First Citizens Small Business Forecast
The latest on the small business market.
At First Citizens, we value the small businesses in our communities and that's why we conducted our third annual Small Business Forecast—to learn about the small business landscape in each of our markets. We hope you find our learnings as interesting and valuable as we do.
Can motivations become a reality for small business owners?
78%
78% of respondents stated that all or most of their motivations for starting a business have become a reality.
81%
81% wanted the opportunity to realize their dream.
Do millennial entrepreneurs feel like there's room to grow?
Overwhelmingly yes.
82% of millennials expect to grow their business in the next 6-12 months.
82%
What's having the biggest impact on the future of small businesses?
58%
58% of skilled trade business owners plan to hire more employees.
42%
42% of those same skilled trade small business owners plan to grow by adding new products and services.
How valuable is social media to your business, really?


0%
49% of respondents now view social media as a top resource to learn about small business.
Where does the economy come into play?
68%
68% of respondents are optimistic or very optimistic about economic conditions in the next 2-3 years.
What does that mean for business?

In general, those surveyed agree that the state where their business is located is a great place to start a business.

In fact, Florida's respondents are the most confident followed closely by North Carolina, South Carolina, and California.

What kind of unexpected perks are your peers finding?


0%
50% said they feel a big sense of accomplishment for what they've achieved.
0%
47% said while it's a lot of work, it's also a lot of fun.
0%
39% developed skills they didn't even know they had.
0%
42% said they'd never want to go back to working for someone else.
Website Performance vs. Social Media Performance, how do they stack up?