All Articles Tagged "small business"
The Good and The Bad of Becoming My Own Boss…
It’s not the sort of reaction you expect when you tell your friend you’ve been laid off, but I guess it made a lot of sense: “Congratulations! This is the best thing that could have happened to you.
“You’ve been dying to leave that company for years. Mazel tov!”
She was right. Yes, I was unhappy at work for what seemed like forever. Although no one else had said it so bluntly, the general consensus among family and friends was that getting laid off from my job was a good thing. Now I could go into business for myself and become a full-time freelance writer.
All my life I had been told to study hard and get an education so I could get a good job. Now even my mother was encouraging me to become my own boss – writing and selling features to newspapers and magazines around the world, effectively becoming my own news agency.
But that was easier said than done. Working out taxes and payroll, getting acquainted with LLCs, S-Corps and Quick Books has made my head hurt. In the month since I launched my company – Marissa Charles Media – I have mostly learned my lessons the hard way. Here is a list of things the Universe has brought to my attention:
I can’t do it all
Yep. That’s right. I am merely a writer. I say that with genuine humility. I was put on this earth to tell the stories of others and I’m blessed that I have been able to earn a living doing that for more than 12 years.
What I am NOT is an accountant, web designer, lawyer and IT expert. But when I started this business I tried to take on most of those roles with gusto.
Part of being your own boss is realizing your limitations. If you don’t know something, find someone who does.
Looking back, I cannot believe I even thought I could design my own website. Seriously? In the end, finding someone who could tinker away on it while I did other things, was the best decision I ever made and the result speaks for itself.
Small Biz Lending Up; Credit? Not So Much
(Wall Street Journal) — Small businesses received more government-backed loans last year than ever before. Even so, access to capital remains a major hurdle for a significant number of U.S. entrepreneurs, new data show. A record $19.6 billion were issued through the Small Business Administration’s flagship program in fiscal 2011, the government agency reported Wednesday. Those funds, however, were distributed to 53,706 businesses, roughly the same number as in 2010. SBA loans, which are issued through banks, are intended to help small firms grow and hire. A portion of each loan is guaranteed by the federal agency to cover a bank if a borrower defaults, thereby reducing the bank’s risk. In turn, the agency reasons that the program encourages banks lend to more money to more small businesses.
Is All That Small Biz Love Misplaced?
(Businessweek) — With more than 14 million Americans out of work and the U.S. facing the prospect of a double-dip recession, it’s heartening to know that Democrats and Republicans agree on at least one way to kick-start growth: support small business. “Everyone here knows that small businesses are where most new jobs begin,” President Barack Obama said in his Sept. 8 address to Congress, unveiling a $447 billion jobs bill. Republicans who were initially responsive to the speech have since slammed Obama for introducing what House Speaker John Boehner calls “job-killing small business tax hikes.” Politicians aren’t the only ones rushing to champion small businesses. In announcing a program to give $10 million in credits to small business advertisers on Facebook, Chief Operating Officer Sheryl Sandberg said on Sept. 26 that “small businesses are the backbone of the American economy.” Most Americans would probably concur. The idea of small businesses as indispensable to the national welfare dates to Thomas Jefferson’s veneration of the yeoman farmer. In the popular imagination, small firms are more nimble, more innovative, and more virtuous than blue-chip companies that employ thousands.
Not All Entrepreneurs' Goals Created Equally
(New York Times) — Small-business owners are often described in monolithic terms. But as I rediscovered during a conversation with three women who run companies, their goals and motivations tend to vary. When I met recently with Jessica Johnson, Susan Parker and Carissa Reiniger of ournewly formed business group, we talked about their long-term goals. (Alexandra Mayzler, the fourth member of the group, couldn’t make the meeting.) I was particularly curious about their thoughts and attitudes about eventually exiting the companies that they or their families — in the cases of Ms. Johnson and Ms. Parker — built. Ms. Johnson said that exiting Johnson Security Bureau would feel like walking out on a spouse: “My daily struggle is, how do I keep the business going successfully for as long as possible, while protecting myself and my interest?” She added that she did not want to turn 75 one day and find that she was still trying to find security guards to cover a client at 2 a.m.
Obama's 'Startup America' Takes Shape
(Wall Street Journal) — It’s been eight months since Startup America was announced, but a major part of the initiative has only recently taken off. The initiative is made up of a series of public-private programs designed to spur small-business growth. The two operations of Startup America have different missions to accomplish the same goal – boost entrepreneurship and job creation. On the private side, a number of initiatives have rolled out over several months including classroom and mentorship programs provided by nonprofits and corporations. But the principal agenda for entrepreneurs, called the Startup America Partnership, launched only this month. It is now allowing entrepreneurs to apply for free or discounted products and resources such as Google Adwords, Intuit payroll services and Salesforce technology. Collectively, there are more than 25 partners who have pledged $730 million worth of in-kind resources to help small firms grow.
