Small Business news | The Angelucci Business Times

1/3 of Small Business Owners Fear They’ll Go Out of Business in 2024

One out of every three business owners is worried about their business not surviving 2024. Here’s Why.

A recent slack survey in which two thousand small business owners participated in found out that 32% of small business owners are worried that their business might not survive through 2024 for many reasons.

40% of small business owners from this survey are calling 2024 a “make or break” year for their small business.

Even with big businesses like technology companies, there have been mass layoffs occuring in January of 2024, so these companies can just remain profitable. For small businesses, they’ll have to make harder choices just to survive to be in business by the end of 2024.

Inflation has driven up the prices of essentially all products and services and this hasn’t only affected consumers but businesses as well who need to raise prices to continue making profit or just to stay afloat in business.

High interest rates have slowed down the growth of not just small businesses, but all businesses since it makes it more costly to borrow business loans to provide capital for new projects.

The top reasons that small business owners provided for worrying about going out of business were: inflation, the necessity of raising prices, and rising competition.

Small business owners make a significant percentage of the United States’ GDP and if their fears prove to be true in 2024 then big businesses may take over even more of the GDP and it may become nearly impossible to succeed as a small business in the future.

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