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Business Matters

Updated: Jul 15, 2021

Hello Tax Stars !* ! *

American Business is Overwhelmingly Small Business. According to data from the Census Bureau's Annual Survey of Entrepreneurs, there were 5.6 million employer firms in the United States in 2016.  The United States's 2018 Small Business Profile shows that small businesses added 1.9 million net new jobs during the latest year studied. There are 30.2 millionsmall businesses in the United States, which employ 47.5 percent of the state's private workforce. Entrepreunership is on the rise for Americans as they look for ways to supplement income or seek to become their own bosses. Over 627,000 new businesses open each year, according to SBA estimates. At the same time, about 595,000 businesses close each year.

What Makes a 'Good' Entrepreneur?

An entrepreneur is a businessperson; someone who starts up and operates a business and assumes financial risks in order to do so.  You either have leadership qualities or you don't — they're hard to fake, but possible to learn.  Can you talk to almost anyone and explain things in a way that makes people see things your way? Self-confidence, positivity, self-motivation and excellent communication skills — these are all signs of a leader who has what it takes to motivate a team and make a common goal happen. You won't get far as an entrepreneur if you start a business that bores you. An entrepreneur is risking time and money, so he or she usually gets involved in work that he or she feels passionate about. 

With all that being said, It is clear that starting a business takes thought and careful planning. To start on the good note, an entrepreneur will see the importance of learning the trends of their industry, learning the demand of their target market, RESEARCH MARKET PRICES inorder to be competitive, and learn their administrative duties such as business structure, tax obligaions for that business structure, business ETHICS, labor and Payroll laws for their state, bookkepping practices, monitoring profit margins, etc.

Unfortunately, some can be so eager to start a business that they overlook or bypass these important tasks. The SBA states that 30% of new businesses fail during the first two years of being open, 50% during the first five years and 66% during the first 10. 

Tax Star Mobile, LLC will offer small businesses the resources that are needed to ensure a proper small busness launch. The most common situations noticed are business owners not knowing how they are incorporated, not having their business fully registered, and not keeping record of their revenues and expenses. Attached, you will find and excell spread sheet that will help you stay organized for the year to make your tax preparation an easier process. It will also serve as an indicator of how well your business is doing. 

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