The United States Unemployment Rate

The Bureau of Labor Statistics’ website gives you a clear idea of the United States unemployment rate in this country.  Certainly, it is the lowest unemployment rate for the last ten years in the United States and many economists predict the economy still has room to grow.

So, if employment is not an issue for many workers, what are some of the perks you can offer to attract and keep quality employees for your business?

Businesses across the globe understand that employees can make or break a business, which one do you want to be? What are some of the benefits you can include in hiring an employee for your business?

To read more about this and other stories, follow the links below.


The Smaller the Small Business, the Bigger the Insurance Discontent: J.D. Power

Not all small businesses are the same when it comes to customer satisfaction with their commercial insurance. There are actually widening satisfaction gaps among small businesses of different sizes, according to the J.D. Power 2017 U.S. Small Commercial Insurance Study.

The study found that the gaps in overall satisfaction among micro- (fewer than five employees) or smaller-size (five-10 employees) small businesses and larger-size (11-50) small businesses have never been wider. While there has been significant year-over-year improvement in overall satisfaction among customers in the larger-size group, there have been sharp declines in satisfaction among customers in both smaller-size groups.

“The small business market has been the best growth area for property and casualty insurance carriers in a stagnant, soft cycle marketplace,” said Greg Hoeg, vice president of U.S. insurance operations at J.D. Power. “Our data shows that the small commercial market is still ripe for competition. While looking at the small business market in aggregate shows relatively steady levels of customer satisfaction year over year, the serious gap between very small businesses and larger small businesses could present an opportunity for those carriers that get the small business formula just right.”


What Kind Of Small Business Employees Do You Need To Grow Your Company?

Many small businesses benefit from hiring employees. At some point, you may decide that you need more hands on deck at your company. When that time comes, you might not know where to start. You want individuals who will make a difference in business operations. What kind of small business employees do you need to grow your company?

Knowing what to look for in a candidate is not as easy as it might seem. After 30 years in entrepreneurship, I’ll be the first to admit that looking for employees to hire can be tough. When hiring an employee, you need to know what characteristics to look for.

What Kind Of Small Business Employees Do You Need To Grow Your Company?

There are many different types of employees in a business. Companies have leaders, followers, go-getters, and employees who do the bare minimum.

You will have employees who struggle from time-to-time or lose motivation. Highs and lows are inevitable in life. But with the right attributes, your employees will use their skills to grow your company.

Whether you’re hiring your first employee or ready to give a pep talk to your current workforce, consider the following characteristics.


 

Ohio Small Business News

For small business owners, tax breaks come as a way to help them stay afloat, and in some other  circumstances to use that money to invest it in their business. 

With Ohio’s legislative leaders appointing a panel to take a serious look into the state’s tax breaks, we wonder whether they will look into the tax breaks granted to special interest groups only, or whether this action will cause the small business owner to be left out.

For more about this and other topics, follow the links below.


Small Business Cybersecurity Insurance Is Vital, House Panel Told

The nascent cybersecurity insurance market can play an important role for smaller businesses, which remain a prime target for hackers and cybercriminals, witnesses and congressmen said at a House Small Business Committee hearing July 26.

Larger corporations have already begun to learn to shift and mitigate cybersecurity risks through insurance, but smaller companies need to get on board, they said. Companies should also follow federal cybersecurity guidance and understand that they must control cybersecurity risks when acting as third-party vendors to larger companies, witnesses said.

Large-scale cyberattacks, such as Petya and WannaCry, made larger companies take note of the need for insurance, witnesses and lawmakers said at the hearing.


Home is where the heart is

There’s no place like home.

That’s the theme of this piece on VentureBeat.com written by Cleveland native Robert Hatta, a partner at Columbus-based VC firm Drive Capital. The headline: “Why Midwesterners leave Silicon Valley and go home for better opportunities.”

He begins with a focus on Travis McCleery, who earlier this year left Netflix, where he led interactive product design, to move back to Columbus to lead product design for Root, an insurance company that uses data collected from drivers’ smartphones to more fairly price and sell auto insurance.

