Most Entrepreneurs Forecast Growth for 2023
More small business owners report success this year, with 65% saying their business is performing better than last year. And the future looks bright: 52% of entrepreneurs anticipate seeing a rise in new businesses in their community over the next year, with 33% expecting the number of businesses to stay the same. A pessimistic 15% say they anticipate the number of businesses to fall.
Small Biz Owners Bet on Millennials and Women for Future Growth
Entrepreneurs see a bright future for a diverse group of business owners. When asked about growing business trends in their communities, they revealed that millennial-owned businesses are growing most rapidly (45%). Women-owned businesses are also on the rise (39%), followed by Gen Z-owned businesses (33%) and Black-owned businesses (29%). Minority-owned businesses are trending up (24%), and Gen X-owned businesses are performing well (18%) too. It seems like a win-win situation for all making this an exciting time for small business owners from all backgrounds.
Small Biz Owners Look to Hire Despite Economic Challenges
According to our report, 59% of small businesses plan to increase their number of full-time employees — fantastic news for job seekers and the economy. Additionally, 28% of businesses plan to maintain their current staff levels, while only 12% plan to decrease their workforce.
Let’s Talk About How Small Businesses Handle Money
We added a bonus question to our poll to understand who handles the books for small businesses. An unexpected 46% say they do their accounting on top of running their biz, while 40% say they have an in-house team member who tackles the numbers and those tricky spreadsheets. Around 14% outsource their accounting needs.
The Incfile survey on small business outlook polled 2,000 entrepreneurs who have started their businesses in the past two years. These businesses span 13 industries across the U.S. Other demographic details include the following:
Of those polled, 49% identified as female, and 51% identified as male.
35% were in the 35-44 age range, and 27% were 25-34.
37% have completed a higher education degree.
51% of respondents are married and a majority have children.
Respondents represent six races and cultural groups.