2 Out of 3 Businesses Fear They’ll Close Because of Economy

2 Out of 3 Businesses Fear They'll Close Because of Economy

(RepublicanReport.org) – The past few years have been quite tumultuous for small businesses between facing mandatory restrictions and closures to trying to make ends meet during record inflation. These same small companies are the backbone of the US economy as they keep towns lively and ensure US dollars stay within our borders. A recent survey shows that the majority of small business owners are nervous they will have to shut their doors due to the nation’s poor economic conditions.

New Survey Reveals Small Business Owner Concerns

Between May 5 – 30, the Job Creators Network conducted a Small Business Monthly Poll with 400 different small business employers. The survey has a margin of error of 4.9% with 95% confidence. The respondents included construction and retail companies and technical businesses, among others. Nearly two-thirds of those surveyed were not brick-and-mortar stores, but 54% of respondents noted that online business makes up less than half of their business model.

The results also showed that 64% of small business owners are “concerned that economic conditions could force [them] to close [their] business,” up from 59% in April and 63% in March. The main concerns for those surveyed include higher prices and inflation, economic and client pending, as well as general operating costs. The next biggest issues concerning those polled were taxes, supply chain disruptions, and finding workers. Businesses are also facing higher interest rates when it comes to taking out loans and accessing credit, making it more difficult to expand and operate a company. The survey showed that 66% of those companies surveyed are somewhat or very concerned about this issue.

Business Owners Open Up About Various Topics

The data shows that 57% of business owners surveyed think that the instability in the banking sector, including bank closures, could impact their business. In addition, only 18% of business owners believe that taxpayers should be responsible for paying off $400 billion in student loan debt that Biden is attempting to pass. In a similar vein, most small business owners want the consumer’s demand, rather than overreaching government regulations, to drive the production of electric vehicles.

This survey summarizes how small business owners are concerned for their company’s well-being in light of the struggling economy. Could these opinions be a key factor driving their vote in the coming months, and if so, will it steer people away from voting for President Joe Biden and his agenda that has not, as of yet, been able to turn the economy around?

Copyright 2023, RepublicanReport.org