From the piece:

When Root first contacted him, he was skeptical. He left Columbus for a reason, after all. “In Silicon Valley, everyone is trying to invent the future – it’s in the DNA,” he told me “You’re surrounded with all of these brilliant, driven people. It’s hard to resist the call. I just couldn’t find that here in Columbus a few years ago.”

His first questions were about the quality of the team and the size of its ambition, and what he learned convinced him that it was time to return. “Here’s this super-scrappy, talented team trying to completely disrupt the $200 billion auto insurance industry. And they weren’t messing around. They had built an impressive technology platform in a short time.” So he moved his young family back to Columbus.


Editorial: Time to look at those tax breaks

Ohio’s legislative leaders have finally appointed members to a special panel that is supposed to take a critical look at the many state tax breaks granted to special interests. That would be a lot more encouraging if they hadn’t so obviously been avoiding it.

Ohio’s legislative leaders have finally appointed members to a special panel that is supposed to take a critical look at the many state tax breaks granted to special interests. That would be a lot more encouraging if they hadn’t so obviously been avoiding it.

Ohio’s tax credits, deductions and exemptions divert about $9 billion from the treasury every year. Some no doubt serve a worthy purpose, but just as surely many others are unjustified giveaways to powerful interest groups or well-meant ideas that don’t actually work.


Small Business and The Senate’s Health Care Bill

As a small business owner, do you offer health insurance to your employees?  Many businesses do not offer health insurance for their employees, and small business owners specially feel the pinch when offering health care coverage to them.  The Senate Health Care  Bill-if it passes-would alleviate some of the burden these small businesses feel, keeping in mind though that some other people would have to pick up the tab for it.

For more about this and other news, follow the links below.


Senate’s Health Bill Would Make Life Easier For Some Small Businesses

Some small-business owners burdened with high health care costs would get a break via an obscure provision in the health bill proposed by the GOP Senate. The provision would offer less regulation, more bargaining power and better prices.

But those benefits could come at a cost to others.

The clause, included in the proposal advanced by Senate Majority Leader Mitch McConnell, R-Ky., last month, would exempt insurance policies sold through “associations” from most Affordable Care Act mandates and state regulations. To be able to offer these plans to their employees, small businesses join an association, which may be loosely based on certain types of professional, trade or interest groups that offers insurance to members.


New Senate Healthcare Bill Slams Small Business Owners And Savers

Senate Republicans today released version 2.0 of their Obamacare “repeal and replace” bill, the Better Care Reconciliation Act (BCRA).

This version of BCRA is a major lurch to the Left from the original BCRA and conservatives supporting this process have some things to think about.

A Tax Hike on Small Businesses and Savers

The major departure from the original BCRA is that v2.0 fails to repeal the 3.8 percentage point Obamacare surtax on capital gains, dividends, and other savings (the “net investment income tax,” or NIIT). It also fails to repeal the 3.8 percentage point tax bracket for the self-employment tax and the payroll tax ostensibly earmarked for Medicare

In failing to do so, v2.0 of BCRA raises taxes by over $230 billion over a decade relative to v1.0 of BCRA.


US small-business optimism dips in June, remains near high

A gauge of U.S. small-business confidence fell in June as business owners expressed frustration over gridlock in Washington, according to a National Federation of Independent Business report released on Tuesday.

The group’s Index of Small Business Optimism fell to 103.6 last month from 104.5 in May, although it remains near its highest level in more than a decade. The index surged following the election of Donald Trump as U.S. president last November, and in January hit its highest level since December 2004.

The rise was largely attributed to business owners’ optimism surrounding Trump’s promises of deregulation, tax breaks and infrastructure spending.

But Congress’ inability to deliver on those promises has muted confidence as business operators grow wary of political infighting over the health-care reform legislation, and prospects for tax reform are uncertain.


 

Taking Your Business To A Better Place

After a holiday break or vacation break, we do come back to our business ready and inspired to do better.  We look for ways to improve, and we try to make less mistakes.  Not always, but a break from any business is a good motivator to come back stronger.  As you look into your business, can you see what things to improve and what things to let go? Are you inspired to try something new? 

