There is no question that the last few years have been anything but tranquil for business owners here in Utah and across the United States. That's because of the toll taken by the recent recession, which saw high unemployment, record foreclosures and limited consumer spending. Fortunately, it appears as if the economy is finally on the mend and that business owners are now becoming more confident about the future.
Indeed, a recently published report by the National Association of Women Business Owners found that the majority of surveyed members expressed a decidedly optimistic outlook for the coming year.
Specifically, the 2014 State of Women-Owned Businesses report found that the majority of the 600 NAWBO members who responded to a survey were hopeful about the economic outlook for their businesses in 2014. This constitutes a 12 percent increase from the previous year.
Even more interesting, the NAWBO report indicates that not only are women business owners here in Utah among these optimists, but that the economic climate in the state remains altogether favorable for business formation.
“The climate for starting a business here in Utah is very, very good,” said an official with NAWBO's Salt Lake chapter.
The report also revealed, however, that there were certain issues that women business owners viewed as real challenges going forward in 2014, including everything from healthcare costs to business taxes. Furthermore, nearly nine out of 10 survey participants expressed concerns about the ability to secure a customer base quickly, while closer to home, the survey found that the overall percentage of women business owners in Utah was somewhat below the national average.
It will be interesting to see if the economy continues its improvement over the next nine months, and whether this prompts more people from all walks of life to take the plunge and open their own businesses. Those that do should strongly consider speaking with an experienced legal professional to learn more about their rights and options concerning business formation and other business transactions.
Source: Fox 13 News, "Outlook positive among female business owners in Utah, nation," Caroline Connolly, April 2, 2014