A New Tax Form for Small Businesses
You may be filling out an extra tax form this year. Unfortunately there will be additional taxes for small businesses that use PayPal, eBay, Amazon and even their own websites to sell products.
This year businesses that use the above to collect at least 200 transactions worth more than $20,000 will be seeing an additional form. You will receive the 1099-K form from the payment collection tool that you use.
Be aware that this April you may have to declare income that before went unnoticed but the IRS. For more recent news for small businesses tune into BIZ TV and visit http://biztv.com/!!
Angel Investors Important for Startups
An angel investor might be exactly what your small business needs! A recent study found that angel investors, individuals who invest personal wealth in startups, are becoming an increasingly important source of capital.
Organization of Economic Cooperation and Development released a study that reports the significant role angel investors play. According to the report in 2009 $17.7 billion dollars in capital was raised by angel investors in America, the same year $18.7 billion was raised by venture capitalists. The majority of angel investors put money into health and biotechnology startups.
There are many ways to find capital for your small business. Angel investors are becoming an increasingly attractive option for many fast-growing, young companies. Don’t overlook an opportunities to raise cash with angel investors.
Who Small Business Owners Are Voting For
There are 59.7 million Americans employed by small businesses. That is a huge number, and because of it small business owners and workers have a lot of power in who will be elected President of the United States in November. Manta recently conducted a poll of over 1,000 small business owners to see who they are voting for in the election. Since the study was done candidates have dropped out and respondents opinions have likely changed, but at the time small business owners reported these were their top candidates:
1. Barack Obama: 345
2. Mitt Romney: 17%
3. Ron Paul: 14%
4. Rick Santorum: 10%
5. Newt Gingrich: 9%
6. Other 7%
7. Rick Perry: 3%
8. Jon Huntsman (no longer a candidate): 1%
Who will you be voting for in November and why?
Privacy and the Job Hunt
Are you looking for a new job in 2012? Make sure you’re aware of how public your job hunt may be.
According to a poll from Wakefield Research the majority of people believe it is nearly impossible to keep their job search confidential. Over 80% of respondents said that they do believe privacy is important when looking for a new position, but over three-fourths report that is probably impossible to keep an online search private.
How strongly do people feel about being discreet? About 30% of individuals said they would prefer their co-workers find out about an office affair than their job search. And more than half said they think it’s important that co-workers do not see their resume.
Wal-Mart’s Small Business Contest
Friday we shared Target’s new plan to promote local businesses’ goods, but Target isn’t the only huge chain supporting small businesses. Wal-Mart is launching a new contest, “Get on the Shelf”, that challenges entrepreneurs, inventors and small business owners.
Anyone is invited to submit videos that feature their unique product to getontheshelf.com. The contest is open till April, when the public will vote on the top three items. All three products will be sold on walmart.com and the number one product will be featured at Wal-Mart stores nationwide.
Have a great idea for a product? Wal-Mart’s “Get on the Shelf” contest is your opportunity to have it sold at the largest retailer in the world. Enter a video showcasing your product idea to getontheshelf.com!
Target’s New Small Business Collections
Target is the latest mega-store that has taken action to support small businesses.
You may have bought items at Target from the Missoni, Zac Posen or Gaultier. For years the store has partnered with huge, international designers. Now Target will be selling goods from small businesses across America.
The new collections from small businesses will be called The Shops At Target. Each line will run for 6 weeks and the products will cost $1- $160. In May local stores from San Francisco, Miami, Boston, Connecticut and Aspen, Colo. will be the first to sell their goods at Target.
It is exciting to see large brands like Target help small, local stores. We are excited to see The Shops at Target collections in a few months!
It’s Buyer’s Market for Small Businesses
This may be a good time to buy a small business. The past year was a buyer’s market for small businesses and this trend will likely continue for some time in 2012. A report by BizBuySell.com shows an increase in the sales of small businesses and only a slight raise in the selling prices.
The report says that sales of businesses with around $360,000 in annual revenue increased by 3.3% in 2011 and the median revenue for small businesses sold rose 6.7%. Meanwhile the average selling price of small businesses was only $155,000. This means it may be the right time for you to buy an existing small business! For more information on how to buy and run a small business tune into BIZ TV!
People Prefer Junk Mail
What is the best way to market to your consumers? Your first guess is likely something internet related, like emails. It’s unlikely you guessed junk mail, which one recent survey found to be the most effective way to reach consumers.
Respondents to “The Formula for Success: Preference and Trust”, conducted by Epsilon, said they would rather receive direct mail than emails. In fact 75% of participants said they never open many of their emails. Categories in which people prefer traditional mail marketing include insurance, financial services, and travel.
Most people believe that in 2012 email and internet marketing are the most effective channels to reach consumers, but according to a recent study they may have better luck using traditional direct marketing. For more up-to-date information on small business marketing check out http://biztv.com and watch our programs!
Are Good Employees Hard to Find?
According to a recent survey some small businesses may not be hiring because of a lack of desirable applicants.
The study, conducted by Manpower Group, polled businesses in the US and in 39 other countries. Apparently a little over half of American small businesses report they are unable to find qualified employees. Around the world the figure drops to one-third. Respondents reported the most difficult positions to fill were technicians, sales representatives and skilled trades workers, engineers and laborers.
It is critical for small businesses to have a skilled, efficient and well-trained team of employees. Many small businesses are having difficulty hiring the type of employees they want and need. It is surprising with such a high rate of unemployment that many of the jobless may just be unqualified.
Obama Plans To Consolidate the SBA
On Friday President Obama announced a proposal to merge the Small Business Administration with four other agencies.
If congress approves Obama’s plan the SBA will merge with the Office of the U.S. Trade Representative, the Export-Import Bank, the Overseas Private Investment Corporation, and the Trade and Development Agency. The new agency will replace the Department of Commerce.
Karen Mills, the current head of the SBA, will be made a cabinet member to, “make sure that small business owners have their own seat at the table,” according to Obama.
Many small businesses depend on the support of the SBA, however if congress passes Obama’s plan the agency will be consolidated. Would you be comfortable with the consolidation of the SBA?
