Small-business owners are optimistic about their prospects even though many report facing affordability challenges and external pressures on their operations, according to a recent survey by Capital One and research firm Morning Consult. Nearly 1,300 small-business owners were polled about the perceived challenges and opportunities their business face. Ninety percent of respondents were confident their business will be operating in the next six months, consistent with results from a similar survey in March. However, business owners said they have faced a variety of challenges in 2022, with 58% of respondents listing inflation as the top challenge.
Seventy-six percent of respondents were confident they could fill open positions, although they have been offering more flexible hours or competitive wages to attract workers. The stress of running a small business has affected many owners, with 48% saying they are either currently experiencing or have experienced burnout in the past month. Most respondents who started their business at the beginning of the COVID-19 pandemic said it was challenging to do so. Despite the challenges faced, 24% said their business grew faster than expected.
