Despite concerns about the overall health of the economy, small business owners are optimistic about the growth of their companies, according to a report released Thursday from Bank of America.
The Small Business Owner Report found that the majority of small business owners nationwide and in Los Angeles plan to grow or sustain their business in 2013.
About 27 percent of L.A. small business owners surveyed said they plan on hiring more employees, compared with 31 percent nationwide. Fifty-nine percent locally said they would keep the same number of employees, compared with 56 percent nationwide. More than half of the L.A. small business owners expect revenue to increase next year and only 9 percent expect revenue to decline.
But those surveyed in Los Angeles were less confident about the broader economy. While 34 percent believe the L.A. economy will improve, that number dropped to 30 percent and 19 percent when asked about the national and global economies, respectively.
Nationwide, 38 percent of owners thought their local economy would improve.
Los Angeles business owners surveyed believe that the local economy has the greatest impact on their business. Another concern for small business owners in Los Angeles is where to seek financial advice.