Good News for Small Business, Pet Frenzy, and Manageable Growth
Sounds Good…
The Republican tax plan outlines some good news for small businesses. It calls for a new lower tax rate of 25% for “pass-through” businesses which consist of sole proprietors, partnerships, and S-corps. Currently profits for these companies are taxed at the highest individual tax rate which can be as high as 39.6%, higher than the highest corporate tax rate of 35%.
Lower taxes for everyone sounds good but you have to wonder how they will make up the deficit that the plan will create. I guess we’ll have to wait and see…
Inventory That Will Move Quick
In lieu of having kids, millennials are getting puppies instead and spoiling them rotten. They’re treating their pets like their children and spending money on them everything from organic food, daycare, pet hotels, to just toys for them to play with. Pet toys sales are expected to exceed $1 billion biting into the $21 billion toy market. You don't have to own a pet store to sell pet toys. They are stocking the shelves in all different segments of retail stores like Home Depot or even your local gas station.
Slow & Steady
What is the right way to scale your business and make the most money? Entrepreneur has 4 tips to guide you.
Diversify your clients - 100 small clients are always better than 2 large ones. By spreading your risk you can expect steadier sales.
Step away – While it may feel important to focus on the day-to-day, businesses are worth more when they can operate independently without the founder present.
Empower your employees – Owners may feel the need to micromanage however delegating responsibility and letting others drive growth displays trust and improves morale.
Stop constantly checking email – Hearing that email ping is addictive but not productive. Instead schedule blocks of time for answering email. You’ll be able to free up your time to focus on big picture stuff.