Small Business Lending

May 11, 2017 by

Looking for a new small business loan?  How about Free business tools for your business?

According to new reports, the loan approval rate has increased this last past month to an all time high.  Which means, it’s a good time for you to apply for that new business loan you were hoping to get. 

Looking for new ways to grow your business?  There are twenty business tools for free you should be using if you want to grow your business.  From shopping carts to accounting apps, these free business tools can make your business a bit less difficult.

To read more, follow the links below.

Small Business Lending at Big Banks is On the Rebound, Says Biz2Credit

Loan approval rates at big banks rebounded after a setback month, the latest Biz2Credit Small Business Lending Index has revealed.

Biz2Credit Lending Index April 2017

Big Banks, Small Banks and Institutional Lenders Give Businesses a Reason to Cheer

According to the newly published report, loan approval rates at big banks grew by two-tenths of a percent to a new all-time index high of 24.3 percent. This marked recovery from last month’s stagnant percentage, which ended a seven-month streak of increases.

Rohit Arora, Biz2Credit CEO said, “Recent interest rate hikes and the Fed’s announcement that it will start unwinding the $4.5 trillion in bonds on its balance sheets signals a strong economy. Since most small business loans are tied to U.S. prime interest rates, there will be more incentives for banks to approve loan requests as lending in this sector will be more profitable.”

Billionaire Richard Branson reveals his best tips for making great business decisions

​If Richard Branson is your dream mentor, you’re in luck — the billionaire entrepreneur just revealed some of his best tips for making business decisions.

Everyone knows how important first impressions are when meeting someone — in fact the subconscious decisions people make within a tenth of a second are so strong that often contradictory facts can’t change them. But you have to fight the urge to rely first impressions when it comes to business decisions, says Branson. “You mustn’t allow that first reaction to influence your ability to objectively weigh the cons as well as all the pros when they are presented,” he advises.

Branson also suggests uncovering an idea or project’s “hidden warts.” They’re there, he assures, because nothing is perfect. You want to know about them early in the decision-making process while you still have the time and ability to deal with the issues. According to Branson, more learning is almost always better, just don’t get into “‘paralysis by analysis’ mode,” he says. At some point you have to decide, “screw it, let’s do it,” as he’s famous for saying.

20 Free Tools Your Small Business Should Be Using Today

Software doesn’t have to be expensive for small to midsize businesses. To help you celebrate National Small Business Week, here are 20 free tools to get your SMB up and running.

Although your small business needs a healthy amount of software to conduct operations, it’s not necessary for you to spend a fortune on web-based products. In our comprehensive testing of business and consumer software, we’ve come across dozens of incredible and free solutions that can help you get the job done. We’ve tested free tools in almost all facets of business — from email marketing to endpoint protection to project management.

To help you celebrate National Small Business Week this week, we’ve compiled this list of 20 free tools that your small business should be using. Fortunately for you, all of the software listed below offer premium versions to which you can upgrade once your business grows. So don’t shy away from the products on this list under the false assumption that you will eventually scale out of this category.

 

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Best Cities For Small Businesses. Where Are They?

May 3, 2017 by

Even though the number of added jobs for the first quarter of 2017 was not what analysts were expecting, the fact that businesses — if not hiring yet-are compensating employees with higher wages or other type of incentives is good for the economy.

The optimism small business owners indicated were feeling at the beginning of this administration, has not translated completely to added jobs.  When the second quarter arrives, we hope to have a clearer view of added jobs that will boost the optimism of the small business owner for 2017.

To read more about this and other topics, follow the links below.

The best city for small business in America is not in Silicon Valley

New York City surpassed Silicon Valley to become the top city for small business, according to Biz2Credit’s annual study of the Top Small Business Cities in America. New York’s growth has been fueled by the booming real estate market and the construction industry, banking and finance (including fintech), and the city’s thriving technology sector.

