It’s important for small businesses on Election Day

Top of mind: inflation, taxes, wages and cost of living, shows GoDaddy analysis

TEMPLE, Ariz., October. 8, 2024 /PRNewswire/ — With the number of small businesses on the rise, entrepreneurs represent an important constituency as November 5 approaches. According to the US Department of Treasury¹The US is set to register more than 430,000 small businesses each month in 2024 – 50% more than in 2019 – so addressing the challenges of small business owners could help candidates stand out by Election Day less than a month later.

To help support these entrepreneurs, GoDaddy (NYSE: GDDY) surveyed more than 2,000 small business owners about what they want most as they go to the polls. The results showed that policies aimed at reducing inflation, easing tax burdens and the cost of living are top of mind for small business owners this election season.

That’s especially important for small business voters

• Inflation: 93% of those polled believe that fixing wages and inflation should be a priority for the next administration. About 70% believe above-average inflation will last another year, and 1 in 3 (34%) describe rising labor costs as the biggest economic challenge they face. Two-thirds (66%) expressed a desire for greater federal support for small businesses to reduce rising costs.
• Tax Policy: 50% rate of tax adjustment as a priority. Only 24% believe current federal tax incentives for small businesses are effective in promoting growth and investment.
• Cost of Living: Housing prices rising faster than people’s wages create an obstacle to achieving “The American Dream,” said nearly 1 in 3 (32%) respondents. More women (36%) than men (27%) think this is true.

Owning a small business affects shareholder votes

For many respondents, being a small business owner affects how they vote, according to the results of a GoDaddy survey. Almost 1 in 5 (18%) of respondents say they have changed their vote in federal elections since becoming a business owner.

For the most part, small business owners are evenly split on the upcoming decisions that will affect their businesses.

• Impact Rating: 51% expect the election to have a moderate to large impact, and 49% predict it will have little or no impact.
• Positive or Negative Impact: 38% believe that the administration of the government will have a positive effect on their business in the next four years, and only 16% predict a negative impact, with half (46%) hoping for neutrality.

Grit and resilience despite uncertainty

Despite facing economic uncertainty, small business owners are optimistic about their future, with 77% reporting that their goal is to grow their business in the next 12 months. At the same time, only 27% of small businesses expect more revenue from their business in the next six months, with 41% expecting no change.

“Small businesses are important to our community and economy,” he said Jared SineGoDaddy’s chief counsel and chief legal officer. “It is important that our elected officials consider the concerns of small business owners when developing policies at the federal, state, and local levels. When small businesses succeed, we all win.”

About GoDaddy

GoDaddy helps millions of businesses around the world start, grow, and scale their businesses. People come to GoDaddy to give their advice, build a professional website, attract customers, sell products and services, and receive payments online and in person. GoDaddy’s easy-to-use tools help microbusiness owners manage everything in one place, and its expert drivers are available to provide support 24/7. To learn more about the company, visit www.GoDaddy.com.

¹ Van Nostrand, E. (2024) Small Business and Entrepreneurship in the Post-COVID Expansion. Available at: https://home.treasury.gov/news/featured-stories/small-business-and-entrepreneurship-in-the-post-covid-expansion#:~:text=Entrepreneurship%20continues%20to%20surge% 3A%20the, percent%20 more%20 than%20in%202019. (1 October 2024)

Source: GoDaddy Inc.

SOURCE GoDaddy

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