Small Business and The Market Place

Depending on what news outlet you read or watch, you are going to learn how the economy is booming or businesses are disappearing. The fact is that small business owners in the United States face many challenges through out the lives of their business.  The many challenges they face spring from government legislation or economic changes they have to face every year. This week many small business owners that sell through Amazon learned that the items they sell will be “automatically authorized” for return.  Unlike big companies that can offset this return policy change, many small business owners are thinking differently.

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


Amazon’s new refunds policy will ‘crush’ small businesses, outraged sellers say

Amazon sellers are up in arms over a new returns policy that will make it easier for consumers to send back items at the merchant’s expense.

Marketplace sellers who ship products from their home, garage or warehouse — rather than using Amazon’s facilities — were told this week by email that starting Oct. 2, items they sell will be “automatically authorized” for return.

That means a buyer will no longer need to contact the seller before sending an item back, and the merchant won’t have the opportunity to communicate with the customer. If a consumer is returning an electronic device because it’s difficult to use, for example, the seller won’t be able to offer help before being forced to pay a refund.


Ransomware attacks hit small businesses the hardest

It’s just one of the grim findings in Malwarebytes’ new ransomware report.

If it seems like reports of ransomware attacks — malicious software that holds data hostage unless a ransom is paid to the person or organization behind it — are increasing, Malwarebytes agrees with you. The company released its Second Annual State of Ransomware Report recently. Among the findings is that 22 percent of small business that were hit with ransomware attacks were crippled to the point they had to cease operations immediately.

It’s a somewhat staggering figure, but it makes sense once you think about it; large corporations often have the resources to work around (or, let’s be real, pay off) these types of attacks. Small businesses, especially ones that rely on day-to-day operations to function, can’t cope in the same way. “To make matters worse, most of them lack the confidence in their ability to stop an attack, despite significant investments in defensive technologies,” said Marcin Kleczynski, CEO of Malwarebytes, in the press release. The survey also found that small business owners and operators are less likely to pay a ransomware demand.


Survey: Small business optimism reaches highest point in a decade

Small business optimism continues to climb in the third quarter as business owners said they are the most optimistic in more than a decade, according to findings from the Wells Fargo/Gallup Small Business Index, conducted July 10–14.

In the quarterly survey, which measures the optimism of small business owners, the overall Index score jumped to 106 in July – an 11-point increase from 95 in April and the highest since 113 in April 2007. The increase in optimism was driven by several factors, including:

  • Strong financial situation – Seventy-six percent said their current financial situation is very good or somewhat good, up from 73 percent in April.
  • Healthy revenues – For the second quarter in a row, almost half (46 percent) said their business’s revenue increased over the past 12 months, up from 41 percent a year ago.
  • Ease of obtaining credit – Nearly half of small business owners (48 percent) said credit will be somewhat easy or very easy to obtain over the next 12 months.
  • More hiring – Twenty-one percent said the number of jobs at their company increased over the past 12 months, up from 19 percent in April.

 

Ohio Business Entrepreneurs

Are you changing careers? Is your job not what you do it would be? Are you in college looking ahead?

There are many college students looking for opportunities before they graduate from college, but  is that too early? On the contrary, networking and finding the right career opportunities before you are out of college is one great move for any college student.  Meeting potential employers or people with jobs in their particular field can only be a positive move.  Getting to know people that can later on be a liaison between you and a great career opportunity, is something every college kid should be looking forward to do.

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


Corporate career to entrepreneur: How to prep for the leap

After two decades in the workforce, Ohio businesswoman Deborah Wasylko found herself faced with the prospect of having to move to keep her job while dealing with challenges in her family life. Wasylko concluded that she had a choice: continue her corporate career or become an entrepreneur.

“I decided to start a corporate gift company, because that’s what I love to do,” says Wasylko, the founder and president of Baskets Galore, which creates gift baskets for corporate clients. She had long been enthusiastic about visual design and making people feel cared for, she says, and her new venture touched on both interests. “It was my opportunity to re-engineer my career and follow my passion.”

