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

Nearly four out of five (78%) small and mid-sized business owners anticipate revenue growth in the next 12 months. This sentiment 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), which surveyed more than 2,000 small and mid-size business owners across the country about business outlook, access to capital, how they manage their employees, and how they interact with their community. The 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. Business owners across all surveyed cohorts are cautiously optimistic that economies will improve over the next 12 months. Nationwide, 66% believe their local economy will improve, 60% believe the national economy will improve, and 57% believe the global economy will improve. However, data suggests that smaller employers are less optimistic. Some 78% of mid-sized business owners plan to expand and 61% plan to hire over the next year, while just 50%...