Small Business Owners Survey Data

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Advancing American Freedom - Small Business Owners Survey N=301 small business owners with 1–499 employees Online survey, sample provided by Cint Field Dates: March 4–11, 2026 Margin of Error: ± 6.6 percentage points

THE ECONOMY AND BUSINESSES

1.​ [QHowWell] Overall, how well do you feel things are going for your business right now?

[RANDOMIZE SCALE 1-4, 4-1] VERY/SOMEWHAT WELL 88% Very well 39% Somewhat well 49% Not that well 11% Not at all well 1% Unsure - 2.​ [QChallenges_OE] What are the biggest challenges facing your business right now, if any?

(Describe up to 3 challenges.) [OPEN END] [RESPONSES CODED INTO CATEGORIES] Client or customer acquisition and retention / Not enough demand 26% Staffing issues 21% Costs / Inflation 18% The economy / Economic conditions in general 14% Cash flow management 13% AI and technological adaptation 10% Operational efficiency / Other operational challenges 9% Supply chain issues 8% Tariffs and trade issues 7% Competition 6% Government and regulatory issues 6% Marketing and brand awareness 6% Seasonal fluctuations / Weather issues 2% Other specific challenges 11% No challenges 4%

3.​ [QOverallEcon] Overall, would you say current economic conditions in the United States are favorable or unfavorable for your business? [RANDOMIZE SCALE 1-5, 5-1] VERY/SOMEWHAT FAVORABLE 41% VERY/SOMEWHAT UNFAVORABLE 35% Very favorable 12% Somewhat favorable 30% Neither favorable nor unfavorable, or equally mixed 24% Somewhat unfavorable 24% Very unfavorable 11%

4.​ [QPast12Months] In the past 12 months, would you say economic conditions for your business have improved, gotten worse, or stayed about the same? [RANDOMIZE SCALE 1-3, 3-1] Improved 29% Stayed about the same 41% Gotten worse 28% Unsure 2%

5.​ [QNext12Months] Looking ahead, do you think economic conditions for your business will improve, get worse, or stay about the same in the next 12 months? [RANDOMIZE SCALE 1-3, 3-1] Will improve 45% Will stay about the same 30% Will get worse 20% Unsure 5%

6.​ [QDemand] In the past 12 months, has consumer demand for the products or services your business provides… [RANDOMIZE SCALE 1-5, 5-1] INCREASED A LOT/LITTLE 45% DECREASED A LOT/LITTLE 21% Increased a lot 18% Increased a little 27% Stayed the same 33% Decreased a little 16% Decreased a lot 5% Unsure 1%

7.​ [QInflationResponse] In the past 12 months, has your business made any changes in response to inflation? Select all that apply. [RANDOMIZE 1-8] [SELECT MULTIPLE] Tried to find lower cost supplies 41% Raised prices 40% Delayed investments or expansion 24% Delayed hiring 16% Not increased wages 14% Increased wages 11% Reduced staff 8% Reduced business property space 2% Other (Please specify) 1% No, my business has not made any changes in response to inflation 25%

8.​ [QBusinessCosts] In the past 12 months, has the cost of supplies or materials necessary for your business… [RANDOMIZE SCALE 1-5, 5-1] INCREASED A LOT/LITTLE 77% DECREASED A LOT/LITTLE 3% Increased a lot 28% Increased a little 49% Stayed the same 19% Decreased a little 2% Decreased a lot 1% Unsure 1%

9.​ [QDifficultyHiring] In the past 12 months, has your business had any difficulty when trying to hire workers? [RANDOMIZE 1-2] No, have not had difficulty 43% Yes, have had difficulty 25% Not applicable — Have not tried to hire workers 32%

[IF HAS HAD DIFFICULTY WHEN TRYING TO HIRE WORKERS, ASK:]

10.​[QReasonHiringDiff] What caused difficulty when your business was trying to hire workers? Select all that apply. [RANDOMIZE 1-8] [SELECT MULTIPLE] (n=78) Applicants were not well-qualified for the role(s) 47% Expectations for pay or benefits exceeded what we could offer 47% Applicants’ work preferences (e.g., schedule, location) did not align with our needs 33% Did not receive enough applications 31% Transportation challenges for workers 19% Complying with legal/regulatory requirements related to hiring 19% Housing costs nearby are too high for workers to afford 18% Changes to immigration or visa policies 8% Something else (Please specify) 4% [IF HAS NOT TRIED TO HIRE WORKERS (QDifficultyHiring=3), ASK:]

