Top of mind: inflation, taxes, wages and cost of living, reveals GoDaddy survey
Originally published on GoDaddy
TEMPE, AZ / ACCESSWIRE / October 21, 2024 / With the number of small businesses on the rise, entrepreneurs represent an important voting block as November 5 approaches. According to the U.S. Department of the Treasury1, the U.S. registered more than 430,000 small business applications monthly in 2024 - 50% more than in 2019 - so addressing small business owners' concerns could help candidates differentiate themselves with Election Day less than one month away.
To help advocate for these entrepreneurs, GoDaddy (NYSE: GDDY) surveyed more than 2,000 small business owners about their top concerns as they head for the polls. The results showed that policies intended to lower inflation, ease tax burdens and the cost of living are top of mind for small business owners this election season.
What matters most to small business voters
Inflation: 93% of survey respondents believe addressing wage and cost inflation should be a top priority for the next administration. Nearly 70% believe that above-average inflation will last for at least another year, and 1 in 3 (34%) cite increases in operating costs as the most significant economic challenge they currently face. Two in three (66%) indicated a desire for greater federal support to small businesses to mitigate rising costs.
Tax Policy: 50% rank tax reform as a top policy priority. Just 24% believe current federal tax incentives for small businesses effectively promote growth and investment.
Cost of Living: The cost of housing increasing faster than people's incomes creates a barrier to achieving "The American Dream," said nearly 1 out of every 3 (32%) respondents. More women (36%) than men (27%) feel this is true.
Owning a small business impacts the way owners vote
For many respondents, being a small business owner impacts how they vote, according to GoDaddy's survey results. Nearly 1 in 5 (18%) of respondents report changing how they vote in federal elections since becoming a business owner.
More broadly, small business owners are evenly split on how the upcoming election will impact their businesses.
Scale of Impact: 51% anticipate the election will have a moderate to major impact, and 49% predict that it will have a minor or no impact.
Positive or Negative Impact: 38% believe that federal government leadership will have a positive impact on their business over the next four years, and only 16% anticipate a negative impact, with nearly half (46%) anticipating a neutral impact.
Grit and resilience despite uncertainty
Despite facing economic uncertainty, small business owners are bullish about their future, with 77% reporting that their goal is to grow their business in the next 12 months. At the same time, only 27% of small businesses expect more revenue from their business in the next six months, with 41% expecting no change.
"Small businesses are vital to our communities and economy," saidJared Sine, GoDaddy chief strategy and legal officer. "It's important that our elected officials consider small business owners' concerns as they create policies at the federal, state, and local levels. When small businesses thrive, we all win."
About GoDaddy
GoDaddy helps millions of entrepreneurs globally start, grow, and scale their businesses. People come to GoDaddy to name their idea, build a professional website, attract customers, sell their products and services, and accept payments online and in person. GoDaddy's easy-to-use tools help microbusiness owners manage everything in one place, and its expert guides are available to provide assistance 24/7. To learn more about the company, visit www.GoDaddy.com.
1 Van Nostrand, E. (2024) Small Business and Entrepreneurship in the Post-COVID Expansion. Available at: https://home.treasury.gov/news/featured-stories/small-business-and-entrepreneurship-in-the-post-covid-expansion#:~:text=Entrepreneurship%20continues%20to%20surge%3A%20the,percent%20more%20than%20in%202019. (1 October 2024).
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SOURCE: GoDaddy
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