Read more business news by following the links below.


U.S. factory orders fall; core capital goods orders revised up

WASHINGTON, (Reuters) – New orders for U.S.-made goods fell more than expected in May, but orders for capital equipment were a bit stronger than previously reported, suggesting the manufacturing sector remained on a moderate growth path.

Factory goods orders dropped 0.8 percent, the Commerce Department said on Wednesday after a revised 0.3 percent decline in April. It was the second straight monthly decrease in orders.

Economists polled by Reuters had forecast factory orders falling 0.5 percent in May after a previously reported 0.2 percent drop in April.

Factory orders were up 4.8 percent from a year ago.

Manufacturing, which accounts for about 12 percent of the U.S. economy, is losing momentum after gaining steam since mid-2016 amid a recovery in the energy sector that led to demand for oil and gas drilling equipment.


How to take your business from small to big

Q:  I have owned two small businesses and am ready tostart another. I am wondering about growth. My businesses have always stayed fairly small. This time, I want to create something that can scale big. But how? So far, it’s not in my wheelhouse. — Manuel

A: In my book The Big Idea, I looked at people who had unique ideas for businesses and examined how they took that nugget and turned it into a brand  —  things like the Xerox machine, Velcro, Kitty Litter,the cell phone.

While that book looked at breakthrough, innovative products, the idea here is the same, namely, how do you create growth?

Let’s note up front that luck plays a factor, just as it does in life.

When George de Mestral went for a walk one day, he never expected that he would end up with burrs in his sock. But as luck would have it, he did, and decided to look at them under the new microscope he (luckily) had recently purchased.


Ask Doug & Polly: What causes most small businesses to fail?

QUESTION:  What most often causes small businesses to fail?

ANSWER: We’ve heard a lot of people say that the inability to get funding is the thing that causes small businesses to fail.

On the one hand, this may be true. If small businesses had access to an unlimited source of funds, they would never fail.

These businesses also might never make a profit, but as long as they could continue to go back to the well for more funding, they could stay afloat.

We would argue that failure to obtain funding is usually a symptom of a more fundamental problem, but not in and of itself the cause of business failure.

The more fundamental problem is that the business owner has not adequately answered the first question that every business must answer: Why should a prospective customer buy my product or service rather than a competitor’s?


 

Ohio Business Tax Cut and Medicaid Freeze

If you haven’t heard the latest news about Ohio’s Business Tax cut, then here we have them for you. How about the Repeal of Obamacare? We have an article for you as well.  But if you are a small business owner, and make more than $250,000, then the business tax cut may benefit you and you would like to continue like that.  But, if you are dealing with other issues, like when to open a second location for your shop, we have those articles for you too. Read more about these issues by clicking the links below.


Ohio budget panel votes for Medicaid freeze

House, Senate still must approve

COLUMBUS — Republicans generally were not happy when Gov. John Kasich did a run around them four years ago to use a budgetary panel to draw down billions in federal funds to partner with Obamacare to expand Medicaid.

While they quietly appropriated the money to keep the program running in the current two-year budget that will expire Friday, they’re not being quiet anymore.

A House-Senate budget conference committee on Tuesday voted 4-2 along party lines to keep a Senate-passed provision requiring the state to ask for federal approval to freeze enrollment in the program beginning on July 1, 2018.

That provision might force Mr. Kasich to again thwart his fellow Republicans by exercising his line-item veto authority.

Those already in the program would continue to receive coverage. But after that date, the program could not accept new enrollees and would not allow those who were previously on the program but dropped off because of a short-term change in their eligibility status to re-enroll.


New analysis says much of Ohio’s business tax cut goes to the rich

When talking about Ohio’s controversial business tax deduction, Republicans often paint the picture of hard-working, small-business, mom-and-pop-type operations.

