Black small-business owners feel more optimistic about this year than their peers, Goldman Sachs’ latest 10,000 Small Businesses Voices survey shows. Here are some highlights, quoting from Axios:
81% of Black small-business owners are optimistic about the financial trajectory of their business in 2023, compared to 68% of the overall surveyed population, according to results shared first with Axios.
- 78% of Black business owners expect their business to increase profits, compared to 60% overall.
- 67% expect their business to create new jobs, compared to 51% overall.
- 67% are currently hiring full-time or part-time employees, compared to 59% overall.
Yes, but: 45% of Black small-business owners say they’ve dipped into their personal savings over the past three months to keep their business afloat — compared to 33% of the overall small business population surveyed.
- Those numbers are up from January 2022 to 38% and 23%, respectively.
- 37% of Black small-business owners also say they’ve found it difficult to access new capital and financing versus 23% overall.
- In January of 2022, 32% of Black business owners were not confident in their ability to access capital, compared with 19% not confident overall.
Why do we care?
Well, first off, there’s also the overall SMB optimism to report on. The challenges of SMB owners are all different. There are many factors to consider, and the owner’s background matters. Not all are equal.
This is why I spend time on diversity – to understand and better serve. It’s why I recommend doing so to listeners.