Confidence Rises for Millennial Small Business Owners - Other News

ADVERTISING DISCLOSURE

ADVERTISING DISCLOSURE:
Credit-Land.com is an independent, advertising-supported web site. Credit-Land.com receives compensation from most credit card issuers whose offers appear on our site. Compensation from our advertising partners impacts how and where their products appear on our site, including, for example, the order in which they may appear within review lists. Credit-Land.com has not reviewed all available credit card offers in the marketplace.

Credit Card Applications » News » Other » Confidence Rises for Millennial Small Business Owners

Confidence Rises for Millennial Small Business Owners

Confidence Rises for Millennial Small Business Owners
September
2
The content is accurate at the time of publication and is subject to change.

Small business owners between 18 and 33 are the most confident about the economy, according to a recent study. They expect revenues to go up in the coming months and they are ready to take on more employees.

Capital One’s Spark Business Barometer comes out quarterly and looks at the issues and trends affecting small businesses, as well as the perceptions of small business owners on the economic and financial climate.

Millennial’s pull away from the pack

Millennial owners are leading the way when it comes to optimism, with about two-thirds saying they expect to increase sales over the next six months and 39% indicating that they are better off this year than last. When it comes to hiring, millennial’s are outdoing their older counterparts too, with 45% saying they will be hiring more  in the near future compared with 30% of the overall respondents.

The younger set are also more confident about the direction the national economy is taking, with 79% giving it a thumbs up, while just 49% of all small business owners overall share their optimism. Three-quarters of millennials indicate that the overall conditions for business are good, or even excellent, while only 51% of all respondents felt the same way.

Millennial’s are also outpacing their counterparts when it comes to supporting minimum wage increases. They are more likely to see it as a way to improve their employees’ financial position, rather than being a burden to the company. When compared to other generations, they are less likely to take a hardline stance, like laying off employees or putting a hold on hiring, with minimum wage increases.

All generations are looking up

It’s all about sales, and according to 41% of respondents regardless of their generation, sales have gone up during the last six month. Just over a third of small business owners have seen no change. When compared the results of past studies, sales appear to be trending upward, with businesses reporting less stagnation and more revenue.

In 2009, 34% said their financial situation was worse than the year before. Since then confidence has grown steadily. This year 45% said they believe that their bottom line will improve over the next six months, with an additional 45% saying it will hold steady.

The survey asked whether or not respondents’ financial picture had improved from last year, and 39% indicated that they were doing better this year, up 5% from last quarter.

The Capital One’s Spark Business Barometer interviewed 400 small businesses in the U.S. earning less than 10 million dollars annually. The study was conducted over the telephone from June 24 to July 2, 2014.

Disclaimer: This editorial content is not provided or commissioned by the credit card issuer(s). Opinions expressed here are the author's alone, not those of the credit card issuer(s), and have not been reviewed, approved or otherwise endorsed by the credit card issuer(s). Reasonable efforts are made to present accurate information, however all information is presented without warranty. Consult a card's issuing bank for the terms & conditions.
All rates and fees, and other terms and conditions of the products mentioned in this article/post are actual as of the last update date but are subject to change. See the current products' Terms & Conditions on the issuing banks' websites.
Add to Favorites:

Related News:

Capital One Spark Looking to Grow Local Businesses
Capital One Spark Looking to Grow Local Businesses

Posted: May 19, 2017

Capital One Spark Business has rolled out the We Work As One initiative to help grow local businesses, with Capital One Cafes in cities in the U.S. taking the lead on this initiative. Continue reading
Small Businesses Show Gains
Small Businesses Show Gains

Posted: July 31, 2014

Small business hiring is up, doubling over the last six months, while wages and hours worked are down slightly, according to a new study. Continue reading
Let The Good Times Roll For Small Business Owners
Let The Good Times Roll For Small Business Owners

Posted: October 28, 2014

Small business owners are feeling bullish about the economy and the future of their businesses, with their optimism reaching pre-recession levels, according to a new study. Continue reading
Get the latest news, articles and expert advice delivered to your inbox. It's FREE.
Earn 5% cash back at different places each quarter like gas stations, grocery stores, restaurants, Amazon.com and more up to the quarterly maximum, each time you activate.
For Excellent, Good Credit
INTRO OFFER: Discover will match ALL the Miles you've earned at the end of your first year, automatically. For example, if you earn 30,000 Miles, you get 60,000 Miles. That's $600 towards travel!
For Excellent, Good Credit
Earn 2% cash back on purchases: 1% when you buy plus 1% as you pay
For Excellent, Good Credit
You've successfully subscribed!

Please specify the following:All these fields are optional

Your Credit History
Themes you are interested in:

By providing this information you help us make our news letters more useful and informative. Thank you!