National Small Business Week, June 16-21, will feature dozens of successful small businesses from across the country, including entrepreneurs who started their business after age 50.
This year marks 50 years of National Small Business Week, and is fitting to highlight the thriving small business owners over the age of 50 who help drive the economy and create jobs. The businesses range from a baker of Artisan breads to a helicopter pilot school, and from a maker of skincare and cosmetic products to an aerospace design firm.
All across the country today there are promising startups looking to scale their businesses and to bring innovative, game changing ideas to market. The ability of these businesses to access long-term, patient capital is critical to their success and to the growth of the American economy.
However, today only six percent of venture capital is going to early stage rounds of between $1 and $4 million, creating a Valley of Death for many new businesses.
Father’s Day is right around the corner, providing another opportunity for small businesses to reach out to customers with an incentive to visit their stores, restaurants or websites and make a purchase.
Who’s your target market? Wives, moms, children and even grandparents are all about to start thinking about gift giving and doing something special for the fathers in their lives. And they spend big; according to a National Retail Federation survey, the average person will shell out $117 on a gift for Dad – that’s $12.7 billion in total spending.
Do you use endorsements or testimonials from customers in your marketing or advertising? Many business owners do. The power of referrals and quotes from customers can mean the difference between success and failure. However, you need to be aware of truth-in-advertising and endorsement laws. Likewise, if you use ask bloggers to write about your products, you need to be clear and transparent about your affiliations.
You’re interested in a franchise or two. You want to learn more about the opportunity. Who will you be talking to at headquarters?
If you guessed a franchise salesperson, also known as a franchise development representative, you guessed right. And yes – you are going to get “sold” on the franchise business opportunities that you’re interested in. But don’t worry; it won’t be like buying a new car. (I was in automobile franchising in a past life-so that observation is based on facts.)
Who Are They?
According to the U.S. Department of Health and Human Services, chronic disease is responsible for 7 out of 10 deaths among Americans every year. And we know that the costs associated with treating individuals with chronic conditions account for the majority of annual spending on medical care. Across the country, more employers are learning how nondiscriminatory employer-based prevention and wellness programs can help improve the overall health of our workers and control health care spending—and the Affordable Care Act is making it easier.
Budgets are difficult to plan and maintain at the best of times – unexpected events, cash flow problems, supply chain issues and more can all reap havoc with even the most thoroughly planned business budgets. The other problem with budgets is that many of us set budgets in our business and personal lives at the beginning of the year, and then file them away until the year-end rolls around once more.
And this is where the problem lies: your business is never static, and your budget shouldn’t be either.