This study focuses on the impact of government regulations on small business in the USA and it is vital to focus on such an issue because the small business owners contribute largely to the economy of the country. This study became a focus to me because of the inequality between the small businesses and the much more established businesses in the country which often benefit from regulations as they can circumvent these regulations because they have high bargaining power as compared to small businesses (Shields, 2015). The reason as to why this question had to be investigated was to try and bridge the gap between the small businesses and the established businesses such as Amazon, Target and other outlets.
There are a few recommendations that would work in this case and they range from correcting the tax regime for the small businesses to subsidizing for those who want to start a small business. Reducing the tax regime for small businesses will ensure that there is ease of doing business and that the business owners will be able to accumulate more profit and even expand their businesses (Shields, 2015). This will eventually lead to more people being employed and the economy growing much more. Subsidizing could also be a good idea by the government and this is because some of these traders import some of the things that they sell and it can be very expensive to do so with the import duty being very high.
Even during the subsidizing, government should try to give the traders funds to use when they want to start their businesses. This is particularly for small businesses, it will ensure that the government can support its people by creating opportunities for them (Dixon, 2019). Through this research, several things were learned and one of them is that business permits and licenses should be made more accessible for persons who want to start businesses but they should be able to meet all the requirements given by the government.
To add to this, business owners should make use of initiatives by the government that intends to uplift the small business owners. This will ensure that they can be able to meet the regulations that are required by the state and even the county. The small business owners should also be exempted from certain taxes to ensure that they can be able to prosper (Kraja, 2014). Despite different states having different tax regimes, the federal government should come up with a consolidated effort between the state and them to ensure that there is no high taxation of the small businesses.
The strengths in this research were mostly the identification of the areas that are of importance such as consumer advertising, taxation, employment laws, and business permits. The literature review was mostly focused on these areas. In this research, the focus was to acknowledge the impact of regulations on small businesses (Shields, 2015). Through the various areas of coverage, the study was able to leverage on the positive and also the negative side of the concept such as taxation which could be good for the government because it creates revenue and bad for small businesses because it takes away money from their business.
Personally, there are some opportunities that one was able to acknowledge such as adhering to the regulations as per the requirements and to also take advantage of the government services for persons who want to start a business. The strategy for me would revert into the online platform for the sale of goods and this is being encouraged worldwide for example Amazon and eBay (Kraja, 2014). Despite this method not being available to all the businesses, it could apply to most businesses because they save on time, space and money. This is a step that many businesses are taking and even using other platforms for the sale of their goods.
The experience that has been gained through this research will enable me to be more self-aware as a business owner. It will also enable me to have a certain guide on the type of business that one can be able to run. This knowledge will enable me to be able to give advice on matters that concern regulation to small business owners and to enable them to choose the type of business they want to pursue (Dixon, 2019). More business owners ought to weigh out their options before engaging in businesses to enable them to have the right business for example select a business that is less likely to have regulations than other such as a convenient store rather than an eatery.
Personally, this study has enabled me as a student to realize the ups and downs that are involved in business ventures. It has made me more aware of the challenges and what it takes to set up these businesses and to also make them prosper because that should be paramount. On a professional level, it has enabled me to have knowledge about these regulations some of which I never knew existed or were capable of restricting business owners as much as they should (Dixon, 2019). This study will also help me to have a certain guide on how I should run my business.
Business owners need to ensure that their business is up to speed with the required regulations. In addition to this, they should also be aware of these regulations to know if they are affecting their businesses and in what way their businesses are being affected by these regulations.
Dixon, L., Gates, S., Kapur, K., Seabury, S. and Talley, E. (2019). The Impact of Regulation and Litigation on Small Businesses and Enterpreneurship: An Overview. JSTOR
Kraja, Y., Osmani, E. and Molla, F. (2014). The Role of the Government Policy for Support the SME-s. Academic Journal of Interdisciplinary Studies.Shields, J. and Shelleman, J. (2015). Integrating sustainability into SMEs’ strategy. Journal of Small Business Strategy, 25(2).
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