SOURCE: Business Owner's Toolkit

June 10, 2008 02:00 ET

Small Business Owners Are Stirred, Not Shaken, by Economic Conditions

Survey of Business Owners Reveals Personal Optimism Despite Collective Concerns

RIVERWOODS, IL--(Marketwire - June 10, 2008) - While small business owners remain wary of economic conditions, most remain optimistic about their current outlook, according to a recent survey from Business Owner's Toolkit™ (www.toolkit.com).

An overwhelming majority of small business owners, 83 percent, said they are considering expansions of their business over the next 12 months. Half of those considering expansion are optimistic, indicating that business growth is very likely. The other half considering expansion remain cautiously optimistic, indicating that growth is somewhat likely over the next 12 months.

The optimism expressed by small business owners is not unfounded, according to the survey of more than 1,300 business owners who are located across the United States and represent a number of industries. Roughly 85 percent of surveyed small businesses have not experienced decreases in the demand for their products or services. Some 43 percent indicate that demand for their products is up, and the other 42 percent indicate that demand for their products has remained unchanged as a result of recent economic conditions. Most small business owners, 70 percent, said they anticipate the demand for their products to increase over the next six months. Only five percent expect demand for their products to decrease during the same time period.

This is not to say they don't have concerns. According to the survey, top concerns among small business owners are economic conditions (62%), energy and fuel costs (42%), cost of materials (26%), taxes (23%), and access to credit (21%).

"Small business owners have heard messages of gloom and doom, but the majority aren't experiencing it," said Troy Janisch, Publisher of Business Owner's Toolkit. "Based on their own experience, they expect demand for their products to increase and are trying to anticipate the effects of increasing fuel, energy and material costs on their businesses. They remain optimistic despite what they've heard in the media."

Given concerns about the economy and rising costs, the survey shows that business owners are seeking ways to improve their efficiency. They want information on how to effectively market their product (64%), manage business finances (59%), market their business using the Internet (55%), improve business planning (51%), and build their personal wealth (51%).

Business Owner's Toolkit conducts a quarterly survey of its 60,000+ members. More than half of the Business Owner's Toolkit members are business owners who have been in business three years or less. Two-thirds of its members (67%) have three or fewer employees.

About Business Owner's Toolkit

Business Owner's Toolkit (www.toolkit.com) provides "Total Know-How for Small Business." The Business Owner's Toolkit website helps business owners start, run and grow a successful small business by providing more than 5,000 pages of free step-by-step advice, instruction, and ready-to-use business templates. The site also offers free business webinars, business news and one-to-one advice to business owners by email. Business Owner's Toolkit also provides free entrepreneurial advice via a nationally syndicated radio show.

Business Owner's Toolkit is a part of Wolters Kluwer, a leading multinational publisher and information services company.

Contact Information

  • Contact:
    Troy Janisch
    Publisher
    Business Owner's Toolkit
    608-576-7533
    Email Contact