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Small Business is Thriving in America

Core Facts


Sunday, May 5, 2019

May 5th is the day many Americans celebrate Cinco de Mayo, but it also marks the start of National Small Business Week. Entrepreneurs are a vital part of our economy - more than half of Americans either own or work for a small business, and they create about two out of every three new jobs in the U.S. each year. 

Being a small business owner is not an easy task – one in 12 businesses close every year. Their top challenge is a lack of capital, followed by marketing, time management, recruiting and retention of employees, administrative work, and providing benefits.

top challenges for small business

Most small business owners (86.3%) make less than $100,000 despite this, more than 70% of small business say they are happy.
While women working in the corporate world feel the pinch of the wage gap and the glass ceiling, women business owners are doing well. Women now own 4 out of every 10 businesses in the U.S., and they generate $1.8 trillion in revenue. Almost half (47%) of those businesses are owned by women of color.

Are some cities in America better for small business owners than others?  Yes, says a report by GoBankingRates.  Here are their top three picks:

1.  Austin Texas

Austin was named the #1 place in America to start a business by CNBC, the top city for “small-business vitality” by American City Business Journals, and the top city for launching a technology startup by Sungard Availability Services. It’s known for its tech startup scene and the supportive business community.

2.  Miami Florida

Miami is the city with most people working for themselves. More than 82,000 small businesses employ 53.3% of Miami-Dade County’s workforce, according to a study commissioned by the Florida SBDC at FIU. 

3. Dallas Texas

Dallas is a blend of all the major pillars needed for a thriving business. Talent is right up at the top of the list, and Dallas is the fourth largest metro in the U.S., adding 150,000 people a year, so there's no shortage of people to recruit and hire. No state income tax means any employee relocating to Texas could get a raise of up to 13.3 percent.

 If you are a small business owner looking for information and advice, take advantage of events like the virtual conference hosted by the Small Business Administration and SCORE Association. It takes place Tuesday, May 7 – Wednesday, May 8, and registration is free to the public.

Register here.

IMPORTANT DISCLOSURES

Material contained in this article is provided for information purposes only and is not intended to be used in connection with the evaluation of any investments offered by David Lerner Associates, Inc. This material does not constitute an offer or recommendation to buy or sell securities and should not be considered in connection with the purchase or sale of securities.

To the extent that this material concerns tax matters, it is not intended or written to be used, and cannot be used, by a taxpayer for the purpose of avoiding penalties that may be imposed by law.

Each taxpayer should seek independent advice from a tax professional based on his or her individual circumstances.

These materials are provided for general information and educational purposes based upon publicly available information from sources believed to be reliable-- we cannot assure the accuracy or completeness of these materials. The information in these materials may change at any time and without notice.

David Lerner Associates does not provide tax or legal advice. The information presented here is not specific to any individual's personal circumstances. Member FINRA & SIPC.

 

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Author: Sally Falkow

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Founded in 1976, David Lerner Associates is a privately-held broker/dealer with headquarters in Syosset, New York and branch offices in Westport, CT; Boca Raton, FL; Lawrenceville, NJ; and White Plains, NY. For more information contact David Lerner Associates Call 516-921-4200 Visit our website: www.davidlerner.com

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Jake Mendlinger
Account Manager
Zimmerman/Edelson
516.829.8374 X 232
jmendlinger@zimmed.com

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