The allure of becoming your own boss seems strong: As of 2014, there were more than 29 million small businesses in the U.S, up 6% from 2010, according to the U.S. Small Business Administration.

But excelling in an office doesn’t mean you’re bound for entrepreneurial success. Before you take the leap, tackle these tasks.


Women in Business Expo slated for Oct. 20

NEW PHILADELPHIA Businesswomen and women-owned businesses are invited to exhibit at the 2017 Women in

Business EXPO: The Pink Party at the Performing Arts Center at Kent State University at Tuscarawas on Oct. 20 from 11 a.m. to 2 p.m.

Take advantage of this opportunity to present your business to a large audience of consumers in Tuscarawas and surrounding counties, and network face-to-face with 75 businesses represented at the event.

The event offers free admission to the public. A nominal fee of $125 secures each business’ booth space, which includes a continental breakfast. Exhibitor registration forms can be found online at Kent.edu/tusc/sbdc-events.


Event to help Ohio’s minority, women and small-business owners

Minority and female business owners, as well as small-business owners, have a new opportunity to get more business with cities and other government agencies throughout the state.

The first Ohio Municipalities Business Conference is slotted for Aug. 2-3 at the Greater Columbus Convention Center. The city of Columbus is the host.

The conference is an evolution of the former Mayor’s Small Business Conference & Expo, which was limited to opportunities for business with the city. The new conference expands that statewide “Mayor (Andrew J.) Ginther is committed to diversity and inclusion, particularly supplier diversity. He wants to put his brand and unique approach to the business conference,” said Steve Francis, the director of the city Office of Diversity and Inclusion.


 

Small Business and The Senate’s Health Care Bill

As a small business owner, do you offer health insurance to your employees?  Many businesses do not offer health insurance for their employees, and small business owners specially feel the pinch when offering health care coverage to them.  The Senate Health Care  Bill-if it passes-would alleviate some of the burden these small businesses feel, keeping in mind though that some other people would have to pick up the tab for it.

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


Senate’s Health Bill Would Make Life Easier For Some Small Businesses

Some small-business owners burdened with high health care costs would get a break via an obscure provision in the health bill proposed by the GOP Senate. The provision would offer less regulation, more bargaining power and better prices.

But those benefits could come at a cost to others.

The clause, included in the proposal advanced by Senate Majority Leader Mitch McConnell, R-Ky., last month, would exempt insurance policies sold through “associations” from most Affordable Care Act mandates and state regulations. To be able to offer these plans to their employees, small businesses join an association, which may be loosely based on certain types of professional, trade or interest groups that offers insurance to members.


New Senate Healthcare Bill Slams Small Business Owners And Savers

Senate Republicans today released version 2.0 of their Obamacare “repeal and replace” bill, the Better Care Reconciliation Act (BCRA).

This version of BCRA is a major lurch to the Left from the original BCRA and conservatives supporting this process have some things to think about.

A Tax Hike on Small Businesses and Savers

The major departure from the original BCRA is that v2.0 fails to repeal the 3.8 percentage point Obamacare surtax on capital gains, dividends, and other savings (the “net investment income tax,” or NIIT). It also fails to repeal the 3.8 percentage point tax bracket for the self-employment tax and the payroll tax ostensibly earmarked for Medicare

In failing to do so, v2.0 of BCRA raises taxes by over $230 billion over a decade relative to v1.0 of BCRA.


US small-business optimism dips in June, remains near high

A gauge of U.S. small-business confidence fell in June as business owners expressed frustration over gridlock in Washington, according to a National Federation of Independent Business report released on Tuesday.

The group’s Index of Small Business Optimism fell to 103.6 last month from 104.5 in May, although it remains near its highest level in more than a decade. The index surged following the election of Donald Trump as U.S. president last November, and in January hit its highest level since December 2004.

