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Four Tips for Growing Your Small Business
Special to The Truth
Despite the time
commitment and financial investment that come with the
territory, more than 25 million people nationwide have opted
to start a microbusiness – a company with five or fewer
employees.
One in every 10 Americans
works in a microbusiness, according to the Sam’s Club/Gallup
Microbusiness Tracker, a quarterly survey of more than 850
microbusiness owners that provides insights into their
economic and emotional concerns. The Sam’s Club survey
indicates that women are opening 46 percent of today’s Main
Street businesses – from restaurants to daycare centers –
far greater than the number of women owned businesses that
are over 20 years old.
“I’ve never worked harder
in my life or felt more rewarded,” says Molly Beasley of
Fairhope, Alabama, owner of Give a Dog a Bone, a
Do-It-Yourself dog washing company. “This business is my
passion. There’s a lot of satisfaction in knowing you are
providing a valuable, affordable service in your community.”
After more than two years
working 20 to 40 hours a week at a DIY dog wash in
California, Beasley relocated to Alabama and found herself
dreaming about opening her own dog wash. Eventually, she
decided the timing was right to take the entrepreneurial
leap and she hasn’t looked back. Since launching Give a Dog
a Bone in 2012, Beasley caters to customers Monday through
Sunday and spends her downtime thinking about ways to grow
the bottom line.
Indeed, growth in
microbusinesses has been driven largely by high personal
sacrifice yet overall job satisfaction, according to the
survey:
• Over 60 percent of
microbusiness owners have financed their businesses from
personal savings and nearly as many (55 percent) say having
access to cash reserves is a major issue.
• One in three
microbusiness owners (31 percent) depend more on second jobs
for their personal income than on the business they
launched.
• Yet 69 percent of
microbusiness owners feel they have the ideal job.
Amidst these findings, one
question bubbles to the surface – how can entrepreneurs
maintain their passion while dealing with long hours and
increasing budget demands? Beasley provides some tips:
• Embrace Perspective: No
matter how much you love your company, there will be days
when balancing the books creates anxiety. Remind yourself
what fueled you to launch your business.
• Find Balance: Sometimes
it might seem impossible to relax, but devoting even 60
minutes weekly to non-business related activities will help
you recharge.
• Become Resourceful: Find
ways to save money, time and energy. Try multitasking, such
as purchasing business supplies while waiting for a
prescription to be filled, or patronizing retailers with
special early shopping hours for business owners. Consider
streamlining home expenses by eliminating cable or cooking
at home.
• Make Changes: Stay
motivated by experimenting with new methods and tools.
Attending trainings or online webinars about your industry
can help re-ignite your creativity and even lead to business
growth.
For more insights from the
Sam’s Club/Microbusiness Tracker, visit www.samsclub.com/newsroom.
In a recovering economy,
it’s no surprise microbusinesses are growing. For many, the
job satisfaction is worth the time and financial
investments.
Courtesy: StatePoint
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