January 2005

This business survey was conducted in January 2005 to reflect business-owners perspective on the most recent business quarter as well as on the near future. The results from this survey indicate a very positive outlook from small business owners and we are happy to share the results with you below.

Results Summary
Actual Results

Results Summary

• The mix of business industries represented by the respondents is weighted with the largest industry representing being service (47%) followed by manufacturing (17%), and media/entertainment, software and retail equal in representation (12%).
• Fifty-six percent (56%) of those responding have been in business for over 10 years; 33% have been in business from 1 to 5 years; and 11% have been in business from 6 to 10 years.
• Most (44%) of the respondents employ fewer than 10 employees today.  Twenty-two percent (22%) employ over 50 people. 
• Most (89%) of those responding indicated an expectation to hire new employees in the next 12 months. Minority business owners have not changed expectations to hire new employees since we surveyed them in the fourth business quarter of 2004.
• The largest percentage (44%) of respondents own a business less than $1 million in size; 33% own a business $1 million to $5 million in size; and 22% own a business over $5 million in size.
• Regarding the economic outlook 12 months out, most (83%) of respondents indicated an improved economy while 6% indicated an economy with no change.  This is somewhat improved over 2004 fourth business quarter survey results which showed only 76% optimistic about the economic outlook in 2005.
• All respondents are doing the same or better this business quarter.  This is improved over 2004 third business quarter survey results, where 90% of respondents indicated doing the same or better.

Results

The mix of business industries represented by the respondents include:
Media and Entertainment - 11.8%
Software - 1.8%
Retail - 11.8%
Manufacturing - 17.6%
Service - 47.1%

Years in Business:
1 to 5 years - 33.3%
6 to 10 years - 16.7%
over 10 years - 55.6%

Number of employees today:
Fewer than 10 -44.4%
11 to 25 - 16.7%
26 to 50 - 16.7%
more than 50 - 22.2%

Expecting to hire new employees in next 12 months:
Yes - 88.7%
No - 11.1%

Business Size:
Less than $1 million - 44.4%
$1 million to $5 million - 33.3%
over $5 million - 22.2%

What is your outlook for the economy for the next 12 months?
Same - 5.6%
Better - 83.3%
Worse - 11.1%

How would you say you are doing this quarter?
Same - 33.3%
Better - 66.7%
Worse - 0%

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