Small Business Forecast | First Citizens Bank
First Citizens Small Business Forecast
The latest on the small business market.
At First Citizens, we value the small businesses in our communities. That’s why we conducted our second 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.
Why do people start a small business?
91% started their own business
for more flexibility.
90% wanted to control their
work-life balance.
87% wanted the opportunity to
realize their dream.
What was the main motivation for millennial business owners?
94% wanted to control their
work-life balance.
92% wanted the opportunity to
realize their dream.
What are some useful tips for starting
a small business?
Well, here are some things our respondents wish they had approached differently:
31% would’ve attended more networking events
28% would’ve focused more on new markets or customer segments
26% would’ve invested in social media advertising
How likely is success?
There's no way to know for sure, but 69% of our respondents considered
their business "successful" or "very successful" this year.
What about the economy?
71% of respondents are optimistic about the economic
conditions over the next 2-3 years.
How optimistic?

76% are planning to grow their business in the next 6-12 months.

In fact, more than half of them (54%) are planning to add new products & services, and 43% are planning on adding more to their marketing and advertising budget.

Is it all really "worth it?"
According to our respondents:
64% felt a big sense of accomplishment for what they've achieved
53% said while it's a lot of work, it's also a lot of fun
48% developed skills they didn’t even know they had
46% said they'd never want to go back to working for someone else
What's the best way to keep up with
small business trends?