Small businesses make up 43.5% of America’s GDP, according to the U.S. Chamber of Commerce, and almost half of the country’s workforce is employed by small businesses (46%). As an organization that turns “small business dreamers into small business owners” through our programs and coaching, we recognize how greatly the country’s economy benefits from entrepreneurial growth.

In the most recent results of our HOPE Insider, we surveyed over 3,500 Operation HOPE clients from around the country. Asked what they were most optimistic about over the coming year, our Small Business Owners reflected they had to seek additional means of financial stability to offset the impacts of inflation, primarily through side gigs and second jobs.

“I'm hopeful that my business will improve over the next few months. I'm looking to pick up a remote position and still be here at the store to cover day-to-day operations. Our mortgage payment has increased due to homeowner’s insurance increasing and our debt has increased as well. My husband is also self-employed, and his business has picked up, so now we’re waiting for him to be able to pay himself to assist with our obligations at home.” 

– HOPE Insider Respondent

Front and center for most owners is finding the capacity to scale. 80% of all small businesses have zero employees, a figure that worsens for Black-owned businesses, with 96% of them having no employees. From our research panel, only 5% of total respondents said they have grown their small business in the last year, whereas 13% said they lost money in it, and 20% said they considered starting one but decided not to “for reasons including a lack of capital….”

This illustrates the continued need for expanded programs that support entrepreneurs with resources not only for start-up capital but to continue growing.

“I'm a first-time business owner and hoping to have the access I need to capital so that I can make sure my children will have a fair chance in the unsteady economy.”

– HOPE Insider Respondent