“The people I see benefiting from this in my hometown own small restaurants downtown, coffee shops, florists, dry cleaners, folks like that,” Sen. Matt Huffman, R-Lima, told his colleagues Wednesday night.

Senate Finance Committee Chairman Scott Oelslager, R-Canton, added: “They go to work every day, turn on a light in their stores, factories and farms and hope somebody comes in and buys their product. We have lifted the spirits of these people.”

But a new analysis by the Ohio Legislative Service Commission indicates that as much as $450 million a year of those business tax cuts are benefiting a wealthy slice of wage earners who represent only 0.5 percent of the state workforce and just 5 percent of those claiming the deduction.


When To Open A Second Location To Grow Your Small Business

“When you are completely booked solid, you have only two options: raise your rates or expand (or both!)” says Rachel Beider, licensed massage therapist and owner of Massage Williamsburg, in Brooklyn, NY. Beider’s solution to growing a small business was to add a second location in Brooklyn, named Massage Greenpoint.

“After raising our prices, we still had long waitlists of clients,” she explains, “and I knew that many were coming from the neighborhood just north of ours.” So Beider found real estate a little farther north from her original studio and opened her doors. Massage Greenpoint has been open now for six months and is continuing to grow. “It is the best investment that I’ve made,” she says.

Many business owners question whether it’s time to open another location, wondering if they’re creating new opportunities or spreading themselves too thin. While you can never know for certain before taking the leap, these entrepreneurs found that certain conditions were signs that the timing could be right.


 

Do You Know How Your Small Business Is Doing?

Some of the least enjoyable tasks a small business owner must do is managing their books or creating financial reports.  These chores can also be detrimental to the health of any business if they are not done properly or not done frequently enough.  With all the other tasks small business owners do on a daily basis, accounting should probably not be one of them.  There are too many pitfalls for a small business owner to perform their own accounting, and can prove to be financially irresponsible not to have an accountant  do them for them.

For more about this and other topics, follow the links below.


Survey: small business owners remain optimistic about growth

Small business owners are largely optimistic about their ability to grow business and raise revenue in the year ahead, mirroring Wall Street’s sanguine outlook, according to a new index survey released Wednesday.

The MetLife & U.S. Chamber of Commerce Small Business Index produced a score of 60.6. That means 60.6% of small business owners currently have “a positive outlook for their company and the environment in which they operate,” according to a statement from the insurance company and the business advocacy group, which plan to update the index every quarter. The survey was based on telephone interviews with 1,000 small business owners and operators.

A similar percentage of respondents, 60%, expect revenue to rise in the year ahead, compared to 9% who forecast a revenue decline. But they weren’t as eager about boosting their payrolls. About a third of them said they plan to hire more employees, while a majority said they’ll retain their current staffing levels.


Small business owner: Here’s how not to be a starving artist

You live for your art. Every day, you paint or compose music or write short stories or make beautiful hand-crafted objects. But every day, you also need to eat.

If you aren’t  engaging in your art just for pleasure, you’re not only an artist, you’re a small business owner. And if so, it’s all the more important that you realize that starving artists don’t actually last very long.

Here’s a dirty little secret of successful artists: You have to plan on how to make money. Many creative types believe (wrongfully) that if they just pursue their art, the world will discover them, and they’ll become rich, or at least they won’t starve. If only that were true.

Whether you work for yourself or are hired by other companies, especially as a freelancer, here are five tricks to be smart about your art.


Voices 3 key small business questions CPAs must be able to answer

Probably the number one question most clients want to know from their tax professional is, “How much do I owe?” But that’s just the beginning for many small business clients who want their accounting professional’s advice on a variety of business-related questions.

Being able to answer these key questions can help you build a richer relationship that can lead to higher client satisfaction, retention and referrals.

1. How is my business really doing?

Owning a small business can be a lonely proposition; entrepreneurs often feel that nobody really understands their business and the challenges it faces. Their accounting professional often comes the closest, and is someone who can provide real insights.