Banks Back to Business Lending
(Wall Street Journal) — Here’s news that should offer little comfort to people struggling to find work: Bank loans to businesses are expanding, but those businesses aren’t using the money to fund expansion. So far this year, banks made $61 billion more commercial and industrial loans–an increase of %6.2%–than in the year-earlier January to August period, Federal Reserve data show. Commercial and industrial loans are business loans excluding real estate. Between January and August last year, such loans fell more than 11% from the year-earlier period.
Are Small Businesses Good at Innovation?
(Slate) — A year ago, President Barack Obama approved the Small Business Jobs Act, which cut taxes and expanded loan programs for tens of thousands of small companies. Signing the bill into law, he gave a speech that could have come out of the mouth of any Washington politician: lauding the country’s “entrepreneurs,” the “basement inventor[s]” designing revolutionary new products and creating most of the country’s new jobs. The stereotype of the small-businessperson as a start-up innovator is pervasive. But it’s not true, according to a new study. Scupper the image of Mark Zuckerberg handcrafting a new service to revolutionize how we socialize and adding thousands of jobs to the economy. Replace it with the image of a gas-station owner, servicing a crowded market, happy to be able to make his kid’s soccer games without a boss breathing down his neck, and more wary of innovation than eager for it.
Fed Put Breaks on Minority Contracts?
(Exception) — The Department of Defense, General Services Administration and NASA submitted a rule change on September 9 to eliminate a program which aimed to boost government contracts that were awarded to minority-owned small businesses. “It is unbelievable that at a time when unemployment among minorities is at record levels, the President is going to eliminate the largest federal programs to help minority-owned businesses,” said American Small Business League President Lloyd Chapman.
What Jobs Plan Means for Small Business
(Entrepreneur) — If job creation starts with the smallest businesses, here are a few measures that may get the ball rolling more quickly. In his address to a joint session of Congress last night, President Barack Obama laid out a wide-ranging — if not gutsy — plan for trimming U.S. unemployment rolls and putting U.S. workers back in paying jobs. In addition to assisting the long-term unemployed and veterans, the bill, called the American Jobs Act, proposes to provide federal aid to many of the nation’s small-business owners. ”Everyone here knows that small businesses are where most new jobs begin,” President Obama said in his speech. “For everyone who speaks so passionately about making life easier for ‘job creators,’ this plan is for you.”
The Start-Up Company That Helps You Start Your Own Business
Most entrepreneurs start with an idea, or a love a particular industry. Having relied on their bosses to focus on the details of keeping their place of employment in order, many are at a loss when setting up their own companies. Bryan Janczko understands this scenario completely. As a small business owner who has started more than one enterprise and sold one for millions, his latest firm Wicked Start aims to transfer his wisdom to new entrepreneurs. Based on his own personal experience and that gained by answering many questions as a speaker on the small business lecture circuit, Janczko has formulated Wicked Start — a structured system to make starting a firm more manageable. The New York Times details how Wicked Start works:
The heart of Wicked Start is a series of customizable templates for each of 10 steps in starting up a business, running from producing a business plan to raising money to building the company’s infrastructure to marketing, and more. The site automatically tailors the templates to any of several industries, such as brick-and-mortar retail, e-commerce, consulting or food services, covering about 70 percent of start-ups, according to Mr. Janeczko, and users can further customize as needed. Each template lays out action items, including pinning down your business idea and creating PowerPoint presentations to hit up friends and relatives for financing. It goes on to help with taking on partners, setting up a marketing plan and signing a lease. The items prompt you to set deadlines and to create e-mail reminders to nudge you to stay on track. In a sense, it’s a project management tool that’s been thoroughly adapted to the project of getting a company off the ground.
Janczko stresses that Wicked Start does not have to be followed exactly to be helpful. While the program provides timelines and reminders in addition to forms, what sets it apart is its component of built-in inspiration. Wicked Start’s community features, how-to videos, and educational articles guide participants every step of the way with a human element that is missing from similar online tools.
Speaking of similar tools, The Times also recommends BizTree as an essential element for any start-up’s success. While a bit pricey at almost $250, BizTree grants access to over 1,500 downloadable documents that assist sole proprietors with forms for things like hiring employees and setting employee policies. Definitely a time and money saver for a small business.
The plethora of small business tools available online makes it easier than ever to get an idea off the ground and manage the process efficiently. Although capital, talent and drive are key, don’t underestimate the power of technology to fuel your new venture’s success.