11.​ [QWhyNotHired] What is the main reason your business has not tried to hire workers in the past 12 months? [RANDOMIZE 1-6] (n=94) Have not needed additional workers 62% Uncertainty about the economy 11% Cannot afford to pay additional workers 11% Prefer not to hire additional workers 10% Legal/regulatory requirements make hiring too difficult or costly 2% Have not had time/bandwidth to handle hiring 1% Other reason 2%

POLICIES AND OTHER CHANGES

12.​[QTrumpApprove] Do you approve or disapprove of the way President Donald Trump is handling the economy? [RANDOMIZE SCALE 1-4, 4-1] STRONGLY/SOMEWHAT APPROVE 49% STRONGLY/SOMEWHAT DISAPPROVE 45% Strongly approve 22% Somewhat approve 26% Somewhat disapprove 12% Strongly disapprove 33% Unsure 6%

13.​[QPartyBetter] In general, which political party’s policy positions do you think are better for small businesses? [RANDOMIZE 1-2] The Republican Party 44% The Democratic Party 27% Both are equally good for small businesses 12% Neither are good for small businesses 12% Unsure 4%

14.​[QPolicyChange_OE] If you could have elected officials make one policy change that would affect your business, what would be most helpful for your business? [OPEN END] [RESPONSES CODED INTO CATEGORIES] Tax relief 28% Tariff reduction or repeal 19% Lowering costs / Addressing inflation 12% Regulation reduction 6% Healthcare policy 5% Economic stability 4% Funding and grants 4% Small business support 4% Lower interest rates 4% Other 15% Non-specific/unsure responses 6% No change desired 2%

15.​[QEB] What kind of overall effect would you say each of the following are currently having on your business? [DISPLAY AS GRID] [RANDOMIZE ITEM ORDER] [RANDOMIZE SCALE 1-5, 5-1]

2. Somewhat positive effect

3. Neither positive nor negative effect

4. Somewhat negative effect

Artificial intelligence (AI) 52% 13% 24% 28% 32% 6% 7% 4%

Diversity, equity, and inclusion (DEI) initiatives 27% 18% 12% 15% 52% 6% 12% 3%

State policies for businesses in the main state where you operate 28% 25% 7% 21% 44% 17% 9% 4%

Federal policies for businesses 23% 32% 6% 17% 40% 21% 11% 6%

Tariffs and recent changes to U.S. trade policy 13% 53% 6% 7% 32% 26% 27% 2%

16.​[QCurrentReg] In general, do you think there is too much, about the right amount, or too little federal government regulation of small businesses? [RANDOMIZE SCALE 1-3, 3-1] Too much 47% About the right amount 35% Too little 6% Unsure 12%

17.​[QRegulatoryChange] In the past 12 months, do you think the federal regulatory environment for small businesses has gotten better, worse, or stayed about the same? [RANDOMIZE SCALE 1-5, 5-1] A LOT/LITTLE BETTER 24% A LOT/LITTLE WORSE 36% A lot better 5% A little better 19% Stayed about the same 37% A little worse 25% A lot worse 11% Unsure 3%

18.​[QRC] As a small business owner, how difficult, if at all, do you find each of the following?

[DISPLAY AS GRID] [RANDOMIZE ITEM ORDER] [RANDOMIZE SCALE 1-4, 4-1]

VERY / SOME. DIFFICULT Very difficult

Does not apply to me Unsure

Knowing about changes to regulations that affect my business 52% 12% 40% 27% 15% 3% 2%

Dealing with the expenses related to staying compliant with regulations 50% 14% 36% 24% 17% 5% 5%

Staying compliant with federal, state, and local regulations 41% 9% 32% 36% 17% 4% 2%

19.​[QTaxCutsHelp] In 2017, the Tax Cuts and Jobs Act (TCJA) cut federal taxes for small businesses. In 2025, Congress voted to keep those tax cuts for small businesses in place beyond the end of 2025 as part of the “One Big Beautiful Bill Act”. How much will the continuation of those tax cuts help your business? [RANDOMIZE SCALE 1-4, 4-1] A LOT/SOME 60% A lot 17% Some 43% Not much 23% Not at all 8% Unsure 8%