New York City overtook last year’s small-business city leader, San Jose, the hub of Silicon Valley, which dropped to the No. 4 spot on the list. Technology companies in Silicon Valley are still thriving, but it’s the supplementary companies that are faced with challenges of growing. The skyrocketing cost of living in Silicon Valley impedes the profits of many firms. Commercial rents, housing and labor costs weigh down non-tech businesses dramatically. Furthermore, taxes are higher in California, in general. Lacking that economic balance in the area has prevented San Jose from reigning as the leader in top small-business cities this year.

Small businesses hired fewer workers in April but gave their employees raises, Paychex survey shows

Small business hiring fell in April, but wages continued to rise for workers, a report by human resources firm Paychex said Tuesday.

The Small Business Jobs Index decreased 0.22 percent from the previous month to 100.50. The pace of small business employment growth is down 0.27 percent from a year ago, the company said.

“The decline in the April index mirrors what was reported last month by (the Bureau of Labor Statistics), which showed deceleration of job growth,” said Martin Mucci, Paychex president and CEO. “At the same time, the wage report shows continued growth in both hourly earnings and hours worked over the past year.”

The Bureau of Labor Statistics reported last month that nonfarm payrolls grew less than expected, but average hourly earnings were up by 2.7 percent on an annualized basis.

Paychex said national hourly earnings for the month were $25.67, increasing 2.73 percent, or 68 cents, from last year. Weekly earnings were up 2.92 percent from last year.

These 4 tips will help small business owners drastically boost their earnings this year

Whether you’re running an established small business or just starting your journey toward entrepreneurship, it’s safe to assume most business owners are on the hunt for new ways to grow their enterprise and improve their bottom line.

And we should all want to help them do so. Why? According to the Small Business Administration (SBA), small businesses create nearly 70 percent of net new jobs nationally, and drive tremendous growth in our local economies. When small businesses flourish, everyone wins.

My father-in-law is a small business owner. As a result, I have seen first-hand the sacrifices they make on a daily basis, and am driven to design products and provide resources to help small businesses meet their goals and fulfill their dreams.

 In honor of National Small Business Week, here are four ways small business owners (SBOs) can drive business growth this year.

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Does Your Small Business Need Financial Help?

April 26, 2017 by

Do you believe your small business can benefit from a small business loan this year? Do you know where to apply for one?  Small businesses in Michigan are getting workshops and small business loans for their business to help them grow.  The requirements to apply for such loans are minimal and depending on your business, the ROI when you apply for such loans can be monumental.  For more information about this, follow the links below.

Small business owners get help and inside tips in special workshop

Small Business Workshop in Detroit’s Tech Town.

DETROIT, Mich. (WXYZ) – Small business owners are getting ready for a special workshop designed to help them grow their companies. The event is loaded with information for current leaders and aspiring ones. CLICK THE VIDEO PLAYER TO FIND OUT WHAT YOU NEED TO KNOW ABOUT THE UNIQUE EVENT.

The month of May is considered “Small Business Month.”  The LEE Group, is teaming up with Fifth Third Bank and the Michigan Women’s Foundation, for the annual Small Business Workshop.

It’s set for Wednesday, May 3, 2017, 7:30am-1pm, at TechTown, located at 440 Burroughs, in Detroit.

The cost is $75 and includes a continental breakfast.  For more information and to register, please visit: http://leegroupinnovation.com/small-business-workshop/

Small business sales hit record in first quarter

Small businesses remain hot commodities, with first-quarter sales of companies reaching the highest point recorded by BizBuySell.com.

The internet marketplace tallied the number of transactions reported by business brokers nationwide.

BizBuySell.com counted 2,368 closed transactions, up nearly 29 percent from 1,840 in the first quarter of 2016. The improving economy is encouraging current owners to put their companies on the market and spurring buyers to look for businesses, BizBuySell.com says.

Companies that are being sold are healthier than a year ago, with an average $518,159 in annual revenue, up more than 8 percent from $478,000 a year earlier. And sellers are getting better prices; the median sale price was $237,000, up nearly 8 percent from $220,000.

NEIdeas offers $400,000 in grants to help small businesses grow

Small businesses in Detroit, Hamtramck and Highland Park can apply for $400,000 in grants to help them grow.The New Economy Initiative program targets companies that are at least 3 years old.

