Welcome!

API Journal Authors: Scott Allen, Yeshim Deniz, Elizabeth White, Pat Romanski, Liz McMillan

News Feed Item

Rocket Lawyer Releases the 2013 Small Business Index

Small Business Optimism Is up While Economic Recovery Remains the Most Important Issue for Small Businesses

SAN FRANCISCO, CA -- (Marketwire) -- 01/30/13 -- Optimism rang in the New Year according to a recent Rocket Lawyer survey of more than 700 small businesses across the country. To maintain the positive momentum, SMBs expect the Obama administration to focus on keeping the economic recovery on track, as government's top priority.

An impressive 81 percent of small business owners surveyed by Rocket Lawyer expect 2013 to be a better year than 2012. Over half (56 percent) of businesses are doing well as 8 percent said that business is booming and 48 percent said they were growing and meeting expectations. However, less than half of the potential employers will be hiring new workers, 65 percent report that they are not planning to hire in the next six months.

The New Boomers:
The survey found that one specific demographic is thriving economically: millennials (ages 18-30). The majority of millennial small business owners (68 percent) saw growth in 2012, and an additional four percent said business was booming. Additionally, 42 percent of millennials are planning to hire in the next six months -- more than any other age group.

Economy:
Over half of SMBs (53 percent) said the President's top priority should be the economy. When we asked small business owners about their hopes and concerns, the economy also topped both lists -- 27 percent said an economic recovery was their top hope for the second term and 21 percent said it was their top concern. Additionally, when asked what the President could do for them in his second term, 39 percent said tax breaks and 37 percent said incentives for entrepreneurship. Not surprisingly, an increase in taxes is the top fear of respondents, and almost half of business owners (47 percent) would not be willing to pay higher taxes to reduce the federal budget deficit.

Legal:
When it came to legal issues, over half (55 percent) of small businesses faced a problem in 2012, slightly up (3 percent) from 2011. The most frequent legal issue faced was contract negotiations (23 percent), followed by the failure to collect payments (15 percent) and real estate transactions (13 percent). The biggest legal concern remains compliance with government regulations (27 percent), slightly down from last year at 33 percent but it still remains a hot button issue.

"It's astonishing that almost half of small businesses (47 percent) have never consulted with a lawyer. Good legal counsel is essential and can certainly be a competitive advantage for business owners who have to manage both opportunities and potential risks," said Charley Moore, founder and executive chairman of Rocket Lawyer. "However many SMBs are still under the misconception that legal advice has to be complex and expensive. The next quarter, not to mention the next couple of years, could bring significant changes to small businesses, and some will be out of the owner's control. With the right legal representation, fortifying the legality of your business is something every owner has the power to do."

Tips for Starting the New Year

1. Keep Good Counsel

More and more people are beginning to understand the value of regularly consulting with an attorney rather than waiting until they need one. A good business attorney can be the difference between success and failure. Consult a lawyer for big legal decisions your company makes. It's better to pay a little up front than a lot down the road.

2. Get it in Writing

Whether it's a new employee or a repeat client, never assume anything. Contracts provide both parties with their obligations, rights, and responsibilities and while they don't guarantee the other party will make good on the agreement it does guarantee that a court will look kindly on you if they don't.

3. Take Advantage of Tax Tips

Washington D.C. Tax attorney Mark L. Rosenberg explains that the most important thing every small business needs to understand is the fiscal cliff legislation and the differences it made to tax law:

"Small business owners need to listen up as the following changes will certainly affect 2013 tax planning: Most importantly, Bush era tax cuts were preserved for all those with income under $450,000 ($400,000 for individuals) which is really most small business owners. For taxpayers who earn over $300,000 for joint filers ($250,000 for individual filers and $275,000 for heads of household), deductions begin to phase out at income levels above that amount. This means that the effective rate of tax will increase, since deductions will be worth less to those taxpayers."

