A recent survey conducted in Florida, North Carolina, South Carolina, and California revealed that small businesses feel optimistic about their economic status. Most of them see success in their future, despite the setbacks brought about recent global and local events.
Among the nation, 78 percent of Floridians led the pack of optimists believing that the economy will continue to improve in the next two to three years. Experts in the field are even acknowledging the efforts of Orlando, which houses a lot of districts that promote small businesses. For instance, The National Main Street Center bestowed the Great American Street Award in the Orlando main street area of Audubon Park.
During the second annual Small Business Forecast done by the First Citizens Bank, they said most business owners consider the coming year as the most successful one yet. The survey discovered that 71 percent of participants feel positive about the future economic standing in the next three years, which had a seven percent increase compared to a year before.
South Carolinians were the most optimistic about the economy with an 18 percent surge from a year before. Furthermore, around 36 percent of small business owners from the baby boomer generation admitted they believe the presidential election will have some impact on their business in the two years to come.
Current Economic Standing
According to the Small Business Profile shared by the Small Business Administration, the actual gross state product of Florida and the U.S. surged by 2.2 percent. This impacted the unemployment rate in Florida that dropped from 6.7 percent in October 2013 to 6 percent in October 2014. They even added that 98.9 percent of employers in Florida are small business firms.
In 2015, 69 percent of small business owners said they had a successful business throughout the year, while 20 percent thought they had a very successful year. That same year, Californians and North Carolinians had the biggest percentage of business owners who had a very successful or successful year.
When it came to small business trends, social media leads as the most accessible resource for disseminating information, with 60 percent of respondents attesting to it. It now has the same popularity as word-of-mouth with the same percentage. Since 2015, the respondents who utilize social media to get updates about the trends grew significantly across every demographic segment.
Every entrepreneur has their own motivation on why they started the business. Around 87 percent said they wanted to accomplish their dreams, which is a 13 percent growth from a year before. This coming year, three quarters of small business owners intend to develop their business.