Federal Minimum Wage Increase: July 2008

The United States federal minimum wage will increase to $6.55/hour effective July 24, 2008.  This is the second step in a 3-step increase that went into effect in July of 2007.  The final increase will take place in July 2009, at which time the federal minimum wage will be raised to $7.25/hour.

The current federal minimum wage ($5.85/hour) is lower than the state minimum wages in both Minnesota ($6.15/hour) and Wisconsin ($6.50/hour); however, this year's increase will have an effect on employers in both states, as they are required to pay the higher wage when federal and state minimums differ.

Visit http://www.dol.gov/esa/whd/ for more information on minimum wage requirements.
 

Assistance to Small Business Owners/Employees
Serving in the National Guard and Reserves

If you are a small business who employs a National Guard and/or Reserve Member who has been called up to active duty, or if you are a National Guard and/or Reserve Member small business owner and have been called up to active duty, the U.S. Small Business Administration (SBA) has programs available to help you and your business. 

For more information on services and resources available to National Guard/Reserve members and military veterans from the Small Business Administration, visit their Office of Veterans Business Development website at http://www.sba.gov/aboutsba/sbaprograms/ovbd/index.html.
 

Inventors & Entrepreneurs Clubs

Inventors & Entrepreneurs Clubs support and motivate like-minded people through information and networking that encourages inventors and entrepreneurs to follow their dreams. Participating in an I & E club gives you a place to discuss new product development strategies, share available resources, learn how to patent or commercialize your ideas, and get support from other inventors and entrepreneurs.

The Duluth-Superior area has its own Twin Ports I & E Club that meets every second Tuesday of the month at Wisconsin Indianhead Technical College (WITC) in Superior.  Call 715-394-8351 for more information.
 

News and Tips for Seasonal Businesses

Despite Economy, Outlook for Summer Tourism is Positive

The 2008 summer tourism outlook in Minnesota is positive according to the state tourism office.  Though the rising price of gas may limit travel plans for many, it may also prompt Minnesota residents to take the opportunity to explore their own state this summer.  (http://press.exploreminnesota.com/despite-economy-outlook-for-summer-tourism-is-positive/)

Source: Explore Minnesota

Basics for Seasonal Business Owners

Running a seasonal business can be very tricky - decisions must be made quickly, financial planning is crucial, and keeping the business properly staffed can be difficult.  There are a few basic rules of thumb in owing a seasonal business that will help you keep operations running smoothly all year long. (http://www.businessweek.com/magazine/content/08_64/s0804058908582.htm)

Source: Business Week
 

Alternatives to Hiring Employees

Many entrepreneurs face unexpected personnel shortages. Causes may include seasonal peaking, inventory, special projects, employees on sick leave, or an unexpected increase in business. Entrepreneurs must also cope with the rising costs of employee benefits, as well as all the payroll record keeping required by local, state, and federal government. When you are short on staff, your business suffers. This article discusses alternatives to hiring employees -- ideas that can help you meet your staffing challenges.  (http://www.gaebler.com/Alternatives-to-Hiring-Employees.htm)

Source: Gaebler Ventures
 

This Month's Featured Entrepreneurial Resources… 

FraudTracks
www.fraudtracks.com

A regional business fraud alert network and information source for businesses and consumers.  Find up-to-date information on identity theft, internet fraud, telephone and email scams, and much more.

National Association for the Self-Employed
www.nase.org

The National Association for the Self-Employed provides the resources and tools you need to become a successful entrepreneur by offering a variety of products and services designed exclusively for its members.