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 fourth 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.
How are Small Business owners feeling about their business, now and moving forward?
How are Small Business owners feeling about their business, now and moving forward?
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76%
76% of respondents consider their business performance in 2017 successful.
60%
Only 60% report being optimistic about economic conditions over the next 2-3 years.
How will new tax laws affect your business?
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55% of respondents believe their business will benefit from the recent tax reform.
55%
Are you planning for growth in 2018?
Are you planning for growth in 2018?
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58%
62% of respondents plan to grow their business in the next 6-12 months.
42%
This jumps to 72% for millennial-owned businesses.
Are Small Businesses looking for funding?
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0%
28% of respondents plan to secure additional funding to expand their business in the next 6-12 months (41% for millennials).
How are local economies impacting business confidence?
How are local economies impacting business confidence?
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63%
Overall, 63% of respondents are confident about the state of their local economies.
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.

How do your peers prefer to learn about Small Business trends?
How do your peers prefer to learn about Small Business trends?
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0%
54% utilize social media.
0%
48% rely on word of mouth.
0%
35% use traditional media.
0%
33% attend conferences.
How do Small Business owners plan to attract new customers in 2018?
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