Often one of the great mysteries of owning a business is something we don’t want to deal with at all: taxes and regulatory fees. These unavoidable facts of life can be an intimidating source of stress and confusion for many entrepreneurs and, as this graphic from ChamberofCommerce.com clearly illustrates, there are some surprisingly unfair burdens put on those least equipped to handle this: the smallest businesses in the United States.
For example, did you know that the majority of corporate regulatory costs are fixed? That means a small mom and pop operation which has incorporated pays the same fee as a top Fortune 10 corporation. Or, as the graphic points out, a company with 5 employees pays the same as a skyscraper occupying company with 5000 employees. No wonder the Gallup survey sourced here identifies “Complying with Government Regulation” as the biggest challenge small business owners feel they have to face.
With 89% of businesses in the United States being of the small variety, these facts should apply to many of us, and provoke some serious thought on how these laws impact small businesses and their success in the country. To get empowering tools which can connect your enterprise with your local chamber of commerce and other businesses in the area, check out ChamberofCommerce.com.
Click here or the graphic below for a full-sized view: