Small businesses in US spend $10,000 per employee they hire. They do this so as to comply with regulations set by Fed. This is startling and for small business owners it is quite a hurdle. Paying so much just for one employee hurts but then business owners have to comply with regulations.
Small business owners do face many such problems and these issues were raised in the ‘Regulatory Fairness Forum’ at Connecticut State Capitol Complex in Hartford. Issues regarding Federal Regulatory Compliance and Enforcement will also be taken up in the forum. In this forum, business owners can speak their mind and tell about cases when Federal government agency unfairly fined business owners. So, there can emerge solutions to their existing problems.
State government will have to listen to the economy’s job creators and find possible solutions to their problems. A Congressional Report says that 3,807 new regulations that Federal government imposed on economy will ultimately cost $105 billion in the year 2012. Sanctions and regulations just aid to kill entrepreneurialism.
Small businesses should be given the opportunity to thrive as then it is possible for the economy to grow. Weighed down by taxes and regulations, small businesses and entrepreneurs are struggling to stay afloat. Their cost of operation is rising and for that they are in a constant need of financing. SBA loans are much needed to support them as business owners just can’t afford to risk their savings.
This article was submitted by Raj Tulshan, Director of Business Development of Biz2Credit. Biz2Credit is a small business marketplace that connects entrepreneurs with financing options and advice to grow their business. Send all questions to firstname.lastname@example.org