The rise was largely attributed to business owners’ optimism surrounding Trump’s promises of deregulation, tax breaks and infrastructure spending.

But Congress’ inability to deliver on those promises has muted confidence as business operators grow wary of political infighting over the health-care reform legislation, and prospects for tax reform are uncertain.


 

Taking Your Business To A Better Place

After a holiday break or vacation break, we do come back to our business ready and inspired to do better.  We look for ways to improve, and we try to make less mistakes.  Not always, but a break from any business is a good motivator to come back stronger.  As you look into your business, can you see what things to improve and what things to let go? Are you inspired to try something new? 

Read more business news by following the links below.


U.S. factory orders fall; core capital goods orders revised up

WASHINGTON, (Reuters) – New orders for U.S.-made goods fell more than expected in May, but orders for capital equipment were a bit stronger than previously reported, suggesting the manufacturing sector remained on a moderate growth path.

Factory goods orders dropped 0.8 percent, the Commerce Department said on Wednesday after a revised 0.3 percent decline in April. It was the second straight monthly decrease in orders.

Economists polled by Reuters had forecast factory orders falling 0.5 percent in May after a previously reported 0.2 percent drop in April.

Factory orders were up 4.8 percent from a year ago.

Manufacturing, which accounts for about 12 percent of the U.S. economy, is losing momentum after gaining steam since mid-2016 amid a recovery in the energy sector that led to demand for oil and gas drilling equipment.


How to take your business from small to big

Q:  I have owned two small businesses and am ready tostart another. I am wondering about growth. My businesses have always stayed fairly small. This time, I want to create something that can scale big. But how? So far, it’s not in my wheelhouse. — Manuel

A: In my book The Big Idea, I looked at people who had unique ideas for businesses and examined how they took that nugget and turned it into a brand  —  things like the Xerox machine, Velcro, Kitty Litter,the cell phone.

While that book looked at breakthrough, innovative products, the idea here is the same, namely, how do you create growth?

Let’s note up front that luck plays a factor, just as it does in life.

When George de Mestral went for a walk one day, he never expected that he would end up with burrs in his sock. But as luck would have it, he did, and decided to look at them under the new microscope he (luckily) had recently purchased.


Ask Doug & Polly: What causes most small businesses to fail?

QUESTION:  What most often causes small businesses to fail?

ANSWER: We’ve heard a lot of people say that the inability to get funding is the thing that causes small businesses to fail.

On the one hand, this may be true. If small businesses had access to an unlimited source of funds, they would never fail.

These businesses also might never make a profit, but as long as they could continue to go back to the well for more funding, they could stay afloat.

We would argue that failure to obtain funding is usually a symptom of a more fundamental problem, but not in and of itself the cause of business failure.

The more fundamental problem is that the business owner has not adequately answered the first question that every business must answer: Why should a prospective customer buy my product or service rather than a competitor’s?


 

Ohio Small Business News

According to The Ohio Department of Taxation, Small Business tax breaks introduced back in 2013 by Gov. John Kasich is costing the state close to a billion dollars in 2015, and is expected to be much higher for 2016.  Talks to repeal the tax break are underway, with Governor Kasich pushing back against repealing it.

For more bout this and other news, follow the links below.


Ohio Democrats: State should end small business tax break to generate $1.1 billion a year

COLUMBUS, Ohio — Senate Democrats on Thursday pitched their idea to patch the $1 billion state budget hole — eliminate Ohio’s small business tax break.

Repealing the business income tax deduction, phased in since 2013, would generate $2.2 billion over the next two years, according to analysis from the nonpartisan Legislative Service Commission.

Democrats said the money would cover the expected revenue shortfall without making cuts and leave another $1 billion to spend on education, health care, local governments, libraries and Ohio’s opioid addiction and overdose crisis.