Applications for the NEIdeas: Rewarding Ideas for Business Growth challenge will be accepted from May 1 through June 1. Information sessions begin Tuesday.
The applications will be reviewed by a jury of local small business owners and past NEIdeas winners.Twenty businesses that gross less than $750,000 annually will be selected for $10,000 awards.
Two business that gross more than $750,000 and less than $5 million annually will be selected for $100,000 awards.NEIdeas has awarded $1.5 million to 96 local businesses since 2014 and connected others to technical assistance opportunities.

 

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Healthcare and Small Business Borrowing

April 11, 2017 by

Businesses in the United States  are still waiting to see what happens with healthcare, and other policy changes in the new administration before they commit to investing or hiring, or any other change that can affect their business.  The euphoria of the Election is passing, and with it the high optimism businesses felt.  Numbers are not as promising as analyst predicted, jobs felt short by more than 100K, and the business community is waiting.

For more about this and other stories, follow the links below.

Small-business sentiment declines as post-election euphoria runs out of steam

Small-business owner optimism declined in March as sales expectations and earnings came back to earth after a post-election surge.

The National Federation of Independent Business said its monthly sentiment gauge fell 0.6 point to 104.7, a slightly larger decline than the 0.5-point dip forecast by economists surveyed by Econoday.

The post-election surge was the biggest in the four decades NFIB has been conducting its survey. The gauge rose again in January but then receded in February.

In March, some warning signs appeared. The uncertainty index rose to 93, its second-highest reading on record. “More small business owners are having a difficult time anticipating the factors that affect their businesses, especially government policy,” noted Bill Dunkelberg, the groups’ chief economist.
But pessimism was widespread in March. Of 10 survey components, only three notched an increase.

Trump just said small businesses were ‘unable to borrow from banks’ — but small-business owners disagree

In a meeting with some of the most powerful CEOs in the world on Tuesday, President Donald Trump argued that small businesses were struggling to find financing.

“So many people come to see me — I see them all the time — small businesses that are unable to borrow from banks,” Trump said. “They never had a problem five, six, seven, 10 years ago. They had great bankers, great relationships, now they can’t borrow.”

The president blamed the post-financial-crisis Dodd-Frank banking regulations, which were enacted in July 2010, and higher capital requirements for the largest financial institutions. Trump said he planned to “streamline” or “eliminate” Dodd-Frank to allow small businesses to borrow again.

Trump’s narrative, however, is the opposite of what small-business owners are saying.

How small businesses are dealing with health care limbo

Republicans have called it quits for now on any plans to do away with Obamacare.

But while it may remain the law of the land, President Trump and GOP leaders in Congress don’t want it to stay that way.

That’s a lot of uncertainty for small business owners like Dr. Vicki Bralow and her husband Dr. Scott Bralow to handle. The couple is less than a month out from opening up their joint primary care office in Philadelphia. Until now, Vicki co-owned a practice downtown where she voluntarily offered her employees insurance.

“One year I’m paying $650 for a family policy and then the following year I’m paying $1,150 a month for a policy,” she said. “That’s a really, really big deal.”

Vicki’s old business is one of nearly 2 million nationwide that employs three to nine workers, by far the group of companies most vulnerable to Obamacare premium spikes.

 

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The State of Small Business

April 4, 2017 by

After last November’s election, many small business owners expressed high optimism about the business outlook for their business.  They were expectant and seemed eager to hire new employees, and invest in their new business. Small business hiring has decreased slightly from the previous quarter, and although the decreased is very small, small business owners do not feel confident enough to hire and trained new employees.

To read more about this topic, follow the links below.

Small business hiring falls slightly in March after 3 months of gains: Paychex

The Small Business Jobs Index decreased 0.05 percent from the previous month to 100.73. Year-over-year, the pace of small business employment growth is essentially unchanged, the human resources solution firm said.

The national index averaged 100.71 during the first quarters of 2016 and 2017.