In addition, the payroll tax holiday is over, which means that all employers will pay the full 7.65 percent Social Security/Medicare tax on each employee's earnings. Also the maximum wage cap for payment of Social Security taxes has been raised from $100,100 in 2012 to $113,700 in 2013. These changes will present some new planning opportunities for small business owners and they should check with a tax adviser (an attorney or accountant) on ways of structuring their business to plan properly."

About Rocket Lawyer™
At Rocket Lawyer, we believe everyone deserves easy and affordable legal services. Since 2008 we've helped over 20 million families and small businesses take care of their legal matters -- so they can focus on what really matters. From free legal documents to discounted rates from outstanding attorneys, we're here to help every step of the way. For more information on Rocket Lawyer, please visit http://www.rocketlawyer.com and follow Rocket Lawyer on Twitter, Facebook and Google+.

About the Survey:
This survey was conducted by Rocket Lawyer November 29 - Dec 4, 2012, among 700+ nationwide small business owners who are Rocket Lawyer members or have used Rocket Lawyer's services. The margin of error is 3.58 percent.

Image Available: http://www2.marketwire.com/mw/frame_mw?attachid=2214913

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

@ThingsExpo Stories
SoftLayer operates a global cloud infrastructure platform built for Internet scale. With a global footprint of data centers and network points of presence, SoftLayer provides infrastructure as a service to leading-edge customers ranging from Web startups to global enterprises. SoftLayer's modular architecture, full-featured API, and sophisticated automation provide unparalleled performance and control. Its flexible unified platform seamlessly spans physical and virtual devices linked via a world...
SYS-CON Events announced today that ContentMX, the marketing technology and services company with a singular mission to increase engagement and drive more conversations for enterprise, channel and SMB technology marketers, has been named “Sponsor & Exhibitor Lounge Sponsor” of SYS-CON's 18th Cloud Expo, which will take place on June 7-9, 2016, at the Javits Center in New York City, New York. “CloudExpo is a great opportunity to start a conversation with new prospects, but what happens after the...
Companies can harness IoT and predictive analytics to sustain business continuity; predict and manage site performance during emergencies; minimize expensive reactive maintenance; and forecast equipment and maintenance budgets and expenditures. Providing cost-effective, uninterrupted service is challenging, particularly for organizations with geographically dispersed operations.
The IoTs will challenge the status quo of how IT and development organizations operate. Or will it? Certainly the fog layer of IoT requires special insights about data ontology, security and transactional integrity. But the developmental challenges are the same: People, Process and Platform. In his session at @ThingsExpo, Craig Sproule, CEO of Metavine, will demonstrate how to move beyond today's coding paradigm and share the must-have mindsets for removing complexity from the development proc...
SYS-CON Events announced today TechTarget has been named “Media Sponsor” of SYS-CON's 18th International Cloud Expo, which will take place on June 7–9, 2016, at the Javits Center in New York City, NY, and the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. TechTarget is the Web’s leading destination for serious technology buyers researching and making enterprise technology decisions. Its extensive global networ...
SYS-CON Events announced today that Commvault, a global leader in enterprise data protection and information management, has been named “Bronze Sponsor” of SYS-CON's 18th International Cloud Expo, which will take place on June 7–9, 2016, at the Javits Center in New York City, NY, and the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Commvault is a leading provider of data protection and information management...
The essence of data analysis involves setting up data pipelines that consist of several operations that are chained together – starting from data collection, data quality checks, data integration, data analysis and data visualization (including the setting up of interaction paths in that visualization). In our opinion, the challenges stem from the technology diversity at each stage of the data pipeline as well as the lack of process around the analysis.
A strange thing is happening along the way to the Internet of Things, namely far too many devices to work with and manage. It has become clear that we'll need much higher efficiency user experiences that can allow us to more easily and scalably work with the thousands of devices that will soon be in each of our lives. Enter the conversational interface revolution, combining bots we can literally talk with, gesture to, and even direct with our thoughts, with embedded artificial intelligence, wh...
