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BizReport : Research archives : May 14, 2014

Report: SMBs seeing business boom

Despite the debate over minimum wage hikes and a soft economy, small businesses are thriving. That's the takeaway from a new Rocket Laywer report which shows small businesses are hiring, banking more revenue and aren't overly worried about potential wage hikes.

by Kristina Knight

More than half of small businesses say proposed minimum wage hikes won't impact their business (57%) - and that goes across party lines. Just over half of Republican SMB owners and nearly two-thirds of Democratic SMB owners say their business won't be affected by minimum wage hikes.

"Small businesses continue to propel the economic recovery forward, creating jobs that are the foundation for prosperity," said Charley Moore, founder and CEO of Rocket Lawyer. "The growth small businesses have seen during the first half of 2014 will allow them to expand and hire during the second half of the year. When it comes to legal services, technology is giving SMBs an edge. Rocket Lawyer helped thousands of startups incorporate, and SMBs have created millions of contracts in 2013. We are especially thrilled to see how many SMBs use our mobile apps for legal advice from local attorneys, at a fraction of the traditional time and cost."

Other interesting findings from the Rocket Lawyer Semi-Annual SMB Index include:

• 42% of SMBs say attracting new business is their biggest issue
• 44% say they'll hire in the second half of 2014
• 70% say July-Dec 2014 will be stronger than Jan-June
• Sales, Administrative and Communications/Marketing hires are the hottest

While SMBs do report stronger business since Q4 2013 about one-quarter continue to worry about their marketing strategy and about maintaining profitability over the long haul.

As for which businesses are hiring the most: Millennial SMB owners are making the most new hires of all the demographics, but many still don't have HR Handbooks and may misses legalities/compliance issues. Meanwhile, the tech sector remains hot with 41% of SMBs reporting the tech are is where they'll see the most growth over the next year.

Image via Shutterstock

Tags: Rocket Lawyer, small business trends, SMB tips, SMB trends

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