“This month’s jobs index once again reflects consistent small business job growth, far above pre-recession levels,” Martin Mucci, Paychex president and CEO, said in a release.

Tennessee remains the top-ranked state, the report said. Dallas became the country’s new top metro area for small business jobs, following a 1.45 percent one-month decrease in Atlanta, which had held the top position.

Last month, Mucci attributed the growth to President Donald Trump‘s pro-business agenda, including tax reform, regulation rollback and the potential for health care reform

American Entrepreneurs Aren’t Hopeful Enough to Hire

Small business owners say they’re confident about their financial future, but aren’t translating that confidence into investments.

Evan Hakalir, a self described optimist, feels good about the future of his 12-person company, which manufactures children’s clothing. Still, the uncertain political climate nags at him.

“People are so caught up in politics and just waiting with bated breath as to what’s going to happen next, waiting for the next shoe to drop,” Hakalir said. He’s trying not to let his concerns get in the way of operating Andy & Evan, which had retail sales of around $12 million last year.

A new report shows many small business owners are in a similar boat: trying to be optimistic but holding off on bold decisions in an ever-shifting political and social landscape.

‘Embrace adversity’ – Confessions of a Small Business

If you don’t experience tough times, you’re not putting yourself out there enough. That was the verdict of the entrepreneurs at our first Confessions of a Small Business seminar. Catch up with what you missed

​Subscribe and review on iTunes, Soundcloud & Mixcloud and join the discussion on Facebook and Twitter.

On 6 February, 50 entrepreneurs attended a seminar run by the Guardian Small Business Network about overcoming adversity in business.

Our keynote speaker was John Stapleton, founder of New Covent Garden Soup Company, who said: “If you don’t experience adversity, you’re not putting yourself out there enough.” Stapleton’s efforts to take the soup concept to the American market failed but, undeterred, he returned to Europe to launch Little Dish, the children’s food brand.

On the panel was Joanna Montgomery from Little Riot; Nick Edwards, owner of Papaya Resources; and Arpana Gandhi from Disarmco. All had faced setbacks that could have ended their businesses.

 

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A Small Idea That Can Become A Big Business

March 28, 2017 by

A business idea doesn’t have to be all that new for you to start exploring your options.  Thinking about a different way to approach and solve a problem, or to offer a new service to a niche market can be the start of a new business for you. A new business doesn’t have to be original, it just has to provide a product or service to an existing market, or a new emerging market. If you are thinking about starting a new business and don’t know where to start, read the following article to find out more.

 Sexy small-business startup ideas

Looking for a small-business startup idea? You might want to look to the bedroom. Because, and I know this might shock you, sex sells.

Romance has been around since, well, Adam and Eve. Businesses related to romance continue to do well and are increasingly mainstream. This past Valentine’s Day, even Burger King got in the act. For a very limited time and only in Israel, the fast food chain included a sex toy in an “Adult Meal.” The story spread like wildfire on social media because who can resist anything to do with sex?

While most sex-based businesses are small businesses, they typically seem seedy and are, often, exploitative. But here are some sex and romance-related small-business ideas you that can still tell your grandma about and that won’t land you in jail:

  • Online dating site profile writer. Ask people how they met their partner, and the most frequent response you’ll hear is “online.” But few people know how to write appealing dating site profiles. My senior editor, however, met the man of her dreams on OKCupid. “Before we write anything at work, we research,” she said. “I thought I better do the same thing.” So she figured out how to write a witty, quirky profile, which attracted her perfect match. Friends then started asking her to write their profiles. “This could be a full-time business.” If your customers break up, they need to update their profiles, which means repeat business.

More Than Obamacare Repeal, Small Businesses Want Congress to Rein In Costs

LaRonda Hunter, a business owner in Fort Worth, Tex., views the Affordable Care Act as a literal job killer. Fearful of triggering the law’s employer mandate, which requires businesses with 50 or more workers to offer health insurance or pay penalties, Ms. Hunter has held off on expanding her small chain of hair salons.

