A vast majority of small businesses believe their revenues will go up when President-elect Donald Trump starts his second administration in a month.
That’s according to a U.S. Chamber of Commerce report acquired by Fox News.
The Small Business Index report, done by MetLife and the U.S. Chamber of Commerce, was released Monday. It found that 72% of small businesses believe they will make more money next year.
That is above the 65% who anticipated a higher revenue last year.
“The growing optimism among small business owners since the beginning of the year is a positive sign as we move into 2025 and potentially points to increasing opportunities in the new year,” Bradd Chignoli, executive vice president and head of Regional Business & Workforce Engagement at MetLife, said in a press release.
“As more and more employers look to increase investment and staff size, it is important to take advantage of the resources available to them, such as voluntary benefits, which can help strengthen their company’s culture and help attract and retain new talent,” he added.
The Small Business Index is a partnership between MetLife and the U.S. Chamber of Commerce. The index shows the expectations of small business owners and leaders.
The survey was done between Oct. 7 – 21, a month before the election. It included responses from 750 small business owners and operators.
Seventy percent of business owners said holiday shopping is crucial to their overall profit.
This is a slight decrease to the which is slightly down from the 79% from 2022’s Q4 report.
Concerns about inflation top the list for small business owners. It has been the top worry for the last two years.
This year more business owners said both the U.S. economy and local economies are more healthy than they were this time last year.
Thirty-two percent of business owners said the U.S. economy is in better shape than in 2023. This is up from 25% last year.
Thirty-eight percent said their local economies are healthier than last year. This is up from 30%.
More than half of the respondents — 51% — said regulations, including licensing, certification, and permit requirements, makes it harder for businesses to grow. Nearly half — 47% — of said they spend too much time and energy on complying with regulatory requirements.
“Too many regulations cause big headaches for small businesses, even if they feel confident in their ability to comply or have the means to outsource compliance tasks,” said Tom Sullivan, vice president of small business policy at the U.S. Chamber of Commerce. “This quarter’s survey shows these requirements are complex, time-consuming, and often prevent small business owners from focusing on running and growing their businesses.”
