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As we get closer to Election Day on November 5 – and people in some states have already voted – small business owners are emerging as a crucial voting bloc.
A recent survey conducted by GoDaddy reveals that inflation, taxes, wages, and the cost of living are top concerns for entrepreneurs as they prepare to head to the polls or make their choices for President and in key Senate races nationwide.
With more than 430,000 small business applications being registered monthly in 2024, according to the U.S. Department of the Treasury, addressing these issues could help candidates appeal to this growing group of voters.
“Small businesses are vital to our communities and economy,” says Jared 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.”
Key Findings from GoDaddy’s 2024 Election Survey
Inflation:
- A resounding 93% of small business owners believe that addressing wage and cost inflation should be a top priority for the next administration.
- Nearly 70% expect above-average inflation to continue for at least another year, while 34% cite increases in operating costs as their most significant economic challenge.
- Two-thirds (66%) of respondents expressed the need for greater federal support to help small businesses manage rising costs.
Tax Policy:
- 50% of respondents ranked tax reform as a key policy priority, while only 24% felt that current federal tax incentives effectively promote small business growth and investment.
Cost of Living:
- Nearly 32% of small business owners believe that rising housing costs are outpacing income growth, creating barriers to achieving the “American Dream.” This concern was voiced more by women (36%) than men (27%).
The Influence of Small Business Ownership on Voting
Owning a small business has impacted the voting decisions of many entrepreneurs. According to the survey:
- 18% of respondents reported changing how they vote in federal elections since becoming business owners.
- Business owners are divided on the election’s potential impact, with 51% predicting a moderate to major impact, and 49% expecting only minor or no impact.
- 38% anticipate that federal leadership will positively affect their business over the next four years, while 16% foresee a negative impact. Nearly half (46%) expect a neutral outcome.
Resilience Amid Economic Uncertainty
Despite facing ongoing challenges, small business owners remain optimistic about the future:
- 77% of respondents stated that their goal is to grow their business over the next year.
- However, only 27% expect to see increased revenue within the next six months, while 41% predict no change.
Image: Canva
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