NASE on Micro-Business

Posts Tagged ‘economy

As I watched the news announcing the 150 year sentence for Bernie Madoff, the mastermind behind a multi-billion dollar Ponzi scheme, my thoughts were focused on his victims. In this time of economic uncertainty, their nest eggs disappeared before their eyes and they will likely never receive full restitution. Like Madoff’s victims, the self-employed also experience a high level of uncertainty about whether they will achieve financial security to allow them to retire.

Close to 4o percent of micro-business owners are not at all confident or have little confidence that they will be able to save enough money to retire. The NASE also found in a 2007 survey that an overwhelming percentage – 8o% – do not offer retirement plans of any type for either owners or employees. The greatest barrier, reported by 62 percent of respondents, is the cost of administering and contributing to a retirement plan. More than one-third of micro-business owners acknowledged they were not saving for retirement at all.

The issue of financial security has increasingly become a growing concern for the self-employed due to our nation’s economic woes. The financial market’s meltdown coupled with the housing crisis has led to sharp declines in spending, leaving the self-employed with declining revenue yet increasing costs of doing business (i.e. health care). There is less and less money to put away for a rainy day.

With over three-quarters of micro-business owners indicating that they are relying on the federal government as their primary source for financing retirement, our policymakers must prioritize helping Americans, such as the self-employed, to save more for the future.   If they fail to do so, our government will be left footing a very large bill.

Advertisements

Here are some of the top small business articles and blog posts of the week so far:

·         You\’ve finally settled up with Uncle Sam. So what should you do with the extra cash? (CNN Money)

·         Obama Seeks To Root Out Credit Card Issuer Abuses (WaPo)

·         GM Plans Major Summer Shutdown (CNN Money)

·         Will Obama Blow It With Small Businesses? (The Journal Blog)

·         105 Absolutely Free Online Videos and Lectures (SmallBizBee)

·         New Health-Care Rule for Laid-Off Workers Hits Small Businesses (Ind Street)

Here is a compilation of some my favorite small business articles this week. Enjoy!

  • Engineers discovered that truck flaps can be a major source of drag. Simply trimming and tapering the flaps will cut about $400 from a typical truck’s annual gas bill. (Fortune Small Business)
  • Fraud can be so undetectable that small business owners chalk up lost income to falling sales. (Wall Street Journal)
  • This week I almost ran out of a coffee shop to give a frustrated customer my giftcard for the place because they hadn’t been served well. The store’s mistake and I wanted to pay for it? Yep. (Small Biz Survival)
  • Can entrepreneurs revive the Rust Belt? (BusinessWeek)
  • How Tweet It Is: How-to use Twitter to reach out to potential clients and build your brand. (Wash Post Sm Biz)
  • 2009: Keep more cash! (CNN)

The self-employed are speaking out about their support for federal small business programs and hoping the Obama Administration is listening. In a recent online poll by the NASE, an overwhelming majority of business owners (80%) want the new president to improve and expand current small business federal programs.

Over one-quarter of entrepreneurs have utilized services offered by the federal government, despite the dwindling resources of many small business programs. For years, the NASE has been a supporter of federal outreach that consistently and effectively aids the self-employed and micro-businesses community. Funding for SBA programs has faced drastic cutbacks for the past several years, including Women’s Business Centers and Small Business Development Centers (SBDCs).

Full results


Connect with NASE

NASEtweets on Twitter    NASE Facebook Group      NASE LinkedIn Group      NASEview YouTube Channel

     

http://www.nase.org/

Daily Reads

RSS NASE tweets!

  • An error has occurred; the feed is probably down. Try again later.
Featured in Alltop
October 2017
M T W T F S S
« Jul    
 1
2345678
9101112131415
16171819202122
23242526272829
3031