weather icon Partly Cloudy

As small business optimism rises, worries decrease in Pahrump

Owning a small business in Pahrump can be challenging. But, according to the fourth quarter 2014 Wells Fargo/Gallup Small Business Index, small business owners nationwide are feeling a renewed sense of confidence as they head into 2015.

We recently surveyed small business owners across the U.S. and the findings were clear: Business owners are the most optimistic for the year ahead since the start of the Great Recession. The Small Business Index score rose to positive 58 at the end of 2014, up nine points from positive 49 in July and up 34 points from a year ago.

The climbing Small Business Index score is not just good news for small business owners; it’s also good news for Pahrump. In the survey, business owners said they anticipate a better operating environment and higher revenues in 2015. They also said they plan to increase the amount of money allocated for capital spending and increase the number of jobs at their company too. We know that in order for our economy to thrive, small businesses need to succeed, which makes this trend in improved confidence and positive future outlook all the more encouraging.

Another promising trend the survey revealed is that small business owners have fewer worries than in recent years. Attracting new customers and new business remains a top challenge for small business owners, but overall, concerns around key issues that could impact their business are less pronounced than a year ago.

Here are some of the areas that saw the most improvement:

Paying Employees

For small businesses, balancing cash flow and managing expenses such as payroll can be challenging.

In the recent survey, less than a quarter (22 percent) of small business owners reported being very worried or moderately worried about not being able to pay their employees. Compared to 32 percent in 2011, this is a strong downward trend that we hope will continue.

Paying Bills

When asked about paying bills, only 5 percent of small business owners surveyed said they are very worried about making their minimum credit card payments, compared to 12 percent in 2011. We also asked those surveyed about the ability to pay their household bills, and 8 percent report being very worried about not being able to make those payments, compared to 17 percent in 2011.


Planning for retirement is another challenge that small business owners face. In the survey, small business owners were asked about their concerns around saving for retirement, and 41 percent said they are not too worried or not worried at all about putting enough money away for retirement. That’s an improvement, up from 29 percent in 2011.

The Small Business Index also found that unlike a year ago, more business owners think their operating environment in 2015 will be better (35 percent) than think it will be worse (15 percent). This is a dramatic improvement over last year, when 23 percent of business owners predicted a better year ahead and 25 percent thought it would be worse.

Over the years, we’ve seen time and time again that Pahrump small business owners are a resilient and optimistic bunch. Building and running a small business has its challenges, yet as the improvement in the economy continues, local business owners may find these challenges easier to overcome.

Lester Romero is small business banking manager for Wells Fargo in Pahrump.

Don't miss the big stories. Like us on Facebook.
Sportsman’s Quest: Marines and a holiday hunt

In my last column I wrote about my “successful elk hunt” with my artist friend, Justin Young. It was a great adventure, but my freezer was still empty.

Fugitive who fled after woman’s attack found hiding in travel trailer

Ryan Sanders, 37, of Pahrump,who fled from authorities following the kidnapping and brutal attack of a Pahrump woman last week has been taken into custody by Nye County Sheriff’s Office deputies and assisting agencies.

2 cannabis lounges OK’d for Nye

KV Group LLV and GGCPA SE Inc. both plan to launch local lounges, where adults will be allowed to smoke, vape and consume cannabis products onsite.

Nascar tickets up for grabs at Bowl-A-Thon

This Sunday, the Pahrump Nugget Bowling Center will be taken over by supporters of America’s heroes during the Wounded Warriors Bowl-A-Thon and event organizer Denise Flanagan is excited to announce the addition of an extraordinarily generous donation to the cause.

Here are the plans for Front Sight firearms facility

When Front Sight Firearms Training Institute filed for bankruptcy in May, many feared that would mark the end for the nation’s largest firearms training center. But the site is expected to be revived under new ownership.

Nye County tribe faced voting barriers this election

The Yomba Shoshone Tribe had difficulty getting an in-person polling location for the 2022 midterms. Tribes across Nevada and Indian Country face barriers in accessing the voting booth.

Bowl-A-Thon to benefit Wounded Warriors

Hosted by local veteran Denise Flanagan, all of the money raised at the Bowl-A-Thon will be donated to Wounded Warrior Project, an organization that supports veterans.