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Business formation may rise as current owners' confidence grows

Not since 2008 have small business owners been as optimistic about the future. Data from the latest Wells Fargo/Gallup Small Business Index indicates that those who own small companies share the confidence of others that the economy is on the mend. Georgia entrepreneurs interested in business formation may be encouraged by their optimism and confidence.

The Index shows that confidence in current conditions is not as high as the prospect of future growth, but the numbers are still better than they have been in recent years. Many small businesses expect to add employees to their companies over the next 12 months. The Small Business and Entrepreneurship Council indicates that businesses with 20 or fewer workers actually employ nearly 90 percent of working individuals across the country.

Therefore, the expectation of adding more workers to the ranks of small companies is good news for the economy and the job market. Small businesses have also seen their revenues steadily increase. Of course, some companies still struggle, but overall, the numbers are promising.

Some Georgia entrepreneurs have been waiting for an indication from the small business community that the time is right for business formation. The latest numbers from the Index could provide the impetus needed to embark on that new adventure. Even though conditions are improving and there is hope for the future, that does not erase the need for careful consideration of the legal aspects of starting a business. Longevity and success often require a good deal of planning. Taking risks is part of being an entrepreneur, but making sure those risks are calculated could provide a new venture the tools it needs to thrive.

Source: gallup.com, "U.S. Small Business Optimism Highest Since Early 2008", Coleen Mcmurray and Frank Newport, Dec. 4, 2014

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