“I love asking my accounting firm what their thoughts are on my financials,” said Allen Walton, founder of SpyGuySecurity.com. He’s built a multi-million-dollar company in just three years, and worked with a bookkeeper from the beginning, but just hired a CPA last year. With such fast growth, he wants to know whether his business looks healthy and whether there are any areas of concern.


 

Small Business Lending

Looking for a new small business loan?  How about Free business tools for your business?

According to new reports, the loan approval rate has increased this last past month to an all time high.  Which means, it’s a good time for you to apply for that new business loan you were hoping to get. 

Looking for new ways to grow your business?  There are twenty business tools for free you should be using if you want to grow your business.  From shopping carts to accounting apps, these free business tools can make your business a bit less difficult.

To read more, follow the links below.


Small Business Lending at Big Banks is On the Rebound, Says Biz2Credit

Loan approval rates at big banks rebounded after a setback month, the latest Biz2Credit Small Business Lending Index has revealed.

Biz2Credit Lending Index April 2017

Big Banks, Small Banks and Institutional Lenders Give Businesses a Reason to Cheer

According to the newly published report, loan approval rates at big banks grew by two-tenths of a percent to a new all-time index high of 24.3 percent. This marked recovery from last month’s stagnant percentage, which ended a seven-month streak of increases.

Rohit Arora, Biz2Credit CEO said, “Recent interest rate hikes and the Fed’s announcement that it will start unwinding the $4.5 trillion in bonds on its balance sheets signals a strong economy. Since most small business loans are tied to U.S. prime interest rates, there will be more incentives for banks to approve loan requests as lending in this sector will be more profitable.”


Billionaire Richard Branson reveals his best tips for making great business decisions

If Richard Branson is your dream mentor, you’re in luck — the billionaire entrepreneur just revealed some of his best tips for making business decisions.

Everyone knows how important first impressions are when meeting someone — in fact the subconscious decisions people make within a tenth of a second are so strong that often contradictory facts can’t change them. But you have to fight the urge to rely first impressions when it comes to business decisions, says Branson. “You mustn’t allow that first reaction to influence your ability to objectively weigh the cons as well as all the pros when they are presented,” he advises.

Branson also suggests uncovering an idea or project’s “hidden warts.” They’re there, he assures, because nothing is perfect. You want to know about them early in the decision-making process while you still have the time and ability to deal with the issues. According to Branson, more learning is almost always better, just don’t get into “‘paralysis by analysis’ mode,” he says. At some point you have to decide, “screw it, let’s do it,” as he’s famous for saying.


20 Free Tools Your Small Business Should Be Using Today

Software doesn’t have to be expensive for small to midsize businesses. To help you celebrate National Small Business Week, here are 20 free tools to get your SMB up and running.

Although your small business needs a healthy amount of software to conduct operations, it’s not necessary for you to spend a fortune on web-based products. In our comprehensive testing of business and consumer software, we’ve come across dozens of incredible and free solutions that can help you get the job done. We’ve tested free tools in almost all facets of business — from email marketing to endpoint protection to project management.

To help you celebrate National Small Business Week this week, we’ve compiled this list of 20 free tools that your small business should be using. Fortunately for you, all of the software listed below offer premium versions to which you can upgrade once your business grows. So don’t shy away from the products on this list under the false assumption that you will eventually scale out of this category.


 

Best Cities For Small Businesses. Where Are They?

Even though the number of added jobs for the first quarter of 2017 was not what analysts were expecting, the fact that businesses — if not hiring yet-are compensating employees with higher wages or other type of incentives is good for the economy.

The optimism small business owners indicated were feeling at the beginning of this administration, has not translated completely to added jobs.  When the second quarter arrives, we hope to have a clearer view of added jobs that will boost the optimism of the small business owner for 2017.

To read more about this and other topics, follow the links below.


The best city for small business in America is not in Silicon Valley

New York City surpassed Silicon Valley to become the top city for small business, according to Biz2Credit’s annual study of the Top Small Business Cities in America. New York’s growth has been fueled by the booming real estate market and the construction industry, banking and finance (including fintech), and the city’s thriving technology sector.

