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Running a small business is never easy, especially during times of inflation. By 2023, the average Inflation was 4.1%.The survey found that 35% of small businesses reported making cuts to staff as a result of rising costs. investigation The survey of 1,000 small business owners was conducted by OnePoll on behalf of Melio.
Beginning in 2024, 22 states and 38 counties and cities will raise their minimum wages, affecting 10 million workers across the country. American Institute for Economic Research — and the many small businesses that employ them.
Related: New survey finds that here’s what millions of small businesses have in common
Where do small business owners have to pay their employees the most? Small Business Lending Companies On Deck We decided to look more into this by analyzing U.S. Census Bureau data on businesses with fewer than 500 employees.
According to the survey, Massachusetts, California and New York were the top three states where small business owners were expected to pay their employees the highest salaries, with average annual salaries of $72,151, $67,237 and $66,924, respectively.
Meanwhile, the data shows that small business owners pay their employees the lowest average annual salary in Mississippi, at $39,310.
RELATED: Survey asks small business owners what they really care about in the 2024 election — and the results were surprising
To see the full rankings compiled from OnDeck’s research, check out the infographic below.
Images/Photos: OnDeck
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