San Francisco, CA, Febuary 1, 2017 - Rocket Lawyer's Small Business Index, a yearly report gauging the overall sentiment and economic outlook of small business owners in the United States, reveals that the majority of SMBs (small businesses) had a prosperous 2016 and have a positive outlook for 2017. Optimism dominates with over half (63 percent) of more than 500 businesses surveyed, saying growth is on the rise.
SMB Hiring Remains Steady for 2017
Hiring continues to remain steady for 2017 with 39 percent of businesses planning to make new hires in the next six months. Of those business owners looking to hire, the majority (60 percent) plan to hire full-time employees, over part-time workers (50 percent) and independent contractors (44 percent).
Repeal of Obamacare Trumped by Regulation Reform Say SMBs
As the nation prepares for changes during the Trump administration, small business owners reflected on the last eight years under President Obama with almost a third (29 percent) responding that their businesses improved, and 48 percent say it remained the same or got worse.
When small business owners were asked to rank the importance of Trump's top priorities for his first 100 days in office, investing in infrastructure, cutting taxes and reducing regulations were the top three, followed by a repeal of the ACA (Affordable Care Act) and lawsuit reform. Policies where small businesses voiced skepticism under the Trump administration include the environment, immigration and trade.
"We are entering a time with one of the most pro-business administrations in recent history and we will start to see how changes to policy will impact businesses in regard to hiring and the regulatory landscape," said Charley Moore, founder and CEO of Rocket Lawyer. "However, with these changes, we will see new legal risks and opportunities. Rocket Lawyer will be there every step of the way as small businesses navigate this evolving legal landscape."
The Legal Landscape is a Changing
President Trump has vowed to roll back regulations, which has the business community cheering because complying with government regulations remains the number one legal concern for SMBs. The top legal issues SMBs experienced in 2016 were contract negotiations (35 percent) and collecting payments (20 percent). Fortunately, small businesses owners understand the value of seeking legal counsel for their business: 55 percent reported consulting with an attorney in the last year, nearly a 10 percent increase from 2015.
About Rocket Lawyer®
At Rocket Lawyer, we believe everyone deserves affordable and simple legal services. Since 2008, we've helped millions of families and small businesses take care of their legal matters so they can focus on what really matters. From free legal documents and business incorporation to discounted rates with outstanding attorneys, we're there to help every step of the way. For more information on Rocket Lawyer, please visit http://www.rocketlawyer.com and follow Rocket Lawyer on Twitter, Facebook and Google+.
Rocket Lawyer surveyed 532 nationwide small business owners who are Rocket Lawyer members or have used Rocket Lawyer's services from December 6 through December 14, 2016. The margin of error is 4.18 percent.
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This article contains general legal information and does not contain legal advice. Rocket Lawyer is not a law firm or a substitute for an attorney or law firm. The law is complex and changes often. For legal advice, please ask a lawyer.