New York City overtook last year’s small-business city leader, San Jose, the hub of Silicon Valley, which dropped to the No. 4 spot on the list. Technology companies in Silicon Valley are still thriving, but it’s the supplementary companies that are faced with challenges of growing. The skyrocketing cost of living in Silicon Valley impedes the profits of many firms. Commercial rents, housing and labor costs weigh down non-tech businesses dramatically. Furthermore, taxes are higher in California, in general. Lacking that economic balance in the area has prevented San Jose from reigning as the leader in top small-business cities this year.


Small businesses hired fewer workers in April but gave their employees raises, Paychex survey shows

Small business hiring fell in April, but wages continued to rise for workers, a report by human resources firm Paychex said Tuesday.

The Small Business Jobs Index decreased 0.22 percent from the previous month to 100.50. The pace of small business employment growth is down 0.27 percent from a year ago, the company said.

“The decline in the April index mirrors what was reported last month by (the Bureau of Labor Statistics), which showed deceleration of job growth,” said Martin Mucci, Paychex president and CEO. “At the same time, the wage report shows continued growth in both hourly earnings and hours worked over the past year.”

The Bureau of Labor Statistics reported last month that nonfarm payrolls grew less than expected, but average hourly earnings were up by 2.7 percent on an annualized basis.

Paychex said national hourly earnings for the month were $25.67, increasing 2.73 percent, or 68 cents, from last year. Weekly earnings were up 2.92 percent from last year.


These 4 tips will help small business owners drastically boost their earnings this year

Whether you’re running an established small business or just starting your journey toward entrepreneurship, it’s safe to assume most business owners are on the hunt for new ways to grow their enterprise and improve their bottom line.

And we should all want to help them do so. Why? According to the Small Business Administration (SBA), small businesses create nearly 70 percent of net new jobs nationally, and drive tremendous growth in our local economies. When small businesses flourish, everyone wins.

My father-in-law is a small business owner. As a result, I have seen first-hand the sacrifices they make on a daily basis, and am driven to design products and provide resources to help small businesses meet their goals and fulfill their dreams.

 In honor of National Small Business Week, here are four ways small business owners (SBOs) can drive business growth this year.


Is Online Advertising Working For You?

For some small business owners, online advertising seems to be a no brainer.  You can use Facebook ads to advertise your business or products, you pay the fees, and you wait for the results to start coming. Unfortunately, that is not always the case.  Facebook advertising takes work.  You must consistently test what is working for your particular business, before you can actually get any results.  It is true that for some businesses you do not have to do too much for the ads to work, but for the majority of small businesses, testing your ads to see if they are reaching the right audience, seems to be the only way to go. 


62 Percent of Small Business Owners Say Facebook Ads Don’t Work

Are Facebook ads ineffective, or is the problem user error?

In January 2017, Small Business Trends released the results of a survey of over 2,600 small-business owners, revealing that 62 percent of them believe Facebook ads are ineffective. With complaints of little-to-no ROI, these entrepreneurs say they will not use Facebook advertising again. Some experts, however, challenge this viewpoint, saying that properly targeted Facebook ads do indeed provide results.

“When businesses don’t see the results they hope for, it’s usually because they haven’t done enough testing on their ad copy, visuals, and the ideal combination of information to target the right audience,” says Vitruvian Digital Advertising founder Kristie McDonald.

Jeanine Blackwell, founder of The Launch Lab, agrees, saying that marketers aren’t asking themselves the right questions to determine an effective target market for their ad campaigns. “The problem is that most advertisers only use the simplest of criteria to let Facebook know who they want to see their ads, such as gender, age, and income,” says Blackwell.


The Best Accountability For Small Business Owners

When Beth Savage became the owner of PQ Systems, the first thing she did was put together an outside board. “Why not have a board that is there for the sole reason of helping you and your team succeed?” says Beth.

Many business owners are reluctant to create an outside board. Some believe that their company is unique, and a board of outsiders wouldn’t work for their company.

