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It's common during a presidential campaign season to hear a lot about small businesses and their importance to the national economy. The small business occupies a funny place in the American heart - both beloved underdog and the symbol of infinite individual potential - and this month, the statistics prove that both are true.
In January 2016 small business with 1-49 employees created 79,000 new jobs, according to Small Business Trends. Analysis of the monthly Small Business Report -- put together by the human resources group ADP in collaboration with Moody's Analytics -- shows that, despite many market fluctuations in January, small business owners are confident about 2016.
New job creation is an indication of optimism among small business owners and, according to Small Business Trends, this optimism stems from increased consumer spending. Although there are concerns about oil prices and a Chinese economic downturn negatively impacting growth in big businesses, smaller enterprises are taking solace in numbers that show that shopping is happening and people are willing to spend money again.
So what can you do to take advantage of the situation yourself? Some experts suggest this is an ideal time for small businesses to attract talent that was previously unavailable to them. Big businesses tend not to be expanding and in fact, given the markets in January, are actually freezing hiring. This means that workers who might have sought corporate jobs are going to be seeking creative solutions to the question of employment.
Another thing to keep in mind is that many workers who were in companies that downsized in recent years are looking for a more reliable and personal experience. While a major corporation may offer perks that a small business never could, you as a small business owner can give your workers something that corporations cannot, a personal and personable approach.
If you are interested in adding employees but concerned about any aspect of hiring or business operations, consult with an attorney. A lawyer can help inform and guide you, ensuring you make knowledgeable and wise decisions for yourself, your business, and your workers.
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