While 67% of business owners are concerned a recession will impact their business over the next year, 77% say their business is equipped to survive a recession, according to the new Bank of America 2022 Women & Minority Business Owner Spotlight.
In Oklahoma City, low unemployment has been a factor in continued growth, and estimates expect job counts to exceed pre-pandemic levels soon. The business landscape in OKC is varied and diverse, and survey insights regarding women- and minority-owned businesses can offer a look at emerging trends for the local economy.
The recent survey covers several key demographics, including women, Black, and Hispanic-Latino business owners. Across the spectrum, 66% of business owners expect their revenue to increase in the next 12 months – a seven-year high – with minority-led companies leading non-minority counterparts in these positive projections. Hiring plans also reached the highest levels in seven years, with 38% of respondents indicating they are looking to hire in the next 12 months.
Women business owners have a positive outlook, and 47% plan to expand their business over the next year. Many women feel that their businesses face unique challenges, with 29% citing a lack of equal access to capital, and 60% saying they are self-taught, compared to 51% of men. Despite these obstacles, 71% say they feel equipped to weather a recession.
Within the Black community, business owners are using their platform to drive social change, and two in five have active commitments toward social causes. Whether it’s through volunteering or monetary commitments, these efforts have driven growth, with 61% reporting increases in sales, and 40% deepening ties to their community.
Hispanic-Latino business owners are more optimistic than their peers about business outlook. Over the next 12 months, 71% expect to increase their revenue and 59% are hoping to expand their business. For the Hispanic-Latino community, local involvement is a two-way street, with 60% of owners saying the community plays an active role in supporting their business, and nearly nine in ten noting they actively give back to their community through donations, volunteerism and other avenues.
In the face of numerous challenges, from inflation, supply chain, and labor shortages, small business owners continue playing a vital role in our local – and national – economy. In OKC, a diverse, engaged and active cohort of small business owners continue to make this a great place to work and live, and Bank of America is excited to support these businesses and the OKC community as a whole.
Amy Dowuona is small business banker for Bank of America Oklahoma City.
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