Miami area small business owners are bullish about their business growth and the economy, according to the fall 2015 Bank of America Small Business Owner Report, a semi-annual study of small businesses across the nation released on Tuesday.
According to the survey of 300 business owners in the Miami area, Sixty-three percent of local small business owners plan to hire in the coming year. That is nearly double what it was two years ago. More than three-quarters (76 percent) are confident their revenue will increase in the coming year, the highest of the nine markets surveyed. Also, 80 percent of Miami entrepreneurs plan to grow their business over the next five years.
One-third (33 percent) of Miami small business owners surveyed said they will apply for a loan in 2016, a 10 percent increase from one year ago. They plan to use that funding to invest in new equipment (38 percent), expand operations (37 percent) and hire more employees (36 percent).
“The entire community benefits from the optimism of Miami small business owners as they continue to hire and grow their businesses,” said Odalis Martinez, Miami small business banker manager at Bank of America.
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A few other findings:
▪ 62 percent of Miami small business owners believe the economy will improve in the next year, an increase of nearly 30 percent from two years ago.
▪ When asked about their top business concerns, Miami-area small business owners most often listed the upcoming presidential election, the possibility of future interest rate hikes; financial crises in countries abroad; and the possibility of a rising minimum wage.
▪ Nearly half (49 percent) give their employees the option to telecommute, compared to 35 percent five years ago. Small business owners are beginning to offer nontraditional perks, including areas to relax and unwind, such as nap pods or game rooms, office happy hours or the ability to bring your pets to work.
▪ More than eight in 10 Miami small business owners expect to hit their year-end revenue goal.