“Some people will tell you there’s not enough money to go around, but our real problem right now is irresponsible tax policy,” Senate Minority Leader Kenny Yuko of Richmond Heights said at a news conference.

Specifically, Democrats would spend the additional $1 billion on the following over two years:


Kasich Pushes Back Against Repealing Small Business Tax Cut

An income tax break for Ohio’s small businesses in recent years is under fire from Democrats and some Republicans. They say the current budget situation shows it’s time to end that tax cut.

Governor John Kasich is firmly rejecting those suggestions.

Recently, state lawmakers in Kansas ended that state’s tax break for small businesses, saying it didn’t create jobs and cost the state too much money. A similar tax break is costing Ohio more than a billion dollars, but Kasich says he’s not for ending it.

“To raise taxes? Nah, we don’t raise taxes in this state,” Kasich said.

Kasich says the case in Kansas is different because that state didn’t cut spending at the same time the tax breaks were enacted, and he says Ohio did.

Ohio’s revenues $841 million short of projections for this fiscal year.


Small businesses in clean energy sector still hope for best

NEW YORK: Small-business owners who install solar panels or help customers use clean energy don’t seem fazed by President Donald Trump’s plan to withdraw the U.S. from the Paris climate accord, saying they expect demand for their services will still keep growing.

They’re confident in two trends they see: A growing awareness and concern about the environment, and a desire by consumers and businesses to lower their energy costs.

“It’s an economic decision people are making, although it also makes environmental sense,” says Suvi Sharma, CEO of Solaria, a Fremont, Calif.-based company that designs and sells solar energy panel systems.

Trump said he was putting U.S. interests ahead of international priorities in leaving the agreement that would, among other things, require the United States and other countries to report greenhouse gas emissions. The United States is the world’s second-biggest emitter of carbon after China, and carbon is one of the gases that scientists cite as a key factor in global warming.


 

Small Business And Millennials

Many people have said Millennials are an entitled generation.  They are lazy, lack focus, and believe they should be paid more for the work they actually do.  But, many people believe Millennials are a generation where they embrace change and failure, where they believe in possibilities, and the high certainty of accomplishing those possibilities.  The old rules and habits of Generation X and baby boomers are not something Millennials embrace. So, when we see articles about Millennials and small business ownership, the fact is nobody should be very surprised.

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


Millennials and small business go well together, study says

Millennials — Americans born between 1980 and 2000 — may be the most entrepreneurial generation ever. A new study shows Millennials have more experience with small business and greater desire to start businesses than previous generations. But the study also demonstrates a continuing need for help for entrepreneurs if they’ll create the jobs America needs.

The study, released Wednesday by America’s SBDC, the association of the country’s small business development centers, shows that people in their 20s and 30s are eager to launch new companies and be their own boss and that they trust themselves to provide their own financial security more than they trust others.

This entrepreneurial yearning isn’t idle dreaming. Even though they’re younger, Millennials are already more likely to have started a business than Baby Boomers (born between 1946 and mid-60s) or Gen Xers (mid-60s to 1980). They’re in a hurry, wanting to start businesses soon. But they know they need help.

“We are very encouraged that millennials are strongly inclined to begin the entrepreneurial journey,” said C.E. “Tee” Rowe, CEO of America’s SBDC, a network of nearly 1,000 SBDCs providing free consulting and low cost training.


9 Trends That Explain Why Small Businesses Are Thriving Now More Than Ever

70 percent of businesses are going to change hands in the first five years.

According to a recent Gallup Surveyoptimism among small business owners is the highest it’s been in eight years. In fact, “the percentage of small-business owners expecting company revenues to increase over the next 12 months rose from 48% to 58%.”

What’s causing this optimism? It probably has something to do with the following nine trends that are explaining why small businesses are thriving now more than ever.

1. Small business owners are motivated for the right reasons.

After surveying more than 1,000 of its small business customers from all 50 states, Guidant Financial found that “dissatisfaction with Corporate America” ranked as the main reason why respondents pursued business ownership in 2016. However, that motivation doesn’t exactly explain why small businesses are becoming successful.


