NEW YORK—Donald Trump’s election as president has made many small business owners more upbeat about 2017.
Dean Bingham says he’s cautiously optimistic because business picked up at his auto repair shop after the election—people who had put off fixing their cars have decided it’s time to get them serviced.
“Over the last month, customers have been coming in with optimism that they didn’t have the last few years,” says Bingham, owner of a Mr. Transmission/Milex franchise in Greenville, South Carolina.
The shop has been so busy Bingham’s looking to hire a seventh employee to help out in the front while he works on cars.
While many business owners are more confident because their revenue looks to increase in 2017 due to the overall improving economy, they’re also optimistic because they expect Trump to deliver on promises to lower taxes and roll back regulations including parts of the health care law. But owners may not be expecting overnight relief—many recognize it will take time to see what the administration’s plans are, and what it will accomplish.
Business owners were considerably more optimistic about 2017 in a survey taken shortly after the election. Forty-six percent of the 600 questioned in the Wells Fargo survey said the operating environment for their companies would improve next year; that compares to 30 percent two years ago, after the last congressional elections. Just over half the owners said actions that Trump and Congress will take next year will make their companies better off. Twenty-six percent said the government’s actions would have no effect, and 17 percent said their businesses would be worse off.
Nick Braun expects his pet insurance business to benefit because he thinks consumers will feel more comfortable about buying nonessentials like health coverage for their pets.
