According to a recently released report, small business confidence is the highest it has been in over 6.5 years. The National Federation of Independent Business reported that its Optimism Index is at the highest level since September 2007, according to an article from CNBC.
The Optimism Index was at 96.6 in May after experiencing an increase of 1.4 points. Small business owners reported an increase in employment, with 11 percent adding three workers over the last several months while 24 percent said they had job openings they were unable to fill.
This is the third straight monthly increase, Reuters reported. The Small Business Optimism Index is seen as an indicator of economic growth, so the fact that things are looking up is a good sign not just for small businesses, but the economy as a whole.
It was also found small business owners see the outlook for the next six months as being a good one and some have plans to expand and increase hiring. With this positive outlook in mind, now could be a great time to start your own business.
Small businesses play an important role in job creation and the economy. According to the U.S. Small Business Administration (SBA), there are 23 million small businesses in the country, and they account for 54 percent of sales. Small businesses have been responsible for creating 55 percent of all jobs, according to the SBA.
If you're starting your own small business, you'll want to learn about the benefits of incorporating. An online incorporation services company can answer any questions you might have about incorporating your business and selecting the type of business structure that is right for you.