Mid-Year Review: Small Business Owners Bullish on Future

As July comes to a close, we’re reminded of being halfway through 2021. With the ebb and flow of commerce and industry reopening, coupled with lots of job-related activity, it is safe to say that much looks different than it did before. We’re confronting new attitudes on how we feel about our jobs, and what we’re willing to do—that’s if we choose to return. Headlines across the country have collectively dubbed the alternate option as, “The Great Resignation.” And, on the heels of record numbers of people leaving their jobs, there’s this fresh statistic from Monster.com, a global employment platform:

A full 95% of respondents to their recent survey reveal they’re considering leaving or changing jobs—an unprecedented statistic.

So, with the back half of 2021 still ahead of us, you may be wondering what the mid-year economic prognostication looks like. We’ve got some statistics below that outline the bullish outlook expressed by current small business owners, which should be an encouraging development for any entrepreneur-minded candidate looking at franchise ownership. We invite you to browse the following findings, compiled in a trade industry article of note.

From the recent Franchising.com article, “Small Business Owners Feeling Good About The Future”, we present the following outlook from a study conducted by the U.S. Chamber of Commerce and MetLife:

  • A majority of small business owners are optimistic (65%) that the worst of the Covid-19 pandemic is over and are “hopeful” (44%) and “comfortable” (31%) about the future of their business
  • Small businesses view their own health as steady and see things improving in the future. Half (52 percent) of small businesses rate their overall business health as good, unchanged from Q1 2021
  • Over half (57 percent) of small businesses anticipate their revenue increasing this year, up 10 percentage points compared to last quarter, marking the most positive outlook of this metric during the pandemic
  • Amid national worker shortages, most small businesses anticipate retaining the same staffing level (52 percent now, 49 percent in Q1 2021) this quarter. Thirty-two percent plan to increase staffing (same as Q1 2021)

What’s driving this optimism and overall vote of confidence? Most small business owners are hopeful that additional widespread adoption of vaccination rates will climb, in turn leading to further easing of Covid-19 restrictions that have restricted the ability to operate at full capacity.

Perhaps you are among the majority of working aged adults who have also seriously pondered what the future holds for you. With an economy that’s bounced back into a solid recovery zone, coupled with an opportunistic market environment, there’s still time to do something bold in 2021. From the same article, we leave you with this positive quote from Tom Sullivan, vice president of small business policy at the U.S. Chamber of Commerce:

The easing of capacity restrictions due to increased vaccinations means more small businesses are welcoming more customers. Increased foot traffic equates to economic growth, and that is moving our country’s recovery forward.”

If you’re encouraged by this news, and wish to explore your entrepreneurial options, we can help you navigate a journey to career independence through franchise ownership. And it won’t cost you a thing. All you need to do is make a no-cost, no-obligation appointment with a qualified FranNet representative who both lives and works in your area. A personal Entrepreneurial Readiness Profile is patiently waiting for your input, and it could determine a future that includes the flexibility and freedom that comes with being your own boss.

Jul 26, 2021