Small Business Support

Small business is the backbone of the American economy. It’s what makes America America. Running a successful small business is the template for the American Dream.

It’s no secret that the first two years are the most critical to a business’ survival. Loan repayments and general overhead coupled with trying to break into a market niche can break a small business in its infancy. Why then do we front load these endeavors with fees and taxes when they are starting from scratch?

This is a quote from a 2017, Motley Fool article by Keith Speights:

“A big issue is under-capitalization at the outset of starting a business. Business owners frequently underestimate how much money will be needed to fund operations. At the same time, they can overestimate how quickly their products and services will catch on in the marketplace.”

I want to make it easier for prospective business owners to navigate the system of applications and inspections. We can do this privately or through government agencies. Bottom line is, we need to do more to help small business in the state.

With regard to wages. The state minimum wage and wages in general need to come up. However, I want to be careful not to hurt small businesses. I suggest a tiered system that allows for smaller businesses to pay a lower minimum wage, based on their number of employees and net profits.