The Daily Rundown

SBDR: Business Owners Engaging in Election, Business Good Up North, Millennials Love V-Day

Welcome to the Small Business Run Down. Each day, we bring you stories and trends that impact small business owners and their workforce.

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As the race toward Super Tuesday continues, many SBOs are tuned in to the political process and what the results will mean for business. Plus, small businesses are booming in Vacationland and Millennials are opening their wallets--or their favorite payment app--in preparation for Valentine’s Day. 

SBOs report high levels of engagement in 2020 election

More than half (60%) of small business owners report that they are paying “close attention” to the 2020 presidential election, according to a new Gallup poll. Trump continues to receive support from many SBOs, with 52% reporting that they believe their business will be better off if the incumbent is re-elected. Taxes, government regulation and healthcare make up the top three concerns for small business owners

The Number: $50,000. The results of the report come from surveying small businesses whose revenue ranges from $50,000 all the way up to $25 million. 

The Quote: “Though trailing Biden overall, Bloomberg does especially well among independent and Republican small-business owners who plan to vote in a Democratic nominating contest in their state.”

The state of small business in Maine: strong

Maine might be known as “Vacationland” but the Pine Tree State is all about business, too. The Maine Small Business Development Centers released their annual report detailing the successes of small business growth over the past year. Maine’s SBDCs are programs of the US Small Business Administration and offer many of its services at no charge, There are currently 10 centers across Maine and they helped business owners and startups create 418 jobs, save 182 jobs and generate $26.8 million in capital from investment, lender financing and other sources to start or grow their businesses.

The Number: 133. In 2019, entrepreneurs started 133 new businesses in Maine, adding over 400 jobs to the economy.

The Quote: “It’s a pretty good ecosystem, which is good, because we rely on small businesses in Maine. It’s a small business state and small businesses generally do better than they do in other states.”

Millennials drive Valentine’s Day spending this year

For businesses considering doing special sales or promotions for Valentine’s Day on Friday, new data shows that 1) Americans are spending more money on the holiday this year, and 2) most of that money will be spent by Millennials. The survey found that millennials expect their partner or significant other to spend an average of $153 on them, while members of the Silent Generation expect a gesture worth about $20. 

The Number: 32%. Valentine’s Day spending is supposed to jump 32% to top out at over $27 billion this year. 

The Quote: There’s an adage that you can’t truly love someone else until you love yourself. The same holds true with managing one’s personal finances. A relationship will not be sustainable if one is overspending with a prospective love interest, likely in part because one’s own spending is out of control.”

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