She voted for President Trump with the hope that he would quickly make good on his promise to strike down the health care law. On Friday, she watched in despair as the Republicans’ replacement plan unraveled — leaving the law, commonly known as Obamacare, in place “for the foreseeable future,” according to Paul D. Ryan, the House speaker.

“I’m disappointed,” Ms. Hunter, 57, said. “I’m mostly mad at my party for being so disorganized. I’m hoping Trump has learned something about how the government works.”

In Brooklyn, however, another business owner, Leisah Swenson, was ecstatic about the news that Obamacare would be sticking around.

Small businesses looking to Legislature for policy solutions to foster job growth

Small business owners are accustomed to doing a lot with little.

For the vast majority of small businesses across California, owners also serve as the human resources department, the compliance department, the legal department, the payroll department, and so on. In a state where we add thousands of new laws, regulations and associated penalties and fees to the books every year, it is painfully clear that small businesses, the engine of the California economy, are being suffocated.
As members of the National Federation of Independent Business in California gather in Sacramento this week to meet with legislators about issues impacting their small businesses, we urge policymakers to listen to their stories and struggles of running a business in California.

There should be nothing partisan about finding commonsense policy solutions to help foster job growth. While each small business has their own challenges, employers tell us they are looking for solutions to excessive regulation and taxation, and burdensome mandates.

 

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Tools To Help Your Small Business Succeed

March 20, 2017 by

Small business owners are notoriously hard workers with long hours every single day of the week. Software tools and applications that make their business a bit easier have become more readily available with the current technology.  Documents, appointments, on line calendars and applications they can access through their phones or other devices have become commonplace.  Their business can truly travel with them, and can provide the much needed time to spend doing other more enjoyable things.

To read more about new business applications and other small business topics, follow the links below.

3 Financial Documents Every Small Business Needs

Columbia, S.C. (WLTX) – Happy Money Monday to our entrepreneur viewers. Today we’re covering the basics to help you understand the financial health of your business.

Here are 3 financial documents every small business needs:

1. Balance Sheet – This is a great way to provide a financial overview of your business. If you’re a visual person, this financial report will be easier for you to understand as it’s displayed as a chart. The left side shows what your company owns (aka your assets), while the right side will show you your expenses and equity.

2. Cash flow Statement – Similar to your budget for your personal finances, the cash flow statement shows how money comes and goes for your business. This helps you understand how your business is operating on a day-to-day basis and will help you answer the question, “How much is my business truly making?”

What is Yext and Can It Help Your Small Business?

It you’re looking for a way to automatically sync your business information across 50+ directories such as Google Maps, Yelp and Apple Siri, Yext presents itself as a possible solution.

Last week, the New-York based company filed paperwork with the US securities regulators to raise as much as $100 million in an initial public offering.

What is Yext?

Yext is a data management tool that is designed to keep track of your business’ location-related information on multiple directories. The software allows you to sync your:

  • Business Name, Address and Phone Number;
  • Business hours, products and services, holiday hours, photos and videos, staff bios, menus, and calendars;

Why your small business needs a mobile app

Many small businesses are unsure whether they need a mobile app, many believing that their mobile website is enough. Are you staying relevant?

Are you app-solutely missing the boat?

These days, we carry our smartphones everywhere. People are using them to play, order food, make purchases, do research, communicate, check reviews, read books, find love and generally get by day to day. Some people are even running their business from their phone! In fact, many of you probably prefer using apps over your desktop when it comes to things like checking emails, updating your social media accounts or checking your online banking.

 

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Information You Must Know For Your Small Business

March 16, 2017 by

If You Think Education Is Expensive, Try Ignorance – Famous quote

And, for many small business owners, knowing the rules and regulations concerning their business can save them a lot of money they can then invest in their business.  Tax incentives, or other type of changes that affect how they do their business, are opportunities they cannot pass up. 

For more about this and other topics, follow the links below.

Medicare rules differ for small business owners and employees

They must enroll when they turn 65 or face lifelong penalties.

Financial advisers who work with owners or employees of small businesses that employ fewer than 20 workers should be aware of a special rule that affects these clients: They must enroll in Medicare when they turn 65 or face lifelong penalties.

