Small businesses are the backbone of the US economy. They represent the largest employer of people here in Houston as well as the rest of the country. They also represent the largest group of people who are bearing the brunt of this brutal economy.
In an attempt to put people back to work, President Barack Obama is urging passage of a package of provisions including legislation that would set up a $30 billion fund that would help community banks offer loans to small businesses. “The jobs bill would eliminate taxes on key investments in small businesses and allow small business owners to write off more expenses and it would make it easier for community banks to do more lending to small businesses,” Obama said. “This small business jobs bill is based on ideas made by both Democrats and Republicans.” The bill is currently stalled in the Senate after Democrats in July failed to obtain a filibuster-proof 60 votes needed to end debate on the bill. The bill is tentaively scheduled to be considered on September 14, reports Fox news.
Whether or not this bill passes, there are things you can do to setup your business for success.
- Get involved in networking groups. They can provide valuable information and resources for your industry.
- Find a mentor. Again, this person or people can help you avoid many of the pitfalls new business owners make. They can also open doors for you that you may find difficult to open on your own.
- Do your homework. Know what you’re getting into before you get started. Do market research, talk to an accountant and/or attorney. All of this information will help you get started with the right information to hand.
- Develop a business plan. Failure to plan is planning to fail. Without this roadmap, how do you know what your goals are? If you don’t know your goals, how do you know if/when you’ve achieved them?
- Pay off your personal debt. If you’re thinking about becoming self employed, starting with a clean balance sheet will make for an easier and smoother transition. By paying off your debt first, you can invest more money in your business.
As for the passage of the bill, who knows what will happen on September 14. It’s up to you to decide which path to take….work for someone else, work for yourself or remain unemployed and waiting for someone else to take care of you. It’s in your hands.