20.​[QIfCutsExpired] If the 2017 TCJA tax cuts for small businesses had expired and your taxes had increased as a result, how much would that have hurt your business? [RANDOMIZE SCALE 1-4, 4-1] A LOT/SOME 58% A lot 20% Some 38% Not much 28% Not at all 6% Unsure 8%

21.​[QTariffsSupport] Over the last year, the U.S. government has made changes to trade policy and imposed tariffs on the import of goods from certain foreign countries. In general, do you support or oppose these tariffs? [RANDOMIZE SCALE 1-4, 4-1] STRONGLY/SOMEWHAT SUPPORT 41% STRONGLY/SOMEWHAT OPPOSE 46% Strongly support 17% Somewhat support 24% Somewhat oppose 17% Strongly oppose 29% Unsure 13%

22.​[QTariffsEffect] In what ways, if any, have tariffs affected your business? Select all that apply. [RANDOMIZE 1-6] [SELECT MULTIPLE] Raised the cost of things my business needs to buy 42% Caused me to raise prices for my customers 36% Had to change suppliers or vendors 26% Raised cost of living for my employees 25% Caused me to absorb increases in costs without raising prices 25% Made it harder for me to access overseas markets 18% Other way 3% Not applicable - Tariffs have not affected my business 23% Unsure 4%

23.​[QHCPremiums] In the past 12 months, have your business’s health insurance premium expenses… [RANDOMIZE SCALE 1-5, 5-1] INCREASED A LOT/LITTLE 39% DECREASED A LOT/LITTLE 2% Increased a lot 16% Increased a little 22% Stayed the same 28% Decreased a little 1% Decreased a lot *% Not applicable - My business does not pay for health coverage 26% Unsure 5%

24.​[QACAHelp] In 2009, the Affordable Care Act was signed into law, making significant changes to our healthcare system. In general, has the Affordable Care Act helped or harmed your business? [RANDOMIZE SCALE 1-3, 3-1] Helped 25% Had no effect 52% Harmed 13% Unsure 10%

25.​[QAIUse] How much, if at all, is your business currently using any type of artificial intelligence (AI) in its day-to-day operations? [RANDOMIZE SCALE 1-4, 4-1] A LOT/SOME 60% A lot 19% Some 40% Not much 20% Not at all 17% Unsure 3%

26.​[QAIExpect] In the next 12 months, do you expect that your business’s use of AI will…

[RANDOMIZE SCALE 1-5, 5-1] INCREASE A LOT/LITTLE 54% DECREASE A LOT/LITTLE 5% Increase a lot 18% Increase a little 36% Stay the same 36% Decrease a little 2% Decrease a lot 4% Unsure 5%

27.​[QAIHelpHarm] In the next few years, do you think AI will… [RANDOMIZE SCALE 1-3, 3-1]

Help your business 54% Have no real effect 24% Harm your business 13% Unsure​ 9%

28.​[QBirthYear] Which range of years includes the year you were born?

1903 – 1927 1928 – 1945 *% 1946 – 1964 19% 1965 – 1980 46% 1981 – 1996 30% 1997 – 2012 5%

29.​[QGender] Do you describe yourself as a man, a woman, or in some other way?

[RANDOMIZE 1-2] Man 57% Woman 43% Some other way 1%

30.​[QRace] What is your race or ethnicity? [SELECT MULTIPLE] [RANDOMIZE 1-6]

White 77% Black or African American 18% Hispanic or Latino 8% Asian 4% Native American or Alaska Native 3% Native Hawaiian or Other Pacific Islander 1% Other race or ethnicity (Please specify) 1%

[QRaceRecode] Recoded Race/Ethnicity White, non-Hispanic 70% Black, non-Hispanic 13% Hispanic 8% AAPI, non-Hispanic 3% Other/2+, non-Hispanic 6% 31.​[QEducation] What is the highest level of education you have completed?

