According to the SBA, 97% of all employers are classified as small business which makes them indispensable. Colm Horgan of Marketing on 6th, NYC. INC explains that more support is needed to accelerate economic growth in the U.S
According to an article published at the Huffington Post, the Small Business Administration (SBA) takes up the position that small businesses are essential to a free enterprise system in the U.S. Today, over 5.6 million employer firms employ 113 million people with a total payroll of $5.16 trillion. Colm Horgan, Managing Director of Marketing on 6th, NYC. INC insists: “The government needs to further support small businesses. There are far too many barriers at the moment that make it too difficult for entrepreneurs to start up their own company.” In fact, 400,000 new businesses are currently being born every year in the U.S. while 470,000 close down. “We must stop this trend in the wrong direction”, says Colm Horgan of Marketing on 6th, NYC. INC.
There are many concerns among American entrepreneurs. “There is uncertainty about recent decisions the government has made and about finance”, explains Colm Horgan. According to the article at the Huffington Post, new regulations for small businesses in the health care reform, uncertainty about taxes and the shortage of financing are some of the main reasons why people hesitate to run their own business. Colm Horgan of Marketing on 6th, NYC. INC calls for more support from the U.S. government to make it easier for entrepreneurs. “Let’s have a look at Europe”, says Colm Horgan. The British government has implemented a Funding for Lending scheme in September 2012 which has since made it easier for British entrepreneurs to start up their business”, adds Colm Horgan. He believes that alternative opportunities to access finance in the U.S. would increase the number of American start-ups.
Colm Horgan says that the U.S. government had made the first step to more accessible finance; however “it hasn’t been followed through until the end”, adds Colm Horgan. In April 2005, President Obama has signed into law the JOBS (Jumpstart Our Business Start-ups) Act as a potential game changer. The JOBS Act is designed for ordinary Americans who can invest in entrepreneurs they believe in. With this law, regulations will be more relaxed for businesses. Frustrations are however rising as until now, nine years later, nothing in this law has been implemented.
Marketing on 6th, NYC. INC are one of the leading outsourced sales and marketing firms in Manhattan. The company raises brand awareness on behalf of their clients. “As a small business, we really want to encourage inspired entrepreneurs to start-up their own firm, which is why we support them through our Business Development Program”, explains Colm Horgan. Marketing on 6th, NYC. INC provide guidance for future entrepreneurs. Due to their recent success they are now planning to expand into two further markets by the end of this year. Colm Horgan summarizes: “Small businesses will help the U.S. to achieve economic growth. President Obama has recognized that, so we absolutely hope to see further changes shortly to make it easier for entrepreneurs to access the support and finance they require.”