Small business owners are often seen as a bellwether given how acutely they feel changes in policy, and understanding their concerns around inflation and the cost of doing business can shine a light on how voters will respond in November. Many states and cities have recently raised or are in the process of raising their minimum wage, with some setting higher requirements than the federal minimum wage to match the local cost of living. New data from the Q1 2024 Small Business Survey shows that the majority (61%) of small business owners support raising the minimum wage in their state, even though half (50%) believe it could make it difficult to afford the workers critical to their businesses. The survey, fielded among more than 3,000 self-identified small business owners in the U.S. from January 22 to February 1, 2024, highlights an interesting paradox, with small business owners expressing both support and concern over an increase in the minimum wage.