Trump Gives Small Businesses a Confidence Boost
While there are many groups out there that are not in support of Donald Trump’s election, there are some that are, and they include small business owners. Small business owners are not only happy about the improved economy in recent months, they are optimistic about Trump’s promises to lower taxes, ease up on regulations, and change the healthcare system.
In a recent Wells Fargo survey, 46% of the sample said their business operations would approve next year. This 46% is compared to the 30% of people who responded to the same question two years ago. The remaining percentages left 26% saying the government’s changes would have no effect, and 17% said they would be worse off.
Nick Braun, who owns a pet insurance company in Columbus, Ohio is optimistic. Braun says that with the expected lower taxes and simpler healthcare plans, that people will be will to spend money on non-essentials, such as pet insurance. He also is hoping for an easier way to purchase health insurance for his six employees. Braun has had to change his carriers many times because many healthcare agencies do not want to write up polices for small business owners.
Kurt Steckel, SEO of Bison Analytics said that his sales to small business owners has doubled since the election. Steckel is also looking forward to a decrease in healthcare costs. He had to stop covering health insurance for his employees when costs got too high.
Another reason why small businesses are excited for 2017 is a hope to keep the minimum wage where it’s at. Some states have been in talks of raising the minimum wage to $15 an hour, while the federal minimum is still $7.25. Many small businesses cannot afford to pay their employees the higher salary, forcing them to shut down their businesses or downsize.
Changes to see in 2017
The New Year shows a promising future for small business owners who have expressed a need to recover from a dip in sales. Many business owners are also hoping that federal agencies will start extending more government contracts to small businesses post-election. Small business owners are eager to start the New Year off strong with a word of possibilities. These small business owners are also excited about Trump’s pick to lead the U.S. Small Business Administration, Linda McMahon, who is an executive for WWE. Starting from the bottom herself, she and her husband have grown the wresting business to where it is now. McMahon’s voice is going to give small business owners a sense of purpose. Something they felt they were lacking in previous years.
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