High school or less 16% Some college 21% Associate degree 13% Bachelor’s degree 31% Graduate degree 19% Prefer not to say *%

32.​[QPartyID] Do you consider yourself a…? [RANDOMIZE 1-2]

Republican 40% Democrat 26% Independent 30% Member of another party 2% Unsure 2% [IF INDEPENDENT, MEMBER OF ANOTHER PARTY, OR UNSURE (QParty=3-5), ASK]

33.​[QPartyLeanView] Even if neither political party perfectly represents your views, who do you agree with more often on issues that are important to you? [RANDOMIZE 1-2] (n=108) Democrats 27% Republicans 21% Both equally often 42% Unsure 10%

[QPartyConsolidated] QPartyID and QPartyLeanView Total Republican+Republican-leaning Independents 47% Total Democratic+Democratic-leaning Independents 35% Total Independent 18%

SCREENERS / DEMOGRAPHIC QUOTAS (ASKED AT BEGINNING OF SURVEY)

34.​[QAge] What is your age? [TEXT NUMBER BOX] [TERMINATE IF <18 OR OVER 120]

18 - 34 14% 35 - 49 34% 50 - 64 39% 65+ 13%

35.​[QBusinessOwn] Are you an owner or co-owner of a business?

Yes 100% No​ TERMINATE Prefer not to say ​ TERMINATE -

36.​[QBusinessOperating] What is your business’s operating status?

Not yet operating​ TERMINATE Currently operating 99% Temporarily closed 1% Permanently closed or has been sold/transferred​ TERMINATE -

37.​[QOwnerRole] Which of the following best describes your current role as a business owner? [RANDOMIZE SCALE 1-3, 3-1] I am directly involved in making decisions about the business’s finances and operations 95% I am familiar with the business’s current finances and operations, but I am not directly involved in decisionmaking 5% I am not familiar with the business’s current finances and operations​ TERMINATE -

38.​[QHeadquarters] Is your business headquarters located in the United States, or another country? (A business headquarters is the location where primary business functions are coordinated. For instance, for some businesses, a headquarters may be a residence, a shop or an office.) [RANDOMIZE 1-2] United States 100% Another country ​ TERMINATE -

39.​[QState] In which state is your business headquarters located?

States in the Northeast 13% States in the Midwest 19% States in the South 47% States in the West 21%

40.​[QNumberEmployees] How many paid employees does your business have in the United

States, EXCLUDING owner(s)? (Include both full-time and part-time employees.) 0​ TERMINATE 1–4 56% 5–9 18% 10–19 13% 20–49 5% 50–99 4% 100–249 3% 250–499 2% 500 or more​ TERMINATE -

41.​[QBusinessIndustry] In what industry does your business operate?

Accommodation and Food Services 5% Administrative, Support, or Waste Management Services *% Agriculture, Forestry, Fishing and Hunting 1% Arts, Entertainment, and Recreation 7% Construction 12% Educational Services 1% Finance and Insurance 5% Health Care and Social Assistance 12% Information 3% Manufacturing 2% Mining, Quarrying, and Oil and Gas Extraction Professional, Scientific, and Technical Services 10% Real Estate and Rental and Leasing 8% Retail Trade 13% Transportation and Warehousing 3% Utilities Wholesale Trade 4% Other 15%

42.​[QYearEstablished] In what year was your business established? (YYYY) [NUMBER BOX]

Before 2000 14% 2000-2009 15% 2010-2019 29% 2020 or after 42% [IF BUSINESS WAS ESTABLISHED IN OR BEFORE 2025, ASK:]

43.​[Q2025Revenue] What were your business’s total revenues in 2025? (Please provide your best estimate.) (n=297) Less than $25,000 4% $25,000 – $49,999 4% $50,000 – $99,999 5% $100,000 – $249,999 24% $250,000 – $499,999 13% $500,000 – $999,999 18% $1 million – $4.9 million 25% $5 million – $9.9 million 3% $10 million or more 5% Prefer not to say 1%

The survey was fielded online from March 4–11, 2026 in English among a sample of 301 small business owners with 1–499 employees nationwide using non-probability sampling. The sample was provided by Cint based on quota targets derived from benchmarks from the U.S. Census Bureau’s Annual Business Survey (ABS), County Business Patterns (CBP), and Business Dynamics Statistics (BDS). Measures taken to ensure data quality included measures to prevent duplicate responses, questions designed to disqualify inattentive respondents, and the removal of respondents from the data file who answered more than one-third of the questions they were asked in less than one-third of the median response time per question. The sample was weighted to benchmarks for small businesses in the United States. Weighting dimensions and benchmark data sources included:

●​ Annual Business Survey (ABS) - Urban vs. rural; Total annual sales/receipts ●​ County Business Patterns (CBP) - Industry; Number of employees ●​ Business Dynamics Statistics (BDS) - Business age (years in business) Calculated the way it would be for a random sample and adjusted to incorporate the effect of weighting, the margin of sampling error is ± 6.6 percentage points.