Infographic: How Do Small Business Owners Feel About Minimum Wage Increases?

May 9, 2023

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SCORE and OnDeck surveyed small business owners across America on their thoughts about minimum wage changes.

Survey results were collected from 897 small business owner respondents via email in November 2019.

43% of business owners support a minimum wage increase

“Increasing minimum wage would increase buying power for many and give considerable boost to the economy.”

“I feel if the minimum wage was more than it is now then people could afford to buy more, and if people were able to afford more then it would pass on to all or most businesses.”

39% do NOT support a wage hike

“Payroll is the biggest expense, when wages go up, so do taxes on those wages, so a minimum wage increase is a tax increase and a cost of living increase for all consumers.”

“The market should dictate wages not the government.”

18% are not sure if they would support a higher minimum wage.

Is the current minimum wage in your state:

Too high: 16%
About right: 40%
Too low: 44%

16% of owners think a minimum wage increase would POSITIVELY affect their business, but 55% feel raising rates would hurt their business.

Do you believe the minimum wage in your state is a "living wage"?

Yes: 11%
No: 73%
Not sure: 16%

73% of owners do not believe the minimum wage is a “living wage.”

Some think it should be…

“Every employee should be able to meet his fundamental needs: paying his/her rent, transportation to go work, health insurance. The wealthiest country in the world should not tolerate poverty, and should put in place policies to improve people's lives.”

…but some think the minimum wage should NOT be a living wage.

“Minimum wage was never intended to provide for a family…It still serves a purpose for entry-level jobs for high school students or for tasks that don’t require additional skills or training.”

If the minimum wage in your state increased:

Would you raise other employee wages proportionately?

Yes: 37%
No: 34%
Not sure: 30%

Will you have to cut back on investments in your business?

Yes: 44%
No: 33%
Not sure: 23%

Download the infographic for more statistics.

Learn how OnDeck can help your small business.

Infographic designed by Easel.ly.

Infographic: How Do Small Business Owners Feel About Minimum Wage Increases?

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