Small Business is our Business

Archive for November, 2012

WHERE DO SMALL BUSINESS OWNERS GO FOR FINANCIAL ADVICE?

Accountant/Bookkeeper                     74%

Financial Advisor                                 68%

Other Small Business Owners           65%

Family/Friends                                    58%

Banker                                                   49%

Online                                                   42%

Lawyer                                                  42%

Nationally Recognized Expert         29%

Local Nonprofit/Governmental      26%

Source:     Bank of America Small Business Owner Report, 2012

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THE 10 MOST ENTREPRENEURIAL STATES

Starting a new business is tough in any economic environment.  According to the latest 2012 Kauffman Index of Entrepreneurial Activity, these ten states saw the greatest start-up activity.

#1.  Arizona          Low business & property taxes, and a highly educated workforce.

#2.  Texas              No personal or corporate taxs with reasonable labor and housing costs

#3.  California      A surprise, but start-ups are attracted

#4.  Colorado        Business owners are welcomed with state funded programs for entrepreneurs and small business owners

#5.  Alaska            No state income tax and no sales tax. The best business start-ups are restaurants and seasonal boutiques catering to tourists

#6.  Missouri        Low taxes and cheap electricity

#7. Nevada            No business income tax, no estate or franchise tax.  Low income taxes

#8.  Vermont        An extensive venture capital network for start-ups.  A highly skilled workforce

#9.  Idaho              Overall low-cost of living and low electricity costs

#10.  Florida         Small businesses make up 75% of state’s GDP.  No personal income tax.  Relaxed regulatory restriction  and reduced  business taxes

PROFILE OF A SMALL BUSINESS OWNER

There is no “one path” to small business ownership.  The reason for starting a business is as varied as the entrepreneurs themselves. Bank of  America’s 2012 Small Business Owner Report reveals the following reasons—–

* Desire for independence (I want to be my own boss)                       30%

*Trade expert   (I want to become an expert in my field)                   19%

*Generational  ( I inherited the family business)                                 16%

*Career changer   (I wanted to try something different)                     15%

*Necessity ( I lost my job)                                                                           9%

*Serial entrepreneur ( I start and purchase businesses regularly)      9%

Younger business owners aged 25-34 are mostly business   owners out of necessity (9%) or have inherited the family business(16%).   For those aged 45-65 the reasons for starting a business are independence and  trade expertise.

 

 

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