Millennials, Minorities Most Optimistic About 2017 Small Business Growth

Yelp, Inc. released its second annual small business pulse survey, finding that nearly 90 percent of American small businesses active on the online review platform expect their revenues to grow in 2016, estimating an increase of 31 percent growth in the year ahead, up from last year’s survey.

Findings show millennial respondents and minority-owned businesses are most optimistic about 2017. On average, millennial respondents project 69 percent more revenue growth than their older counterparts, and minority-owned businesses project 49 percent more revenue growth than white-owned businesses.

Reflecting on 2016

The majority (68 percent) of Yelp-listed small businesses feel their business’ performance met or exceeded expectations in 2016. As a long and divisive presidential election came to a head last year, respondents were asked how the political climate impacted their business. White business owners were 28 percent more likely to say it had a negative impact than minority business owners. Also, more millennial respondents said the 2016 political climate had a positive effect on their business compared to other age groups.

Political implications

There are many political topics already being debated by congress that could impact small businesses, such as healthcare reform, minimum wage increases and tax restructuring. When asked what the top focuses should be for President Trump, in order to support small businesses, Yelp-listed small businesses said reducing regulatory burden for small businesses (44 percent), followed by reducing the complexity of the tax code (31 percent) and ensuring small businesses have access to capital (28 percent).

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Written by the editors, staff and interns of San Francisco Wired.

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