What The State Of The Union Means For Small Business

It’s just over a month now since this year’s State Of The Union address and now that all of the initial speculation dust has settled many small business owners are still wondering what the President’s plans mean for them. While some believe it was mostly good news for small business in America some think the outlook is bleak.

Regardless of which side you take, here are a few key points from the President’s State Of The Union Address in respect to business in America.

• Job Creation – The President emphasized the importance of small business in America in regards to job creation. He pointed out that the majority of jobs created in our country come from small businesses.

• International Trade – Right now most overseas shipping is handled by a handful of exports firms. New plans will encourage business owners to export goods to expand on their market. This is, however, assuming that small business owners can afford to do so.

• Minimum Wage – One aspect of this idea is that by increasing the minimum wage, consumers will have more disposable income which will afford them the opportunity to go and spend their extra money at local businesses.

• Help for Startups – Again, touching on the importance of small businesses for job creation in the United States, Obama pleaded with Congress to do more for start up companies and entrepreneurs. What they end up actually doing is up in the air. However, tax breaks and other incentives for new business owners seem a likely solution.

Whether or not the President is able to make these things happen in the coming years remains to be seen. Regardless of which political stance you take it is safe to say that the importance of small businesses in the United States and the need to support their growth is not going unnoticed.