BofA Study: Nearly 80% of U.S. Business Owners Anticipate Revenue Growth in the Coming Year

Majority of women and minority business owners surveyed plan to expand their businesses over the next 12 months CHARLOTTE, N.C., Oct. 9, 2024 /PRNewswire/ — Nearly four out of five (78%) small and mid-sized business owners anticipate revenue growth in the next 12 months. This level of confidence spans most business owners, with 76% of women, 82% of Hispanic-Latino, 84% of Black/African American and 83% of Asian American and Pacific Islander (AAPI) entrepreneurs anticipating revenue growth in the year ahead. This is according to the 2024 Bank of America Women & Minority Business Owner Spotlight (PDF), published in partnership with Bank of America Institute. The survey of more than 2,000 small and mid-size business owners across the country explores sentiments about business outlook, access to capital, how they manage their employees, and how they interact with their community. This annual survey samples a general population of small and mid-sized business owners and includes specific insights into the perspectives of women, Hispanic-Latino, Black/African American and AAPI business owners. “These businesses are the heart of the U.S. economy and business owners are expecting to increase their revenue in the coming year, despite continued concerns around inflation,” said Raul Anaya, president and co-head...