Trend Report: Young Entrepreneurs on the Rise
Filed Under: Trend Report
Tags: Entrepreneur, Small Business, Trend Report
Check out these statistics reported on Fox News about young entrepeneurs being on the increase.
1. Labor department statistic says unemployment rates have doubled among college graduates.
2. Job offers to college graduates have dropped 20% from 2008 to 2009.
3. More college grads are going into business for themselves and are willing to take the risks of business ownership.
4. College kids are changing the way they get jobs by creating their own businesses.
5. Entrepeneurship among college graduates of all ages is at a 15 year high, they are going into business for themselves.
6. Current unemployment with college graduates is at 4.3%, current National unemployment rate is 8.9%.
7. 26% of new businesses are created by people 20-34 years of age.
8. Small business is the backbone of America and the younger generations are the future.
How to Make a Small Business Seem Bigger
Filed Under: Articles of Interest
Tags: Articles of Interest, Small Business
You know what they always say…fake it till you make it! Check out this article from The New York Times regarding how to make a small business seem bigger. There are some great resources and tools in this article. Below is an excerpt:
People who run a business alone often want it to appear bigger than it really is — as if it has teams of employees and unlimited resources. This is now more possible than ever thanks to some tools that so-called solopreneurs and other small businesses have at their disposal, giving them the reach and capabilities of far bigger companies.
Last year, Logan Hale, founder of YourLittleFilm, which is based in suburban Los Angeles and creates custom short films, was a sponsor of the children’s dance tour Baby Loves Disco, staffing a booth at a series of Southern California events. The promotion was so successful that he wound up with 400 leads — and a problem. “I don’t have time for that kind of follow-up,” he said. Instead, Mr. Hale used Batchbook, customer relationship management software for small business. Although he had to enter the leads, Batchbook integrated with MailChimp, a Web-based e-mail marketing platform that automatically generated and sent a follow-up e-mail to every lead. Batchbook then kept track of the responses. “I had a 10 percent response rate, which is great for e-mail,” said Mr. Hale. “From those, I’ve already had six jobs.”
Although technology like that can be a game-changer, David S. Garland, a business owner who is author of “Smarter, Faster, Cheaper” (Wiley, 2010), cautions it can also become overwhelming. Tools, he said, should be “simple, functional and really help the business.” Here are some of the tools and strategies he, Mr. Hale and others use to emulate — and compete against — much bigger companies.
To read the full article click HERE.
Senate Passes Repeal of 1099 Reporting Rule for Small Businesses
Filed Under: Articles of Interest
Tags: Articles of Interest, News, Small Business, Taxes
On Tuesday April 5, 2011 the Senate voted overwhelmingly to repeal a provision of last year’s health care act that would have required small businesses to submit a Form 1099 for every vendor that received payments of $600 or more a year. Democrats and Republicans agreed that the new reporting requirement would be too expensive and time-consuming, and the repeal passed by a vote of 87-12.
Click HERE to read an article from The Wall Street Journal with further details on this topic.
Update on 1099 Tax Reporting Law Status
Filed Under: Articles of Interest
Tags: News, Small Business, Taxes
Small businesses around the country have been worried about the massive paperwork burden included within the Healthcare bill passed last year. The new law, which takes effect January 1, 2012, requires them to provide 1099 forms to every person or business with which they spend $600 or more each year. (For more information on this see our previous blog post: http://blog.delawareinc.com/2010/05/new-tax-law-affects-small-businesses/ )
Lawmakers have been debating for months over how to deal with the 1099 provision, named for the IRS form that it requires. On February 2nd, small business cheered as a successful bi-partisan vote in the U.S. Senate took place to repeal the 1099 requirement. In the January 25th State of the Union address the President called the reporting rules a “flaw” in the Healthcare Law.
The House of Representatives is working on this and now has two bills passed by the Ways and Means Committee to be considered by the chamber as a whole, and is expected to pass with flying colors.
When and if the 1099 provision is repealed, small business will be greatly relieved, as the law could have burdened small owners with unnecessary paperwork which is involved in complying. Smalls business across the nation are optimistic about the repealing of this legislation, we will keep you posted!
New Hope for Small Businesses
Filed Under: Articles of Interest
Tags: Articles of Interest, Small Business
The government has recently put some policies in place that can be of help to the small business owner. Along with a new tax credit for healthcare costs, there is also more money available to help businesses secure financing. There is an extra $13 million in loan guarantee money that businesses could potentially have access to. That money could translate into $131 million in new lending. In addition to those benefits, the Small Business Association also implemented higher maximum loan sizes. These were all made possible by the Small Business Jobs Act.
The Small Business Jobs Act was signed into law last year. The Jobs Act among other things gives lenders incentive to loan money to small businesses by offering peace of mind that the loan will be repaid. The Jobs Act also includes eight new small business tax cuts that will hopefully offer incentive for business growth and new investments.
Small Business Association Administrator Karen Mills had this to say about the Jobs Bill, “Today’s vote by the House to send the Small Business Jobs and Credit Act to the President for his signature is a key step forward in making sure small businesses have the resources they need to do what they do best – create jobs and drive economic growth. This bill includes billions in tax cuts specifically targeted to small businesses so they can put more of their own resources into growing their business. At the same time, this bill ensures those very businesses have access to the capital they need by extending SBA’s successful recovery loan enhancements and putting local, community banks in a position to be a real partner for small businesses and entrepreneurs. This bill is the right step forward for our nation’s small businesses and our economy.”
In a time where many businesses are struggling, the Small Business Jobs Act is right on-time. There are many business owners who with a little more credit could grow their business to the next level. The goal is to create jobs, and add to productivity. “Additionally, temporarily increasing the cap on SBA Express loans from $350,000 to $1 million will allow more small businesses to take advantage of the streamlined approval process for working lines of credit and other capital they need,” Mills said.
To read more about this, and other benefits to the small business owner visit the Small Business Association’s site HERE.
