NASE Monthly E-Newsletter for Small Business Owners

SelfInformed - May 2018

In this months issue, read about National Small Business Week, Being Featured in an NASE article and The New Tax Law

Small Business Week - A Time to Celebrate

It’s that time of the year again! National Small Business Week in which we, the small businesses of America, are recognized. According to the SBA, “More than half of Americans either own or work for a small business, and they create about two out of every three new jobs in the U.S. each year.” That means that you, a small business owner, are the backbone of America.

Participating in the events of National Small Business Week is already an accomplishment in itself. Thousands and thousands of business owners congregate nationwide, and that means if you’re there, then you are feeling and contributing to the incredible energy in the room. And what’s one of the best parts? The ability to network with other extremely talented and hardworking individuals who share the same passion as you do for creating your own future.

Here at The National Association for the Self-Employed, we encourage all of our small business owners to participate in any way possible.

Although we are all winners because we have achieved becoming self-employed, there is one overall national winner at the end of National Small Business Week. This person receives the most prestigious award at the most prestigious Small Business event in the
nation. With that being said, what qualifies for an award of such caliber? Let’s look at last year’s winners of National Small Business Persons of the Year and see what made them stand out among thousands of other small business owners around the country.

As any business owner knows, going from an idea to actually making your first dollar is not an easy task. And going from an idea to making $12- $16 million a year is downright almost unimaginable to some. But that is exactly what Garrett Marrero and his co-
founder Melanie Oxley did.

Garrett told CNBC in an interview in 2017 a little bit about how he decided to start Maui Brewing Company. After graduating from college and working in a cushy finance job in San Francisco, Greg took a vacation to Maui. He immediately fell in love and decided that he wanted to live there in the future. After some thought, he felt he needed to live there now. But how?

During his visit, being an avid craft beer drinker, Garrett wanted to drink a beer that was made on the island. When he was told that there wasn’t anything crafted in Maui, he was both shocked and inspired. Soon after that, Greg and his then girlfriend and partner
decided to move to Maui to start a brewery. Garrett was just a young 26-year-old with huge dreams of a permanent island life and great beer.

Their journey with raising capital was not an easy one. Almost every one of us as a business owner has been met with challenges in the stage of taking our ideas into a reality. Money is always a concern and a necessity. After speaking to bank after bank, Garrett and Melanie were denied over and over again for a loan to open their first store front. Although they felt defeated for a long time, they finally raised some money from their family and successfully took out a loan. In 2005, they opened up Maui Brewing company and began a journey that would change their life forever.

Within a few years, the demand for their craft island style beer was so high that they began to outgrow their pub. They began manufacturing and packing their beer elsewhere. By 2013 and another two facilities later, Maui Brewing Company was making more that $10 million in sales. Not bad for a 26-year-old with what others would call a “crazy” dream. The company now employs 400+ employees, and with their ever-expanding business, expects to employ about 700+ employees by 2019.

It’s absolutely no surprise as to why Garrett and Melanie won Small Business Persons of the Year. They are the epitome of what the American Dream is all about. They started with an idea which led into an action which resulted in never-ending success.

Maui Brewing company has shown an extremely impressive growth curve over the years in both size and sales. The kind that all business owners wish to have. But how does one succeed to this level of success and more? It is definitely a combination of a great
idea, a market that lacks your product, persistence and extremely hard work. As a small business owner, you know that this perfect cocktail is much easier imagined than done.

How Can You Become the Next National Small Business Person of The Year?
Although it is not an easy task, it certainly isn’t an impossible feat. Just like starting your own business, it is attainable! In order to qualify for the prestigious award of being named National Small Business Person of the Year, you must first fill out an application on the Small Business Administration website. Although it is too late for the 2018 awards, you can definitely fill your application out in the Fall.

The application asks for pages of information about your company, including a backstory, yearly growth and sales.

Will You Attend NSBW Events?
Being self-employed is definitely not for everyone. It truly takes a different type of person to take themselves away from the 9-5 mentality, and deep into a 24/7 mindset. Waking up every morning knowing that you are your own boss forces you to become your
own self motivator. National Business week events will surround you with thousands of entrepreneurs who face the same challenges you do.

If you cannot make it to a national event, I highly encourage you to find a local event, or find a live stream online. There is no support and motivation like that of fellow small business owners telling their success stories.

NASE, as you know, supports and attends National Small Business Week. NASE is also a devoted supporter of the SBA loan programs, as well as efforts to provide tax relief and increased lending for small business owners. We take pride in assisting small business
owners like you with any resources available to us.

For more information on NSBW, visit the SBA website for updates. To stay up to speed with the latest information on NASE, visit our website at NASE.org. We are here to help you get started on your entrepreneurial journey or in assisting you with growing your
business.

NASE Members Don’t Understand New Law and Feel Inadequately Prepared

As President Trump and congressional Republicans travel around the country touting the impact of the tax reform package enacted last year, the National Association for the Self-Employed (NASE), released new data gauging the impact the tax reform law is having on small business owners’ days after making their first 2018 quarterly tax estimate payments.

“It is crystal clear from our survey that an overwhelming number of small business owners and self-employed Americans still don’t understand how to make this new tax law work for them,” said Keith Hall, President and CEO of NASE. “The tax reform package signed into law last year is based on Americans reinvesting savings back into their business operations and helping to spur overall economic growth. Small business owners must first have a full understanding of how this new tax law will impact their bottom line.

Unfortunately, over 83 percent of respondents still don’t understand the impact the new law will have on their businesses and over 90 percent think the government didn’t adequately prepare them for the system.”

The survey was conducted online in the month leading-up to the recent April 17th tax filing deadline, with 389 respondents from across the country. An overview of the results from the survey include:
- An overwhelming 83 percent did not have a complete understanding of the impact the new tax reform law would have on their business.
- Over 90 percent of respondents felt the government did not adequately prepare them for the new tax system.
- Survey takers were split on if they expected to pay MORE or LESS in overall taxes in 2018.
- Almost 60 percent of those who took the survey responded they felt their taxes would be more difficult to complete in 2018 because of the new tax law.
- Over 90 percent indicated the government can still take additional measures to ease the tax burden.

“The small business community is rapidly trying to educate themselves on how to make the new tax policies translate into savings and growth. However, additional IRS guidance is necessary and the government can take additional steps to effectively communicate the impact of these new laws on millions of small business owners in every city and state throughout the country.” Hall concluded.

NASE continues to work with officials at the Department of Treasury and Internal Revenue Service (IRS) to expedite the rulemaking process in order for there to be clarity for small business owners as to how the tax reform legislation impacts them and their
businesses.

Want To Be Featured?

We are always looking for NASE Members to feature in our monthly spotlights. If you want free publicity for your business and you are an NASE Member, we can help you promote your business! Simply fill out our “Get Publicity!” form here, and you and your business could be featured in an NASE publication, like our monthly member e-newsletter, SelfInformed.

Fill out the information in our Publicity form so an NASE representative can reach out to discuss featuring you and your business next!

The NASE Is Social

Connect with NASE on our social platforms

As an NASE member, you are the driving force for what we do. Promoting self-employment and providing as many self-employed people as possible with our wide variety of benefits is
something we do every day. But is it something you do? A great way for you to show your
support for the NASE is to Like, Join and Follow us on our social media channels to help spread awareness. If you haven’t taken the time already, we invite you to do so now with the links to our social media below:

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