Small Business is our Business

A recent survey conducted by BMO Harris Bank of 601 business owners found these traits most desirable for small business owners to succeed—–

*Thinking outside the box              26%

*Calm under pressure                   14%

*Able to bounce back                     12%

*Obsessed with details                   11%

*Workaholic                                    10%

Showrooming, a behavior where consumers check online prices when in a retail store, is not a threat to stone and mortar retailers as once believed.  Although one-third of shoppers with mobile devices have checked prices and read reviews online, 25% have purchased the item in the store anyway. Who are these showroomers?  The typical showroomer is a young, affluent, urban male who will check reviews using his IPhone and then proceed to purchase the item in the store.  The least affluent  shoppers are the MOST likely to to purchase from an online retailer.

Source:   SeeWhy Conversion survey of 60,000 U.S. consumers

*What types of financing has your business used in the past 12 months to meet your company’s needs?

*Earnings of the business                                  32%

*Credit Cards                                           30%

*Used No Financing                              28%

*Large bank loan                                       19%

*Community bank loan                          19%

*Private loan(family/friends)            17%

*Vendor credit                                            15%

*SBA loan                                                       4%

*Credit Union loan                                      2%

*Crowdfunding                                             1%

Source:   Online survey by the National Small Business Association conducted in August 2014 of 1,252 small business owners.

 

More Americans are starting businesses later in life.  Almost one-quarter  (23.6%) of new businesses were started by entrepreneurs ages 55-64 in 2013, an increase from 14% in 1996.  This is the latest data from the Kauffman Index of Entrepreneurial Activity.  For many of these older Americans, it is a way to strengthen their financial security and a way to stay active and employed.  A survey conducted by the Employee Benefit Research Institute finds  65% of boomer plan to work in retirement.  Reason cited for continuation in the workplace include:  need/want income (62%), stay involved (18%) , and really like what they do (16%).

 

The 2015 Long Island Economic Survey & Opinion Poll finds business leaders cautiously  optimistic . Although fifty-six percent ( 56%)  report business is better than or at least the same as last year,  forty-four percent (44%) find their current business situation worse.  Looking ahead , sixty-three percent (63%) project an increase in revenue for 2015.  An overwhelming ninety-two percent (92%) say employee size will remain the same.  The health care industry is thought to have the greatest growth potential in the coming year (47%) while technology is a distant second (28%).  The survey was conducted in November 2014

Americans are ATTACHED to technology.  Forget about quality time with family and friends. A survey conducted in November 2014 by Keurig 2.0 Coffee, a leader in specialty coffee, coffee makers and  teas found—-

*38% will often take a call from someone else while spending time with a loved one

*33% will interrupt an in-person conversation to check email

*30% will interrupt  an in-person conversation to text someone

27% will interrupt an in-person conversation to check their social media accounts

 

The results of the 2015 State Business Tax Climate Index conducted by the Tax Foundation are out.   No surprise New York ranks 49 . At least we are not the worst state to do business in.  That honor goes to New Jersey (Number 50). This annual survey covers corporate tax, individual income tax, sales tax, unemployment insurance tax, and property tax.  So who are the 10 best states to do  business in?

Number 1   Wyoming

2                    South Dakota

3                     Nevada

4                      Alaska

5                     Florida

6                     Montana

7                      New Hampshire

8                      Indiana

9                      Utah

10                    Texas

The purpose of this  annual index is to help business leaders, state policymakers, and taxpayers compare their states’ tax systems to others. New York has been on the bottom of the pile for years.

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