I’m an Entrepreneur: Here’s How a Trump Administration Could Help Me Succeed
Donald Trump has always proclaimed his proclivity for business. Over the last few decades, he has built businesses across the world, from hotels to universities. And even if not all of his businesses have done as well as he touts, a second term as president might benefit other businesses.
“Targeted policies in the Trump administration will go a long way in creating a ripe environment for entrepreneurial success in such areas: deregulation and tax relief,” said Abid Salahi, a co-founder of FinlyWealth. “During his first term, the administration had a ‘one in, two out’ regulatory policy wherein every new regulation implemented had to be accompanied by the scrapping of two existing ones.”
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GOBankingRates asked Salahi and other entrepreneurs how a Trump administration could help them succeed. Here is what they had to say.
Also see why CEOs are supporting Trump.
Encouraging Deregulation and Reduced Tax Burdens
“During a second term of Trump, entrepreneurs may be given a boost by the emphasis on deregulation,” said Chris Langley, the director of Patio Doors. “By slashing red tape and simplifying compliance, new enterprises can get off the ground faster and with fewer obstacles. This not only saves time but also cuts operational costs — something that is vital for startups working on tight budgets.”
As an example, Langley shared that his company benefited from “increased flexibility in our expansion plans due to federal regulations being slashed under Trump’s first term, which enabled us to innovate and respond more quickly to what the market demanded.”
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Infrastructure Development and Trade Policies
Entrepreneurs also could benefit significantly from infrastructure development initiatives that are proposed by Trump, Langley suggested.
When it comes to helping entrepreneurs, Mary Safar, the owner of Fine Signs of LA, believes a second Trump term “would involve increased spending on infrastructure, thereby creating more business opportunities within this sector.”
Langley said improved infrastructure could reduce transportation costs and help expand market reach.
“Favorable trade policies might open up international markets leading to growth opportunities through diversification,” he said. “My business stands a chance of sourcing materials more efficiently and reaching out to a wider customer base if there could be better infrastructures coupled with good trade deals, hence driving growth plus innovation.”
Ramping Up Domestic Production
“Domestic production could be promoted through tariffs and other incentives so that it becomes much cheaper for entrepreneurs to get their materials locally while also making finished goods here in America,” Safar said.
Safar added that this would simplify supply chains, which could lead to stronger local economies.
Tax Incentives and Economic Growth
If Trump continues tax incentives for businesses and lowers corporate taxes, it could help entrepreneurs, according to Langley.
“These could free up capital for startups through incentives for reinvestment, thereby enabling such enterprises to invest in technology, create more jobs or scale up their operations,” he said. “When there is a strong economy, people have confidence in it as well [as] spend more money, which would greatly benefit companies like Patio Doors who rely heavily on home improvement trends and discretionary spending.”
Access to Capital
Getting the funding for small business or startup can be difficult; however, there is the potential that with Trump back in the White House more entrepreneurs would have access to initial capital to get their companies started on the right financial footing.
“Entrepreneurs might benefit from programs supporting small businesses with grants or loans under another regime led by Donald Trump,” Safar said. “Most startups need funds at some point during their growth journey, hence this move may avail such resources easily for them.”
Final Thoughts
Most entrepreneurs predicted that if Trump wins a second term, there most likely would be fewer rules and lower taxes. This could potentially lower the barrier for people looking to make their own businesses.
Should regulations be pulled back, businesses could operate more freely, theoretically allowing new ideas to generate. With anticipation that American manufacturing and job growth would flourish under Trump, more customers might seek out local services, an economic factor that could benefit businesses old and new.
“A second Trump Administration could catalyze entrepreneurial success by providing a business-friendly environment with deregulation, tax relief and special support for women entrepreneurs,” Salahi said. “Further underscoring small business interests, this administration would let American entrepreneurship reach its full potential to drive innovation and economic growth.”
Editor’s note on election coverage: GOBankingRates is nonpartisan and strives to cover all aspects of the economy objectively and present balanced reports on politically focused finance stories. You can find more coverage of this topic on GOBankingRates.com.
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This article originally appeared on GOBankingRates.com: I’m an Entrepreneur: Here’s How a Trump Administration Could Help Me Succeed
