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Report: Majority of small business owners optimistic about recovery

Posted at 3:55 PM, Dec 03, 2020
and last updated 2020-12-03 17:39:20-05

WEST PALM BEACH, Fla. — The last month of the year means a last chance for small business owners to finish strong.

As it turns out, a new American Express entrepreneurial report shows 75% of small to mid-size business owners are optimistic about their company's recovery.

Rolling out all the stops on social media, Nicki Wolf found a way to not only keep her shop, Heir Looms Vintage Rugs in West Palm Beach open, but increase profits.

"I do a lot of videos, like I do stories on Instagram and that really helps to sell the product," Wolf said.

Ending 2020, Heir Looms Vintage Rugs is at a 400% increase in sales from last year. If you’re floored by that, you have to take into account where people have spent the most time during the pandemic.

"I think people want to be comfortable in their homes where they are at all the time, they’re looking around wanting to change things," Wolf said.

A new entrepreneurial spirit trend report from American Express says 75% of small to mid-size business owners are optimistic about their business’s recovery.

"The fact of the matter is a lot of American consumers still require the services of American small businesses and honestly I think they are very loyal to them," said Kathryn Petralia, co-founder of Kabbage, an American Express company that helps small businesses manage cash flow.

Petralia said three things helped boost small business: customer loyalty, owner resiliency, and financial support from the government.

That report also says 82% of business owners say they now feel better prepared to handle a future crisis.

"I'm trying to stay ahead of things be prepared, save a little bit more money and yeah, but I feel good. I feel like this was a great test," Wolf said.