Normally, workers age 65 and older can delay enrolling in Medicare, the government-run health insurance program for people 65 and older and certain people with disabilities, if they continue to have group health insurance through their employer or through their spouse’s employer.

If the employer has 20 or more employees, the group health plan generally pays first, according to Medicare.gov. But the rules are different for small businesses and the self-employed. In this case, Medicare is the primary payer and if you don’t sign up for Medicare at 65, it will be as if you have no insurance at all, warns the Medicare Rights Center.

Avoid Business Burnout: 10 Real Small Business Owners Share Their Coping Secrets

Let’s face it: nobody starts a small business so that they’ll work less and have more free time. One thing I’ve heard consistently over the years from small business owners is how much harder it is to run a business than it is to work for one. In fact, many of them describe business ownership as a job that means working from morning till night, seven days a week. A friend of mine who owns a small café recently admitted to me that he hasn’t taken a single vacation in the seven years since he opened!

All of this sounds like a surefire recipe for serious “business owner burnout.” So I decided to ask 10 real-life small business owners how they stay energized. How do they cope with those moments when they feel overwhelmed by the constant pressure, the lack of time off, and the worries that come with being in business for yourself? This is the question I posed to them: “What tactics do you use to re-energize yourself and reinvigorate your passion for your business?”

10 Reasons Why Marketing Training for Small Business Owners is Essential

It’s no secret, at the core of business success is marketing. For small businesses, marketing goods, services and their brand, is essential in reaching customers, selling products and services and generally staying afloat. Though as with any discipline, marketing is achieved more effectively when you have the knowledge and expertise about the most effective forms of advertising, promotion and public relations, hence why marketing training can prove invaluable for many marketing-naïve SMEs.

If you run a small business and your marketing efforts are either non-existent or aren’t getting you very far, it could be worth investing in marketing training. Take a look at the following 10 reasons why marketing training for small business owners is essential.

Open new doors

Being up-to-date with the latest trends, innovations, technology and developments in the world of marketing, can help open new doors for your business. You will be able to implement such innovations into your own marketing strategy, and by doing so, grow your businesses organically by reaching out to new and existing customers.


 

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Is Online Advertising Working For You?

March 8, 2017 by

For some small business owners, online advertising seems to be a no brainer.  You can use Facebook ads to advertise your business or products, you pay the fees, and you wait for the results to start coming. Unfortunately, that is not always the case.  Facebook advertising takes work.  You must consistently test what is working for your particular business, before you can actually get any results.  It is true that for some businesses you do not have to do too much for the ads to work, but for the majority of small businesses, testing your ads to see if they are reaching the right audience, seems to be the only way to go. 

62 Percent of Small Business Owners Say Facebook Ads Don’t Work

Are Facebook ads ineffective, or is the problem user error?

In January 2017, Small Business Trends released the results of a survey of over 2,600 small-business owners, revealing that 62 percent of them believe Facebook ads are ineffective. With complaints of little-to-no ROI, these entrepreneurs say they will not use Facebook advertising again. Some experts, however, challenge this viewpoint, saying that properly targeted Facebook ads do indeed provide results.

“When businesses don’t see the results they hope for, it’s usually because they haven’t done enough testing on their ad copy, visuals, and the ideal combination of information to target the right audience,” says Vitruvian Digital Advertising founder Kristie McDonald.

Jeanine Blackwell, founder of The Launch Lab, agrees, saying that marketers aren’t asking themselves the right questions to determine an effective target market for their ad campaigns. “The problem is that most advertisers only use the simplest of criteria to let Facebook know who they want to see their ads, such as gender, age, and income,” says Blackwell.

The Best Accountability For Small Business Owners

When Beth Savage became the owner of PQ Systems, the first thing she did was put together an outside board. “Why not have a board that is there for the sole reason of helping you and your team succeed?” says Beth.

Many business owners are reluctant to create an outside board. Some believe that their company is unique, and a board of outsiders wouldn’t work for their company.

