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The Small Business Route to Better Financial Planning (Part 1)

23 February 2008 - Markets - Editor

Please take a look at our earlier piece entitled “Can a “Made in USA" Financial Planning Strategy Save Us from Recession” The 2008 Economic Stimulus Package makes serious attempts to get small business going. That is the inspiration for this piece. You could be in a salaried job, have a small enterprise going already, or simply be on the look-out for extra cash: here is a forum which you can use.

Dealing with failure is the first step to small business success. Mighty corporations make mistakes all the time, but they have steady lines of revenue to keep their slips from showing. Not everyone can do a “Facebook” and make millions the first time around. Much of business life is about staying power, persisting through set-backs, and adapting to what customers want.

The Internet makes life much easier for small business owners. You do not need physical infrastructure, employees, and fixed costs as in the old days. Capital is one of the hardest parts of putting good ideas into action. Your computer is no substitute for thinking of things people want, but the World Wide Web is a great stepping stone if you dream of your own venture. Wait a minute though, because e-commerce fails more often than it works! Web sites start and stop every minute, so small business on the Internet can be like your town’s annual marathon – masses at the starting tape, but rapid thinning out yards thereafter!

We started work on this line because of the Economic Stimulus Package of the Bush administration. What does this have in store for small business, conventional or Internet-based? We need your help to make our list of suggestions complete, but here are two quick thoughts to get you going.

Tax Incentives to Stimulate Small Business Investment

You should receive a check from the Treasury Department in May 2008, if you are not wealthy. It could be for as little as $300 or over $1 thousand. Some of it may be to support children, but the rest is for you to use. Resist all temptations to blow cash for enjoyment, recreation, or any of the things you want, but do not necessarily need. Don the pioneer mantle of your ancestors, and put the funds to work. Invest in learning a new language or another online course that opens the flood gates to new incomes. Start an investment club with trusted friends, and buy stocks with reliable price to earnings ratios. Pay for a new web site with a shopping cart. Here is a freebie: join our forum community and share great financial planning ideas!

The Small Business Route to Better Financial Planning (Part 2)

 


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