The Bi-Annual Trends Report from Small Business Expo was just released, and more than half or 51% of respondent in the survey say there is too much government regulation.
The report looks to gauge small businesses sentiment to gain insight into the challenges and trends currently affecting this segment. This is the first of the bi-annual reports, and the data represents what has taken place in the first half of 2018.
The impact of regulations is disproportionately higher for small business owners. According to the US Chamber of Commerce Foundation, the cost of regulations to small businesses with 50 employees or less is almost 20% higher than the average for all firms.
While the Trump administration has gotten rid of many regulations, small businesses owners still feel the impact of some of those remaining on the books.
It is important to note just as the Small Business Expo survey points out, businesses owners agree with many regulations. Forty-two percent of the owners say there are just enough regulations along with another seven percent who say there isn’t enough. The problem is the consequences of the regulations are more severe for small firms.
Zachary Lezberg, owner of the Small Business Expo said in the press release, there are considerable challenges and benefits in running a small business. Lezberg added, “Starting your own business has long been the American dream. However, there is a reality about owning your own business that is not always discussed. The goal of our Bi-Annual Trends Report is to help shed light on the more challenging aspects of owning a business while also highlighting the benefits.”
The data for the survey comes from 400 U.S.-based small business owners across industries in retail, manufacturing, education, non-profit and government agencies.
Small Business Expo has the largest small business networking and educational events with more than 100,000 small business professionals and entrepreneurs participating every year.
Key Findings in the August 2018 Small Business Expo Bi-Annual Trends Report
When it comes to the current administration and its support for small businesses, only 30% of the respondents agreed. Almost half said they disagree or strongly disagree, with a little over 20% staying neutral on the issue.
At the same time, more businesses owners are confident about their business, with over 60% agreeing or strongly agreeing with this sentiment.
This is being driven by the current state of the US economy as indicated by 42.5% of respondents who said it is a factor in the success of their business. And an almost equal number or 41.4% said they feel optimistic about the future of the US economy in the next 12 months.
As to what they consider to be the factors in the success of their business, the majority said the resources available to them. This was followed by cash flow, the state of the economy and location.
You can look at the rest of the data in the survey here (PDF).
Image: Small Business Expo