El Heraldo News - News

El Heraldo News - News

El Heraldo News - News

Optimism about the local economy among the top 10 top cities surveyed

DALLAS / FORT WORTH - A strong majority (88%) Dallas / Fort Worth small businesses report receiving emotional, operational, and / or financial support from their families, according to Bank of America's Small Business Owners Report of Fall 2016. The majority (57%) of local entrepreneurs also report that their relatives and / or friends have loaned or given money at some point for their business. However, 37% of Dallas / Fort Worth small business owners regret having asked their family and / or friends to invest in their businesses - 20 percentage points higher than the rest of the country and the highest level among The report, a biannual study that explores the concerns, aspirations, and prospects of Dallas / Fort Worth small business owners and the rest of the country, also indicates that the a majority (59%) of Dallas / Fort Worth entrepreneurs feel their local community plays an important role in the success of their small business - and 74% report that residents in their community actively support small businesses. Three quarters of Dallas / Fort Worth small business owners say they repay that strong support by contributing to local charitable and non-profit organizations.

Income Forecasting, Growth, Hiring, and Economic Concerns

Income expectations and Dallas / Fort Worth small business owner growth and hiring plans have followed steadily between spring and autumn, although they are significantly higher than the rest of the country. 64% predict a revenue increase in 2017 (vs. 52% nationally); 61% plan to grow their business over the next five years (vs. 55% nationally); and 40% plan to hire new employees in the next year (vs 25% nationally).

When it comes to Dallas / Fort Worth's top economic concerns, 73% say they care that the cost of medical insurance will impact your business during the next year. In addition, Dallas / Fort Worth small business owners are more worried than the rest of the country about these economic factors:

Raw materials prices - 57% vs. 47% nationally Consumer spending - 57% vs. 51% nationally Credit availability - 46% vs. 35% nationally

Dallas / Fort Worth small business owner financing sources

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When asked about what financial resources they used to launch their businesses, most small business owners in Dallas / Fort Worth (74%) said they used personal savings. Additional sources of financing were personal credit cards (38%), family / friends (31%), and banks (27%).

While you are not shy to ask your family or friends for financial help to launch your business, only 15% of Dallas / Fort Worth small business owners are still counting on their friendships for financing once their business is established . Banks (44%) and personal credit cards (34%) are the two major sources of financing that Dallas / Fort Worth entrepreneurs use once their businesses are launched.

Skeptics about holidays, but still hope to achieve year-end goals

With the holiday season approaching, 67% Dallas / Fort Worth say Black Friday is not important to their business, and 68% say the same thing about Cyber ​​Monday. Although they do not depend heavily on sales from those popular shopping days to boost their bottom line, most Dallas / Fort Worth small business owners are confident they will reach their year-end revenue targets (77%), and a third (34%) expect the holiday season to generate more revenue for its businesses this season compared to 2015.

Most Dallas / Fort Worth small business owners say they plan offer your employees vacation benefits. The three main benefits they plan to offer are:

  • Holiday Closing - 38%
  • Give Gifts to Your Employees - 31%
  • More than half (56%) of Dallas / Fort Worth entrepreneurs say that offering holiday benefits to their employees will not affect them, while 20% say they will have to work more hours and 14% will have to sacrifice at least a part of their own salary in order to pay for the Christmas benefits of employees.

    21% of Dallas / Fort Worth small business owners have implemented the Europay, MasterCard, and Visa (EMV) chip card technology in their business, compared to 18% nationwide. For the 32% of Dallas / Fort Worth entrepreneurs who have not implemented EMV technology, the main reason is that they do not see the importance or value of their implementation. However, for those few who have implemented EMV technology, most (65%) say they feel safer, compared to only 37% across the country who say the same thing.

    To learn more about the key facts about small businesses and their owners, please read the Bank of America Small Business Owners' Report for Fall 2016 and for additional information attached to the National Report Card.