Millennials & Minorities Optimistic About Small Biz Growth in 2017
Yelp's second annual Small Business Pulse Survey reveals that 90 percent of American small businesses active on Yelp expect their revenues to grow this year and estimate an increase of 31 percent in the year ahead.
The research indicated that millennial respondents and minority-owned businesses are most optimistic about 2017. Yelp indicated that millennial respondents project 69 percent more revenue growth than their older counterparts for 2017 and minority-owned businesses project 49 percent more revenue growth than caucasian-owned businesses for 2017.
Additional highlights of the study include:
+ The majority (68 percent) of Yelp-listed small businesses feel their business performance met or exceeded expectations in 2016
+ Caucasian business owners were 28 percent more likely to say the political climate had a negative impact on their business than minority business owners.
+ The majority of businesses (57 percent) said attracting and retaining customers is going to be their biggest challenge in 2017, followed by managing a limited marketing budget (35 percent), competition from larger businesses (31 percent), and attracting and retaining employees (25 percent).