Others rationalize that they already get enough advice from employees, family members, and paid advisors—such as their attorney, accountant or bankers. Still others can’t see the purpose, and they want to hold on to what they see as their autonomy.

Abrams: Sexy small business start-ups

Looking for a small business start-up idea? You might want to look to the bedroom. Because, and I know this may shock you, sex sells.

Romance has been around since, well, Adam and Eve. Businesses related to romance continue to do well and are increasingly mainstream. This past Valentine’s Day, even Burger King got in the act. For a very limited time and only in Israel, the fast food chain included a sex toy in an “Adult Meal.” The story spread like wildfire on social media because who can resist anything to do with sex?

While most sex-based businesses are small businesses, they typically seem seedy and are, often, exploitative. But here are some sex and romance-related small business ideas you that can still tell your grandma about and that won’t land you in jail:

1. Online dating site profile writer. Ask people how they met their partner, and the most frequent response you’ll hear is “online.” But few people know how to write appealing dating site profiles. My senior editor, however, met the man of her dreams on OKCupid. “Before we write anything at work, we research,” she said. “I thought I better do the same thing.” So she figured out how to write a witty, quirky profile, which attracted her perfect match. Friends then started asking her to write their profiles. “This could be a full-time business.” If your customers break up, they need to update their profiles, which means repeat business.

 

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Small Business News

March 1, 2017 by

News about the high optimism of small business owners  regarding the economy across the US, seem to be a hot topic of conversation. Despite the incertitude of many of the issues affecting the small business community, the optimism according to media outlets seems to be high. The promise of a quick repeal to Obamacare has some small business owners wondering whether this is going to be a good move for them.  For more about this and other stories affecting the small business community, follow the links below.

Small-business owners are full of questions and regrets about the end of Obamacare

With the repeal of the Affordable Care Act likely but its replacement uncertain, small-business owners are weighing their options for the future.

More details may come Tuesday evening when President Trump makes his first address to both houses of Congress as commander-in-chief.

Trump took executive action on January 20 to “ease the burden” of the Affordable Care Act and formally announced the administration’s policy to “seek the prompt repeal” of the law. However, doing so with any speed has proven difficult. The president told a meeting of the nation’s governors on Monday, “Nobody knew that healthcare could be so complicated.”

Dirk Bak is simply hoping for cost controls. His business, SDQ Janitorial in Minnetonka, Minn., has been family-owned for 34 years and had been offering its nearly 200 full-time workers coverage even before the ACA became law.

A great majority of our nation’s small business owners are old, white men

Two weeks ago the Kauffman Foundation, a well-regarded nonprofit group that specializes in entrepreneurism, released its annual State of Entrepreneurship report — and at least in one respect, the news is encouraging. The report found that, despite still being below the peak that preceded the Great Recession, private enterprise is rebounding and entrepreneurs are driving a resurgence of business activity in America.

However, most of those entrepreneurs are still mostly old, white men.

Even as the U.S. population is becoming more diverse, the changes in the composition of our entrepreneurs is not reflecting these changes: 80.2 percent are white and 64.5 percent are male (other reports have put the average age of a small business owner at around 50 years old). The Kauffman report found that minorities own half as many businesses as non-minorities and their businesses start smaller and stay smaller mostly due to capital challenges. Women are also half as likely as men to own employer businesses.

79 Percent of Small Business Owners Remain Confident, Xero Report Says

​With unprecedented economic uncertainty in the US and UK, you would expect small businesses would be more pessimistic about the future. Yet, according to the second annual Make or Break 2017 report from Xero (NZE:XRO), small business owners are irrepressibly optimistic going into 2017. Both small business owners (79 percent) and accountants (84 percent) feel more confident about 2017 than 2016.

Make or Break 2017 Report from Xero: Highlights

The optimism was especially true for young businesses with 94 percent of one-year-old and 84 percent of two-year-old businesses saying that they felt more confident going into 2017 than they did in 2016. Over three quarters (79 percent) of small business owners professed confidence in their businesses’ survival in 2017. While nearly a fifth of businesses going through a tougher time said they expected 2017 to be a turnaround year for their business.

 

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