Designing IoT applications is complex, but deploying them in a scalable fashion is even more complex. A scalable, API first IaaS cloud is a good start, but in order to understand the various components specific to deploying IoT applications, one needs to understand the architecture of these applications and figure out how to scale these components independently. In his session at @ThingsExpo, Nara Rajagopalan is CEO of Accelerite, will discuss the fundamental architecture of IoT applications, ...
SYS-CON Events announced today that MangoApps will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. MangoApps provides modern company intranets and team collaboration software, allowing workers to stay connected and productive from anywhere in the world and from any device. For more information, please visit https://www.mangoapps.com/.
SYS-CON Events announced today that Tintri Inc., a leading producer of VM-aware storage (VAS) for virtualization and cloud environments, will exhibit at the 18th International CloudExpo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, New York, and the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
SYS-CON Events announced today that Alert Logic, Inc., the leading provider of Security-as-a-Service solutions for the cloud, will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. Alert Logic, Inc., provides Security-as-a-Service for on-premises, cloud, and hybrid infrastructures, delivering deep security insight and continuous protection for customers at a lower cost than traditional security solutions. Ful...
In his session at 18th Cloud Expo, Bruce Swann, Senior Product Marketing Manager at Adobe, will discuss how the Adobe Marketing Cloud can help marketers embrace opportunities for personalized, relevant and real-time customer engagement across offline (direct mail, point of sale, call center) and digital (email, website, SMS, mobile apps, social networks, connected objects). Bruce Swann has more than 15 years of experience working with digital marketing disciplines like web analytics, social med...
SYS-CON Events announced today Object Management Group® has been named “Media Sponsor” of SYS-CON's 18th International Cloud Expo, which will take place on June 7–9, 2016, at the Javits Center in New York City, NY, and the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
SYS-CON Events announced today that EastBanc Technologies will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. EastBanc Technologies has been working at the frontier of technology since 1999. Today, the firm provides full-lifecycle software development delivering flexible technology solutions that seamlessly integrate with existing systems – whether on premise or cloud. EastBanc Technologies partners with p...
WebRTC is bringing significant change to the communications landscape that will bridge the worlds of web and telephony, making the Internet the new standard for communications. Cloud9 took the road less traveled and used WebRTC to create a downloadable enterprise-grade communications platform that is changing the communication dynamic in the financial sector. In his session at @ThingsExpo, Leo Papadopoulos, CTO of Cloud9, will discuss the importance of WebRTC and how it enables companies to fo...
The IoT is changing the way enterprises conduct business. In his session at @ThingsExpo, Eric Hoffman, Vice President at EastBanc Technologies, discuss how businesses can gain an edge over competitors by empowering consumers to take control through IoT. We'll cite examples such as a Washington, D.C.-based sports club that leveraged IoT and the cloud to develop a comprehensive booking system. He'll also highlight how IoT can revitalize and restore outdated business models, making them profitable...
Customer experience has become a competitive differentiator for companies, and it’s imperative that brands seamlessly connect the customer journey across all platforms. With the continued explosion of IoT, join us for a look at how to build a winning digital foundation in the connected era – today and in the future. In his session at @ThingsExpo, Chris Nguyen, Group Product Marketing Manager at Adobe, will discuss how to successfully leverage mobile, rapidly deploy content, capture real-time d...
What a difference a year makes. Organizations aren’t just talking about IoT possibilities, it is now baked into their core business strategy. With IoT, billions of devices generating data from different companies on different networks around the globe need to interact. From efficiency to better customer insights to completely new business models, IoT will turn traditional business models upside down. In the new customer-centric age, the key to success is delivering critical services and apps wit...
Join us at Cloud Expo | @ThingsExpo 2016 – June 7-9 at the Javits Center in New York City and November 1-3 at the Santa Clara Convention Center in Santa Clara, CA – and deliver your unique message in a way that is striking and unforgettable by taking advantage of SYS-CON's unmatched high-impact, result-driven event / media packages.