Others rationalize that they already get enough advice from employees, family members, and paid advisors—such as their attorney, accountant or bankers. Still others can’t see the purpose, and they want to hold on to what they see as their autonomy.


Abrams: Sexy small business start-ups

Looking for a small business start-up idea? You might want to look to the bedroom. Because, and I know this may shock you, sex sells.

Romance has been around since, well, Adam and Eve. Businesses related to romance continue to do well and are increasingly mainstream. This past Valentine’s Day, even Burger King got in the act. For a very limited time and only in Israel, the fast food chain included a sex toy in an “Adult Meal.” The story spread like wildfire on social media because who can resist anything to do with sex?

While most sex-based businesses are small businesses, they typically seem seedy and are, often, exploitative. But here are some sex and romance-related small business ideas you that can still tell your grandma about and that won’t land you in jail:

1. Online dating site profile writer. Ask people how they met their partner, and the most frequent response you’ll hear is “online.” But few people know how to write appealing dating site profiles. My senior editor, however, met the man of her dreams on OKCupid. “Before we write anything at work, we research,” she said. “I thought I better do the same thing.” So she figured out how to write a witty, quirky profile, which attracted her perfect match. Friends then started asking her to write their profiles. “This could be a full-time business.” If your customers break up, they need to update their profiles, which means repeat business.


 

Small Business News

News about the high optimism of small business owners  regarding the economy across the US, seem to be a hot topic of conversation. Despite the incertitude of many of the issues affecting the small business community, the optimism according to media outlets seems to be high. The promise of a quick repeal to Obamacare has some small business owners wondering whether this is going to be a good move for them.  For more about this and other stories affecting the small business community, follow the links below.


Small-business owners are full of questions and regrets about the end of Obamacare

With the repeal of the Affordable Care Act likely but its replacement uncertain, small-business owners are weighing their options for the future.

More details may come Tuesday evening when President Trump makes his first address to both houses of Congress as commander-in-chief.

Trump took executive action on January 20 to “ease the burden” of the Affordable Care Act and formally announced the administration’s policy to “seek the prompt repeal” of the law. However, doing so with any speed has proven difficult. The president told a meeting of the nation’s governors on Monday, “Nobody knew that healthcare could be so complicated.”

Dirk Bak is simply hoping for cost controls. His business, SDQ Janitorial in Minnetonka, Minn., has been family-owned for 34 years and had been offering its nearly 200 full-time workers coverage even before the ACA became law.

A great majority of our nation’s small business owners are old, white men

Two weeks ago the Kauffman Foundation, a well-regarded nonprofit group that specializes in entrepreneurism, released its annual State of Entrepreneurship report — and at least in one respect, the news is encouraging. The report found that, despite still being below the peak that preceded the Great Recession, private enterprise is rebounding and entrepreneurs are driving a resurgence of business activity in America.

However, most of those entrepreneurs are still mostly old, white men.

Even as the U.S. population is becoming more diverse, the changes in the composition of our entrepreneurs is not reflecting these changes: 80.2 percent are white and 64.5 percent are male (other reports have put the average age of a small business owner at around 50 years old). The Kauffman report found that minorities own half as many businesses as non-minorities and their businesses start smaller and stay smaller mostly due to capital challenges. Women are also half as likely as men to own employer businesses.


79 Percent of Small Business Owners Remain Confident, Xero Report Says

With unprecedented economic uncertainty in the US and UK, you would expect small businesses would be more pessimistic about the future. Yet, according to the second annual Make or Break 2017 report from Xero (NZE:XRO), small business owners are irrepressibly optimistic going into 2017. Both small business owners (79 percent) and accountants (84 percent) feel more confident about 2017 than 2016.

Make or Break 2017 Report from Xero: Highlights

The optimism was especially true for young businesses with 94 percent of one-year-old and 84 percent of two-year-old businesses saying that they felt more confident going into 2017 than they did in 2016. Over three quarters (79 percent) of small business owners professed confidence in their businesses’ survival in 2017. While nearly a fifth of businesses going through a tougher time said they expected 2017 to be a turnaround year for their business.