasion” caviar buyers and focus on regular, repeat customers. Working with his Bank of America small business banker, he launched a series of aggressive sales initiatives and developed an expansion strategy to further diversify its offerings and fulfill a larger volume of orders during busy seasons.

Naturally, this expansion has created the need for more employees. However, Jalileyan notes finding qualified candidates amid a tightening job market has been challenging: “Before, we would put an ad out for an entry-level salesperson position and receive up to 300 résumés. Now we put out the same ad, and sometimes we only receive 50 résumés.”

In spite of these challenges, Jalileyan has persisted to find the right people as his business has grown, and he believes in his team and is confident in his product. “The bullish economy combined with our expansion strategy has led to all-around growth,” Jalileyan said. Heading into the new year, he hopes to continue bringing Caviar & Caviar USA products to customers looking for great taste, quality and flavor they can count on again and again.

Whether you’ve been in business for decades 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.

Download the 2018 fall Small Business Owner Report

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