For many people considering starting their own business, the statistics are not very encouraging. According to an article in Forbes magazine, 7 out of 10 small businesses survive at least 2 years in the United States, and although some people believe those are grim statistics and do not reflect the real reasons why many business close their doors after two years, the truth is many do close their doors and that’s what counts. Choosing the best state and the best people to help you start your business seem to be key if you want to succeed.
The Growing Gig Economy’s Impact On Small Business
There’s a trendy term making its way through the business world: the gig economy. As a small business owner, you’ve likely heard it being thrown around at networking events or read about it in industry publications. But what does it mean, and how does it affect your business? In this article, we’ll discuss exactly what the term “gig economy” refers to and how it’s shaping today’s small businesses.
Defining the Gig Economy
There was a time when the word “gig” conjured images of a garage band booking a concert at your local bar and grill. Now, however, the word refers to any project an independent professional completes in exchange for pay.
It can be concluded, then, that the term “gig economy” references the increasing trend in today’s business world toward hiring independent contractors (think interims, consultants, freelancers) as an integral part of companies’ task forces.
Connecticut ranked 10th worst in the country for small business taxes, according to a report issued Wednesday. It is the fourth straight year for that ranking.
The Small Business and Entrepreneurship Council (SBEC) ranked Connecticut 41st of the 50 U.S. states in its annual Small Business Tax Index. The last time the state wasn’t ranked in the bottom 10 was 2012 when it was 40th. The report is issued just ahead of the new fiscal year, which begins July 1. Connecticut did not pass any new taxes in its budget set to take effect Friday.
SBEC uses 25 measures to create a ratings system for the index. The measures include the state’s personal income tax rate, taxes applied to LLCs and other types of companies, gas and internet taxes, among other factors.
Connecticut’s index rating was 65.467, which put it between Nebraska with a 57.933 and Maine at 65.492. South Dakota ranked first at 12.114 and California was last with a rating of 84.547. In addition to Maine, Vermont was another New England state that rated below Connecticut.
7 Small-Business Owners Share Their Best Productivity Tips (Infographic)
Efficiency is a buzzword often bandied about in the office, but what does it actually mean and why is it so important?
Merriam-Webster defines it as “the ability to do something or produce something without wasting materials, time, or energy.” In other words, efficiency — rooted in the Latin verb efficere, which means “to accomplish” — is essentially making haste without waste. In the results now-focused world of business, it’s accomplishing things quickly without frittering away company time or money, both of which many entrepreneurs cannot afford to lose.
To help you mind your business — and, by extension, your bottom line — in good time, the folks at Make It Cheaper, a service that helps small and medium-sized businesses negotiate cheaper rates on insurance, broadband and electricity, have rounded up seven key efficiency lessons from a host of entrepreneurs. From delegating tasks to avoiding distractions, check them out in the short and, yes, efficient infographic below.
