According to The Business Journals, 71% of small business owners are feeling worried about the upcoming election, 38% are feeling very concerned, and 33% are somewhat concerned. And how could they not be with so much recent talk of changing market dynamics, new regulations, and potentially different tax laws?
Some businesses are so worried, they’re saying the uncertainty of the November election is having a negative impact on their business, says Ruth Simon of The Wall Street Journal. Businesses have reported putting off hiring, making investments, and/or ordering equipment. The Journal goes on to say, “Overall, small-business confidence in June fell to its lowest level since November 2012.”
So we can see that nervousness around small business isn’t uncommon for an election year. We know small business owners are feeling uneasy, but is an election year actually bad for business?
We asked a couple of our small business experts what their thoughts on the matter is.
Bob Ellis, Founder of Bavarian Clockworks, thinks, at the end of the day, not too much will change either way.
“This election year in particular seems to be raising a lot of uncertainty for small business owners. There remain questions about taxes, minimum wage, employee healthcare, and the ability to obtain bank financing. However, these are topics that are always being debated by Democrats and Republicans. I think the dust will settle once the election is over. Regardless of which candidate is elected president, life moves on and businesses will continue to focus on selling their product or service,” says Ellis.
Shawn McBride of The R. Shawn McBride Law Firm shares a similar sentiment in that small business owners are concerned, but moving forward anyway: “The market is remaining strong despite a good deal of uncertainty. I have recently looked at a great deal of companies, and it seems their optimism about the current market and planning may be waning. But I have noticed that most companies are continuing to move forward despite their uncertainty of the future.”
Why an election year could be the right time for you to start a business:
It’s the perfect time to focus on a passion project.
Election years can feel pretty hostile. There’s a lot of arguing and overall negativity in the air. Even if you’re the type to separate yourself from heated discussion, there’s really no way to escape every impassioned opinion around you. Ask any entrepreneur and they’ll tell you when you own a business, especially in the beginning phases, you don’t really have the time nor the energy to think about much else. If you don’t like the hustle and bustle of election season, and you’ve always wanted to start a business, an election year could be the perfect time to dig into a an all-consuming project that’s all your own.
Start strong and stay strong.
If you start your business during a time when a lot of the nation’s entrepreneurs are feeling uneasy, I guarantee there’s not much else that will be able to shake you as a business owner. Just as our small business experts stated above, elections happen every four years. Small business owners become nervous every four years- this is just the natural flow of things. Don’t let this cyclical uneasiness stop you from starting a business you were going to start anyway. The rules and regulations that affect small business change every so often, at the end of the day, there are still small businesses trucking along.
If you’re looking to start your own business, or need help maintaining a business already in existence, give us a call at 877-692-6772 or visit us at www.MyCorporation.com.