The confidence of small business owners is soaring, according to a new report from Reuters, which likely means that more Boston business formation is on the horizon.
The staff at our Boston small business law firm understands the challenges of starting and maintaining a small business. A huge part of making the leap to launching your dreams is having at least some level of confidence that you’re going to be successful.
The next critical step is to consult with an experienced business attorney in Massachusetts, who can help you tie up the legal loose ends and ensure that you and your financial interests are protected – whether it is a joint venture, partnership, sole proprietorship, limited liability partnership, C-corporation, S-corporation or a limited liability company. An attorney can help you sort out which one of these options makes the most sense for your start-up.
Confidence, though, is one of those things that, like money, often multiplies for those who have it. That’s why this news is so good. Reuters reports that the confidence held by U.S. businesses rose to an encouraging high last month, with more owners planning to rebuild their stocks after nearly five years of liquidating their inventory.
According to the National Federation of Independent Businesses, the “optimism index” spiked by almost 95 percent in February – the highest it has been in a year. What’s more, it was the sixth month in a row that it had been inching upward.
It breaks down like this: Of the more than 350,000 federation members, nearly 15 percent reported upping their inventories – which is an increase of three points since the first of the year. The number of businesses that were still slashing their stocks dropped four points, to 20 percent last month. The federation’s survey showed that the inventories of small business owners increased by about 5 percent last month. Most felt that they didn’t have enough in stock to meet the demands.
These aren’t adjusted for seasonal variations, but a spokesman for the federation was quoted as saying that this is excellent news for the overall economic recovery and growth in the U.S. The more people buy, the more people are employed – and the cycle continues. When inventories are increased, it boosts the gross domestic product – something that is evident in fourth-quarter figures.
In fact, recent results of government research determined that job growth surpassed 200,000 last month – the third consecutive month of gains. Additionally, unemployment is remaining about the same – little more than 8 percent – for the third year in a row.
One mistake new business owners sometimes make is assuming that they can’t afford to hire an attorney to help them sort through the issues that frequently crop up. The truth of the matter, though, is that you can’t afford not to. Failing to do this can leave you vulnerable to potential scams, theft, lawsuits and financial hemorrhaging.
A Boston small business law firm, The Brown Law Firm, LLC, has offices in Belmont and Boston. For a free and confidential consultation, call 617-489-0817 or contact us through this website.
Small business confidence climbs to year-high, Reuters