While it’s not the best news, it does appear things are looking up for small business owners. Some insist this be approached with a great deal of caution; others, however, say all signs point to a long-awaited recovery.
We have a breakdown and for those consumers ready to start building their businesses again (versus merely surviving), as well as a few credit card offers that will be just what’s needed on the road to recovery.
The optimisms is catching and spreading in some ways analysts might have underestimated in the past. For the first time in the past four years, small business owners are hiring with some consistency. In fact, by the end of the year it’s expected 22% of the nation’s small business owners will have been through the hiring process due to their businesses picking up steam.
There is a flip side, though. According to the most recent survey by Wells Fargo, a smaller percentage – 8% – will likely cut jobs before the year’s over. Still, that 14% (after the hiring is calculated with the lay offs) is more than what’s been seen since January, 2008.
So what should job seekers know? First, many small business owners say the number one concern about the hiring process is not being able to find qualified workers. That means you should do your homework before you ever even submit your resume. At least know what the company’s purpose is for and once you get the interview – ask questions! Nothing is more impressive than someone sitting across from the interviewer and who’s interested enough in the company to want to ask questions and learn more.
Good news from this perspective too, says American Express. By now, most folks are aware of the bill that would allow for a 10% tax cut to small business owners who begin hiring or give their current workers a raise. A business owner would receive credit against income taxes worth up to 10 percent of the increase in total 2012 wages. This is applicable for both new hires or current employees who see a raise on their paychecks.
What has some folks hopeful for this particular bill is one small bit of info in the small print. The White House released a presser last week, that read, in part,
Unlike the House Republican proposal, the president’s proposal ensures that companies that offer raises only to already well-paid executives would be ineligible for the tax relief.
The potential of this tax break includes 2 million small business owners. This bill hasn’t passed yet but it’s anticipated that it, or one very similar, will be passed.
The offers coming from the financial sector complete the picture. More small businesses are borrowing again and part of that borrowing trend is due to credit cards with impressive perks for new customers. Here are a few of the better offers available –
Chase Ink Classic Business Card
This Chase product maximizes your spending options when it comes to your business. Earning rewards is a breeze and the opportunities for bonus points make this a strong candidate for many small business owners. In fact, you’ll see 10,000 bonus points after your first purchase and if you spend $5,000 during the first ninety days, there’s another 15,000 bonus points in your future. Your points never expire, there’s no annual fee and there’s even a 0% intro APR for your first twelve months!
The Business Platinum Card from American Express OPEN
We wanted to include this small business credit card offer due to its latest promotion. For a limited time, card members can earn 25,000 Membership Rewards points when they spend $5,000 in the first 3 months. After you enroll, be sure to choose your favorite airline for an additional $200 annual savings via statement credits. These can be used for checked bag fees, in flight refreshments and even change fees.
It’s a great way to keep costs down. Other perks include a 20% Travel Bonus when redeeming with Membership Rewards Pay with Points, more than 40 additional premium benefits and rewards and complimentary airport club access to 600+ partner lounges – which is a $950 annual value. Finally, you’ll enjoy invitation only exclusive access to tons of great events – concerns, seminars (if you consider those great events) and other invite-only goings-on.
A no pre set spending limit makes it ideal for those with unexpected business expenses. Keep in mind, this is a traditional charge card, so the balance must be paid in full each month.
These are just a few of the ways credit card companies are hoping to pull you in as you continue to grow your small business. With competition for your business at an all time high, it’s never been a better time to be a small business owner.