A new survey indicates that California small business operators are less optimistic than they were a year ago, and they’re paying themselves far less money.
The 2016 American Express Open Small Business Monitor survey says about two-thirds of California-based entrepreneurs plan to grow their business over the next six months, but that’s down significantly from 83 percent a year ago.
The survey also found that California small business owners who are paying themselves a salary are making, on average, $66,030 year, a $20,240 decrease, or 44 percent, from 2015.
Fifty-eight percent are confident about the economy, down from 74 percent one year ago.
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Analysts cited business owners’ concerns about providing employees with federally required health care insurance and the approved statewide increase in the minimum wage.
The survey has been conducted annually since 2002, with the 2016 data compiled over the first three weeks of March.