3 Things You Should Know About Small Business: September 27
NEW YORK (TheStreet) -- What's happening in small business today?
1. Why domestic manufacturing is a "smart investment." Outsourcing manufacturing has become an unfortunate norm, particularly for startups or small companies looking to shave costs. While it's true that the cost of domestic production is higher, Nicholas Ventura, co-founder of Youth Monument Clothing, a small clothing manufacturer, shares why it's a smart investment.
It might be tough for bootstrapped entrepreneurs to incur the costs of local production but supply chain and inventory are both areas where they shouldn't skimp, Ventura writes in The Washington Post.
Businesses could actually cut costs if they produced their goods locally by saving on the amount of goods they produce in order to meet minimums. Having too much overstock is never a good thing. Additionally, the supply chain is quicker if factories are located closer to home, which also helps to react quickly to market changes, he writes.Most importantly, Made in the USA is one of the hottest trending topics these days and more production at home equals more jobs. "A huge impact can be made with a simple push by young entrepreneurs to bring manufacturing back to the U.S. The trend will spark more followers and you will see a rise in jobs and manufacturing in America," Ventura writes. 2. Romney's contradictory tax cut message to small business owners. While on the campaign trail, Republican presidential candidate Mitt Romney gave what seem to be opposing messages to small business owners in regards to tax cuts, according to the Huffington Post. During a campaign speech on Wednesday in Westerville, Ohio, HuffPo quoted Romney as saying small business owners should "not be expecting a huge cut in taxes." Later in Shaker Heights, Ohio, he said "small business is crushed by taxes." He plans to bring "tax rates down for small business." HuffPo points out that the discrepancy illustrates the conundrum the Romney campaign faces in a state that is deemed a must-win, but whose middle class voters are more likely to work for businesses than own them. 3. Where would you invest venture capital money? If you had venture capital money to invest, what sector would you put it in? Check out The Wall Street Journal's poll to find out what others are recommending. -- Written by Laurie Kulikowski in New York. Follow @LKulikowski To contact Laurie Kulikowski, send an email to: Laurie.Kulikowski@thestreet.com. >To submit a news tip, email: firstname.lastname@example.org.
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