California: Concerns over Trump presidency a drag on small business optimism?

Highlights:

  • California ranks #35 for small business optimism and #28 for hiring intent
  • Study shows correlations between optimism and intent to hire and expand
  • Election of new president is top concern for pessimistic California SMBs

Only 24% of California small business owners voted for Donald Trump during the 2016 presidential election compared to 41% of local merchants nationally. That disparity matters because California ranks #35 nationally in small business optimism, and the top reason for concern among those who are pessimistic about business in 2017 is the election of a new U.S. president.

These are a few key findings from a national small business sentiment survey we recently conducted to see what’s driving optimism or pessimism on Main Street, and what it means for the economy and politics. In California, where Hillary Clinton doubled Trump’s vote total in the popular election, anxiety and uncertainty about a new administration is likely impacting confidence among many local businesses.

Beyond political musings, these findings are important because our study found correlations between small business optimism and intentions to hire, give raises, provide employee benefits, and expand. In fact, small businesses that are optimistic about prospects are 3.5x more likely to hire and give raises this year, and pessimists are 6.5x more likely to cut staff and employee pay.

Accordingly, California ranks #28 nationally in hiring intent, with 22% of the state’s small businesses planning to add staff this year. The full state report (published below) also outlines top worries for California businesses, opinions on Obamacare repeal and tax reform, optimism and hiring intent in top cities, and much more.

Blog

The PPP is out of money (again): what can I do? 2021

In this 2-minute read: The SBA announced that the Paycheck Protection Program ran out of money for most borrowers on […]

Read More

9 ways to maximize PPP loan forgiveness (important 2021 tips)

In this 7-minute read: Ways to maximize and help you get your PPP loan forgiveness Over 10 million businesses, independent […]

Read More

Do PPP loans affect business taxes and deductions?

In this 6-minute read: Is the PPP loan taxable? What are the tax implications of a forgiven PPP loan? Will […]

Read More

Restaurant Revitalization Fund (RRF) basics, and can PPP borrowers apply?

In this 10-minute read: Restaurant Revitalization Fund (RRF) introduction Who is eligible for RRF grants? How and when to apply […]

Read More

PPP tips for auto services businesses, dealers, detailers (2021 rules)

In this 7-minute read: Can service providers in the auto-related industries get the PPP loan? 2021 PPP updates that increase […]

Read More

PPP lender document checklist: Everything you need to get approved (Updates for 2021)

Once you apply for a PPP loan, you need to collect some documents. Here’s exactly what your lender will need to get you approved ASAP.

Read More

See why Womply is the #1 marketing and CRM solution used by 500,000+ businesses.

Please start typing, and then choose your business from the dropdown.

By submitting this form you agree to Womply’s Terms of Service and Privacy Policy.