Small Business is our Business

Every five years the U.S. Census conducts a Survey of Business Owners as part the economic census.  This 2012 survey collected data from 1.75 million businesses . Results have finally been released.  Some highlights from this survey include—-

*There are 9.9 million women-owned businesses nationally in 2012— up 26.8% from 2007.

*There are 3.3 million Hispanic-owned firms–up 46.3% from 2007.

*There are 1.9 million Asian-owned firms—–up 23.8% from 2007.

*There are 2.5 million  veteran-owned  firms—- up 3.0% from 2007.

*There are 2.6 million black owned firms—–up 34.5% from 2007.

 

The overwhelming majority of  small business owners think the benefits associated with running their own business surpass the challenges they experience.  Why?

*It has improved their financial well being  (73%)

*It doesn’t feel like a job (55%)

*It provides financial peace of mind  (52%)

*They like “being the boss”  (41%)

Source: Bank of the West Survey  of 500 small business owners in operation for five years or more.

Twenty-six percent of new business startups are older Americans aged 55-64.  The Kaufman Index of Entrepreneurial Activity has seen this percentage continually rise . In fact, these older Americans start new businesses  at a higher rate than those in their 20’s and 30’s.  This has been the case every year since 1996.  Possible explanations for this include—-

*Senior entrepreneurs are less likely to worry about experience, risks or     family life

*Despite the economic downturn of late, seniors are more financially secure with a variety of income sources—-retirement savings, pensions, social security.

*With greater work experience, senior entrepreneurs are more confident about their abilities.

Source:  Ewing Marion Kaufman Foundation.

A survey commissioned by Bank West of 500 small business owners who have been in business for five years or more offered these insights concerning small business ownership—–

*31% said to separate business finances from personal finances

*27% said to maintain a healthy cash reserve

*22% said manage cash flow

*17% said create  a budget and stick to it

Once again New York State ranks at the bottom of the barrel for a VERY unfriendly tax climate for business.     Only New Jersey is worse. Annually the Tax Foundation publishes its survey evaluating the business climate  of the fifty states and  New York always  ranks very low. A quick look where the State stands—–

Corporate Tax                           12th

State Tax                                    42nd

Property Tax                             47th

Personal Income Tax              49th

Overall Tax Burden                 49th

Data from the National Financial Capability Study reveals two-thirds of millennials (aged 23-35 in 2012) have at least one source of long term debt—student loans, home mortgages, or  car payments.  Thirty percent (30%) have more than one of these obligations.   Their debt does not stop there.   For millennials short term debt is also a burden. Over fifty percent  (50%) carry a credit card balance while 22% have been hit with late fees and 13% have been charged with over-the-limit fees. In addition bank overdrafts are prevalent  (29%) and almost one in four (22%) of retirement account owners took hardship withdrawals in the last twelve months prior to the survey.    Quite simply this generation owes a lot and could certainly use a bit of financial counseling.

B-TO-B marketers are using mobile marketing to connect with customers and to raise brand awareness. A survey in June  2015 found companies are using mobile to——–

*Increase brand awareness               67%

*Increase customer engagement       62%

*Increase customer retention             48%

*Increase sales revenue                     48%

*Increase traffic                                  48%

*Nuture & engage with prospects       33%

Source:   Regalix, State of B2B Mobile Marketing 2015.

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