 |
Hawai'`i SmallBiz Week Newsletter from The Business Research Library (BRL) |
 |
| OF THE HAWAI`I
SMALL BUSINESS
DEVELOPMENT CENTER
NETWORK A Partnership Program between the University of Hawai`i at Hilo and the U.S. Small Business Administration | ||
| 30 July 1998 | A Summary of News for Small Business in Hawai`i | Volume 2 - Issue 10 |
HAWAI`I
•Kaua`i High Tech Company Tops List of Hawaii's Fastest 50
•Hawai`i and Guilin, China Form Business Partnership
•Exhibit Space Now Discounted For Small Business Hawai`i Tradeshow
•Transitional Opportunity Program Subsidizes Employee Training
NATIONAL
•IRS Announces Payroll Tax Deposit Relief
•Study Released on America's Remarkable Small Business Evolution
•Big Businesses Need Subcontractors
•Children's Businesses Flourish
HAWAI`I
KAUA`I HIGH TECH COMPANY TOPS LIST OF HAWAII'S FASTEST
50
Kaua`i-based Rare & Dear Inc., a software development and consulting
company, topped the Hawaii's Fastest 50 list with growth of 1,032.4 percent
over the past three years. Rare & Dear Inc.'s growth outpaced any Fastest
50 winner in the past four years, even though 1998 was a record-setting
year for Fastest 50 applications. Hawaii's Fastest 50 refers to the 50
fastest growing small businesses in the state. The fourth annual competition
was sponsored by First Hawaiian Bank, PricewaterhouseCoopers LLP and Pacific
Business News. (Pacific Business News, 27 July 1998)
HAWAI`I AND GUILIN, CHINA FORM BUSINESS PARTNERSHIP
The State of Hawai`i recently announced the signing of an agreeement
to form a partnership with the People's Municipal Government of Guilin in
China that promotes economic, professional, cultural, and educational ties.
Tourism development, education and training, healthcare, and technology
are the main focus areas. Guilin is known for its picturesques scenery and
has recently scene a surge in domestic and foreign tourism. Guilin is looking
to Hawai`i for its expertise in tourism and resort development. In turn,
Hawai`i hopes that the partnership will lead to new and growing market diversifications.
For more information, contact Richard Bahar, Investment and Business Analysis
Branch Chief, DBEDT, at (808)587-2769.
(DBEDT News Release, 28 July 1998)
EXHIBIT SPACE NOW DISCOUNTED FOR SMALL BUSINESS HAWAI`I
TRADESHOW
Space rates at Small Business Hawaii's "The Tradeshow '98"
are now being offered to Small Business Hawai`i members only at a discounted
rate until August 1, 1998 when the rate will increase by 25%. The event
is set for November 17 and 18 at the Blaisdell Center. This event attracts
business owners and managers interested in products and services that will
help them
operate more efficiently and profitably. For more information, please call
Production Hawaii Inc. at (808)532-7300.
TRANSITIONAL OPPORTUNITY PROGRAM SUBSIDIZES EMPLOYEE
TRAINING
Transitional Opportunity Program is a program developed by the State
of Hawai`i, Department of Human Services, to train Hawaii's public assistance
recipients for employment by collaborating with the private sector. Private
employers can gain full-time workers at no wage expense for up to six months.
The trainee receives a subsidy from the State. When the trainee has
successfully completed the company's training program, there is an expectation
that the company will hire her/him. This is an opportunity to select, train
and evaluate a potential employee for up to six months, at no wage cost
to you. For more information, please call (808) 587-3850. (Transitional
Opportunity Program brochure).
IRS ANNOUNCES PAYROLL TAX DEPOSIT RELIEF
The Internal Revenue Service recently announced a change in employment
tax deposit rules that will spell relief for about a half-million small
businesses. Under the new rules, employers with employment tax liabilities
of less than $1,000 per return period will no longer be required to make
monthly deposits of employment taxes. With this threshold rise, a half-million
more employers will see a reduction in their paperwork burden. The new deposit
rules apply to employment taxes that are reported using IRS forms such as
Form 941 (Employer's Quarterly Federal Tax Return) and Form 943 (Employer's
Annual Tax Return for Agricultural Workers). The new rules apply to quarterly
returns for periods beginning July 1, 1998, and for annual returns beginning
January 1, 1999. More information on these changes can be found at the IRS
on the Internet at www.irs.ustreas.gov.
(Small Business Advocate, July 1998)
STUDY RELEASED ON AMERICA'S REMARKABLE SMALL BUSINESS
EVOLUTION
A study recently released by the Small Business Administration's Office
of Advocacy is entitled "The New American Evolution". It assembles
recent research and the best thinking of a dozen top economists on the small
business evolution in America. Three entrepreneurial stories contribute
to the U.S. success: 1) large firms in mature industries have downsized,
restructured, and reinvested themselves in the 1980s and 1990s; they have
become leaner, and their sales and profits have increased; 2) new and small
startup companies have been blossoming; and 3) thousands of smaller companies
have been formed, many be women, minorities, and immigrants. Between March
1992 and March 1993 alone, small firms with fewer than five employees created
more than 1 millin net new jobs. The survey cites small firms make at least
two indispensable contributions to the American economy: 1) as sources of
constant experimentation and innovation that enables changes in market structure,
and 2) by creating opportunities for women, minorities, and immigrants whereby
millions enter the economic and social mainstream. The full text of the
report is available at www.sba.gov/ADVO.
(Small Business Advocate, July 1998)
BIG BUSINESSES NEED SUBCONTRACTORS
Big businesses, including some Fortune 500 companies, need subcontractors.
Over 50 big businesses looking for subcontractors have been compiled by
Entrepreneur Magazine giving contact information as well as web site addresses,
contracting opportunities, and certifications required. Companies on the
list include Chase Manhattan Bank, Delta Air Lines,
Frito-Lay Inc., Hallmark Cards Inc., JCPenney Company Inc., Nike Inc., Sears,
Roebuck and Co., Time Warner Inc., Tyson Foods Inc., United Health Care,
and The Walt Disney Co. (Entrepreneur Magazine, August 1998)
CHILDREN'S BUSINESSES FLOURISH
Some of the newest and fastest-growing businesses today are geared toward
easing the burdens of parenthood. This can mean helping busy moms and dads,
training new mothers, or helping mothers get back into shape after childbirth.
Ten of the best child-related businesses to start are: day cares, children's
resale store, children's entertainment, custom murals and children's furniture,
baby-proofing, children's transportaiton, personal fitness training for
new moms, children's photography, doula care (mother care as opposed to
child care), and extracurricular education.
(Business Start-Ups, August 1998)