What does a Barack Obama presidency mean for entrepreneurs? Given that small business owners are universally recognized as representing the growth engine of the U.S. economy, this question is enormously important. Over the next several years, the Obama administration's decisions can change the way business is done for better or for worse. Will that executive order hurt or help small businesses? Does this legislation alleviate or tighten industry regulations?
First, a brief history. I was a nurse for 25 years. Due to health limitations and knowing that I wouldn't be able to practice in my specialty as I knew it, I chose to put my nursing career aside and chase a 10-year entrepreneurial dream of opening my own gourmet kitchenware store. So, I created my business plan, had a vision, did my research, contacted the right people, put together some money and in May 2008 I opened my doors for business. I have one full-time and one part-time employee.
Who would know that within 6 months, gas prices would soar, the dollar value would plummet, the market appears to be caught in a nightmarish pinball machine, not knowing where it will land next, the economy would crumble and shoppers have all but seemed to vanish, and my business plan now looks like a pipe dream.
On top of that, my husband, who is an over-the-road truck driver, has consistently suffered pay cuts for the past 6 months to where his income was only half of what we were accustomed to. This, due to increasing fuel prices to where small trucking companies are forced to park their trucks, because they can't make any money. So, adding all of these variables together, means we are struggling with our own bills. We could sell our house and land, but with the mortgage crisis, we probably won't be able to sell it, or if we do, we won't make on it what we owe. Health insurance is financially out of reach. Gas prices, however, are more within reason, for which I am very thankful.
But, there are hundreds of thousands of others just like us out there, struggling to keep their businesses alive, let alone, grow. I know I'm not the only small business owner who is angry and frightened. So, my question comes in two parts, really. First, WHO is going to bail US out? Second, as the next President of the United States, my final questions is, what advice would you give me regarding my business and future? Thank you for your time.
A bipartisan quartet of leading Congressmen and Senators has called on the IRS to stop collecting stiff penalties from small firms investing in illegal tax shelters, when those investments generated only "modest" tax ben...