In this episode, host Matt Wagner is joined by Michael Powe, Senior Director of Research at Main Street America, to discuss the findings from Main Street America's recent Spring 2025 Small Business Profiles Survey.
Matt and Mike explore the definition of Main Street businesses, and discuss current economic concerns cited by survey respondents, including rising costs and decreasing customer spending, and the overall confidence of small business owners.
Takeaways:
• The average confidence score dropped to 6.7 out of 10, the lowest since tracking began in 2022. Only 40% of respondents now rate their confidence as 8 or higher, compared to 59% in Fall 2022.
• Nearly half (49%) of respondents reported a decline in profits over the past three months. Only 15% saw any profit increase.
• 65% of respondents said their household depends on their business’s profitability. Alarmingly, 43% said their income from the business is insufficient to meet basic living expenses. • Major concerns include the rising cost of supplies and equipment (72%), declining customer spending (68%), and the impact of new tariffs (50%).
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