Michigan’s small business community is entering 2025 with some optimism, according to the Detroit Regional Chamber’s January Small Business Outlook report. The survey found that 67% of small business owners expect higher profits in the year ahead and 66% predict an increase in sales. 

However, challenges such as workforce shortages and rising costs are also on small business owners’ minds. 

For African American business owners, the outlook is more complex. There has been a trend of corporations pulling back on diversity, equity, and inclusion (DEI) initiatives, which could create additional barriers for minority-owned businesses seeking partnerships and opportunities.

Host Stephen Henderson examines this year’s outlook for small businesses with Mark S. Lee, President and CEO of The LEE Group. They talk about the trends, challenges and opportunities for small business owners in 2025. Plus, Lee highlights several areas that might impact entrepreneurs, including a new presidential administration, inflation and access to capital.