America was built on the backs of entrepreneurs ? people with great ideas and the ambition to execute them. But in recent years, people have become uncertain about whether or not they can achieve their goals; and in fact whether or not they should even attempt to do so. It?s a common misconception that starting a small business in America is a difficult or even impossible task, when the truth is just the opposite. Indeed, the percentage of Baby Boomers starting businesses since 1996 has grown from 14.3% to 23.4% — and that number is growing. You?d be surprised at how doable starting a small business is, especially with the help of tax benefits and small business loans.
Why America Needs Small Businesses
Starting a small business isn?t simply good for you ? it?s good for the country. It?s been estimated that the 28 million small businesses in America make up 54% of all sales in the country. Furthermore, 55% of American jobs are provided by small businesses. Obviously, small businesses are extremely important to the well-being of the American economy, and the state is very much aware of this. For this reason, the government is more than willing to help you start your business.
The Breaks and Benefits For Small Business Owners
Although looking for small business lending companies will likely be one of your first steps in starting your business, loans aren?t the only way through which you can save and gain capital. Many of the costs of starting a small business are tax deductible; up to $5,000 in the first year of doing business can be recouped. In total, you can deduct up to $102,000 worth of business equipment. This equipment can include computers, fax machines, copies, phone systems, and other fixed assets. These deductions are limited to your first year of business as well; but as funding experts will tell you, you should take advantage of all of the breaks you can get!
Taking Advantage Of Working Capital Loans For Small Businesses
Another thing funding experts strongly advise young business owners to consider is working capital loan and unsecured business loans. When not issued by a broker, these ensure that you can get the capital you need quickly, and with the minimum risk involved. A bank would typically penalize you for paying your loan back early, as they want 100% of the interest accrued. These loans come without that concern, which is why they?re so highly recommended by funding experts. Although you may be hesitant to take on a loan, loans are often unavoidable, and these are the safest possible options. The U.S. Small Business Administration reports that the primary reason why small businesses fail, besides a lack of experience, is insufficient capital. You don?t want your business to sink because you were afraid to take out a loan.