Workers wanted: Skilled-labor shortage hinders business boom

If economic trends continue as expected, Friday’s all-important jobs report will show further strengthening of the labor market and a declining jobless rate across the nation. 

With national unemployment at a 10-year low, the U.S. economy has arrived at a pivotal moment. In conversations with small business owners in my role as executive vice president and head of business banking at U.S. Bank, I hear a renewed sense of economic optimism. While many are still recovering from challenging times, small business owners in the 25 states where we operate feel more positive about the U.S. economy than they have in years and, importantly, are making plans to expand, invest and hire.

Every year, U.S. Bank surveys small business owners, and this year’s findings confirm the optimism is real: Nearly 80 percent say their own business is stronger than ever. Forty percent say they plan to make a capital expenditure to expand their business in the next year and about one-fourth expect to increase the number of people working for them, both eight-year highs in the survey.


 

Do You Know How Your Small Business Is Doing?

Some of the least enjoyable tasks a small business owner must do is managing their books or creating financial reports.  These chores can also be detrimental to the health of any business if they are not done properly or not done frequently enough.  With all the other tasks small business owners do on a daily basis, accounting should probably not be one of them.  There are too many pitfalls for a small business owner to perform their own accounting, and can prove to be financially irresponsible not to have an accountant  do them for them.

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


Survey: small business owners remain optimistic about growth

Small business owners are largely optimistic about their ability to grow business and raise revenue in the year ahead, mirroring Wall Street’s sanguine outlook, according to a new index survey released Wednesday.

The MetLife & U.S. Chamber of Commerce Small Business Index produced a score of 60.6. That means 60.6% of small business owners currently have “a positive outlook for their company and the environment in which they operate,” according to a statement from the insurance company and the business advocacy group, which plan to update the index every quarter. The survey was based on telephone interviews with 1,000 small business owners and operators.

A similar percentage of respondents, 60%, expect revenue to rise in the year ahead, compared to 9% who forecast a revenue decline. But they weren’t as eager about boosting their payrolls. About a third of them said they plan to hire more employees, while a majority said they’ll retain their current staffing levels.


Small business owner: Here’s how not to be a starving artist

You live for your art. Every day, you paint or compose music or write short stories or make beautiful hand-crafted objects. But every day, you also need to eat.

If you aren’t  engaging in your art just for pleasure, you’re not only an artist, you’re a small business owner. And if so, it’s all the more important that you realize that starving artists don’t actually last very long.

Here’s a dirty little secret of successful artists: You have to plan on how to make money. Many creative types believe (wrongfully) that if they just pursue their art, the world will discover them, and they’ll become rich, or at least they won’t starve. If only that were true.

Whether you work for yourself or are hired by other companies, especially as a freelancer, here are five tricks to be smart about your art.


Voices 3 key small business questions CPAs must be able to answer

Probably the number one question most clients want to know from their tax professional is, “How much do I owe?” But that’s just the beginning for many small business clients who want their accounting professional’s advice on a variety of business-related questions.

Being able to answer these key questions can help you build a richer relationship that can lead to higher client satisfaction, retention and referrals.

1. How is my business really doing?

Owning a small business can be a lonely proposition; entrepreneurs often feel that nobody really understands their business and the challenges it faces. Their accounting professional often comes the closest, and is someone who can provide real insights.

“I love asking my accounting firm what their thoughts are on my financials,” said Allen Walton, founder of SpyGuySecurity.com. He’s built a multi-million-dollar company in just three years, and worked with a bookkeeper from the beginning, but just hired a CPA last year. With such fast growth, he wants to know whether his business looks healthy and whether there are any areas of concern.


 

Small Business Lending

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.


 

Best Cities For Small Businesses. Where Are They?

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.


Does Your Small Business Need Financial Help?

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.