Small Business Round-up – Week of August 26th

This week’s small business news review found small biz owners delaying vacations, how the SHOP healthcare program will work, an explanation of Bitcoins, an IRS tactic that is facing opposition, and how market research can save you from making mistakes.

• Are Bitcoins Tomorrow’s Currency?  Bitcoins have been gaining traction globally with the anonymous digital currency being accepted at more shops. But there are risks connected to Bitcoins that may prevent it from becoming universally accepted. Learn about how Bitcoins work in this motiongraphic.
• Market Research Critical to New Biz Success        Business consultants point to market research as a fundamental determinant if a small business will succeed or not. Obstacles can be revealed, opportunities discovered, and product pricing and other attributes can be defined. When should you start market research? The earlier, the better, say most experts.                    
• No Vacation This Year     Small biz owners are putting off vacations to work as the US economy enjoys a slow recovery. They don’t want to miss out on momentum as more consumers spend. In fact, less than 50% of owners indicated they would be taking a week-long vacation this summer.
• SHOP Options for Small Biz Employees   Still trying to understand the new health insurance requirements? The Small Business Health Options Program (SHOP) is set to launch nationwide this fall. Find out about how it will work and some of the program benefits for your employees.
• IRS Underreported Income Collection Strategy Criticized               If your business uses a merchant card system (and most do), you may have already gotten a letter from the IRS. If not, beware of the crackdown that is taking place to combat “possible income under-reporting”. Some owners are fighting the crackdown. One small biz accountant says, “I just don’t think that the data they have is sufficient for them to send these letters out.”