Small Business Network

Small Businesses.
Big Network.


Goldman Sachs

10,000 Small Businesses


 Program Details - 10ksbapply.com

By joining the program, you gain access to an extensive network of over 14,000+ graduates located throughout all 50 states, Washington, D.C., and Puerto Rico. This diverse community consists of owners and entrepreneurs from various industries and companies of all sizes, creating a strong and supportive network of accomplished business leaders that extends beyond graduation.


For Small Business, the Outlook for 2024 Is Actually Bright—Here’s Why


Editorial Note: We earn a commission from partner links on REI Capital. Commissions do not affect our opinions or evaluations.

There’s been a lot of conversation over the past few years saying business owners were only thinking doom and gloom and sitting around waiting for the inevitable recession to hit.


Actually, some entrepreneurs are saying, “I’m still really busy!” 
This past summer, many business owners were saying it was the busiest season they had seen in quite a long time. While there are still plenty of challenges that come with owning and operating a small business today, those end-of-times predictions just aren’t coming to fruition.


Mixed news for small businesses

Why are some small businesses doing better than expected? Consumers. Consumers are still spending, according to the newest report from the National Retail Federation.


Since consumers are feeling good, they’re spending. For those small businesses in the 'nice to have' camps, like spas and gyms, this is great news. Those small businesses in the 'must-have' camps, such as roofers and plumbers—well, they’re as recession-proof as you can get. But, there are many businesses that aren't as recession-proof.


Small Business Statistics: Essential Insights for 2024

Small businesses are the backbone of many communities, but recent data shows some small businesses still face significant financial challenges. Only 42% of small businesses have their financing needs met, illustrating a significant gap in financial services for these businesses.


The majority of them rely on either a large or small bank as their financial services provider. This heavy reliance on banks could be due to a lack of knowledge and other financing options like alternative lenders that actually understand their needs. 


6 of the Most Common Reasons to Get a Business Loan




1. To Start a Business


There are several reasons to get a business loan, but one of the most common is to start a new business. This can be an exciting time, but it can also be overwhelming, especially if you're unsure where to start. Here are some tips to help you get started.


  • First, do your research. Make sure you have a solid business plan and know what you're getting into. It's also important to know your target market and how you will reach them.
  • Second, make sure you have the right team in place. You'll need a good accountant and lawyer to help you with the paperwork and financials, and you'll need someone who can help with marketing and sales.
  • Finally, be prepared, it takes a lot of time and energy to start a business, but it can be worth it in the end. Just make sure you set realistic goals and stay focused on your ultimate goal.


2. To Expand a Business


Expanding a business is another common reason to get a business loan. Whether you're looking to open a new location or add to your existing space, a loan can provide the financing you need to make your expansion plans a reality.

There are many different types of loans available for business expansion, so it's essential to do your research and choose a lending source with many options, then choose the option that makes the most sense for your company.

 

3. To Buy Equipment or Inventory


When it comes to business loans, another common reason that companies take out loans is to buy equipment or inventory. This can be anything from office furniture and computers to manufacturing equipment and inventory for a retail store.

There are a few different ways this type of loan can be structured. The first is called an asset-based loan. This type of loan is secured by the equipment or inventory that is being purchased.

Another option is called accounts receivable loan. This type of loan is based on a company's outstanding invoices. The lender will give the company a percentage of the face value of the invoices. This percentage is usually around 85%.


 

4. To Pay Off Debt


Debt is one of the most common reasons people take out business loans.

  • There are a few different ways to use a loan to pay off debt. The first is to consolidate your debts into one monthly payment. This can help you save money on interest and make it easier to keep track of your payments.
  • Another way to use a loan to pay off debt is to get a cash advance on your credit cards. It can be a good option if you have high-interest rates on your credit cards and need extra cash to help you make your payments.
  • Finally, you can use a business loan to pay off the debt by refinancing your mortgage. This can be a good option if you have a high-interest rate on your mortgage and want to lower your monthly payments.

 

 

5. To Fund a Marketing Campaign


Marketing is essential for any business, but it can be expensive, and it's often difficult to find the money to pay for it. There are several different ways to market your business, and each has its own set of costs.

Common methods include advertising, PR, social media marketing, and search engine optimization. The cost of each of these activities varies depending on how you choose to implement them, but they can add up quickly.

A business loan can help you pay for all or part of your marketing budget, giving you the resources you need to succeed.

 

6. To Cover Unexpected Expenses


Another common reason to get a business loan is to cover unexpected expenses. Whether it's an unexpected bill or an emergency expense, having funds available can help keep your business running smoothly.

There are a few things to consider when considering a business loan for unexpected expenses. Be sure to estimate how much you will need and compare that to the amount you can afford to repay.

If you secure a business loan for unexpected expenses, it can be a helpful tool to keep your business running smoothly.


There are many reasons to get a business loan. Whether you need to expand your operations, cover unexpected costs, or need some extra cash to keep your business afloat, a loan can be a great option. 


Are Gig Workers

a Good Match for

Your Small Business?


The rise in gig workers is forcing companies to change

up their business strategies with no end in sight.



Forbes reports that the gig workforce increased 30% during the pandemic, and it’s now on track to surpass the full-time workforce in size by 2027. The rise in gig workers is forcing changes in business strategies in ways that will help organizations with labor shortages, inflation and prepare for the future of work.



Here are three reasons why businesses are tapping into the gig economy:


1. Labor

The labor market is still tight, with far more jobs than people looking for them. Low unemployment rates mean that more jobs are available than there are workers to fill those jobs.

Employers are scrambling to find workers as is evidenced by the hourly wages increase of 6% in March 2022. The pandemic led to an imbalance between the supply of workers and employer demand. As the pandemic closed, the 'Great Resignation' kicked into high gear.

The pandemic and resulting labor crisis has created the “perfect storm” for the gig economy.


 2. Tech in the Workplace


Gig work will generate $455 billion in 2023, up 53% from 2020. Companies such as Upwork, Task Rabbit and Fiverr, a company where people sell their skills on a project basis, are among many platforms where people can find their gigs, and businesses can use gig workers as independent contractors.

Prior to the pandemic, there began a shift in the labor landscape along with the adoption of new technologies. Increasingly, people were gravitating toward a more flexible way to work, and businesses were shifting to a more flexible way to meet their labor demands.


 3. Inflation


With more Americans scrambling to make ends meet, the gig economy has been a flexible solution for them to make supplemental income.

Forbes cited a recent survey of over 1,000 workers who turned to gig work during the last six months. Of those surveyed, 85% have recently increased or planned to increase their gig work - with 58% citing inflation as the primary reason for seeking more work.

Rising costs has forced some businesses to look for ways to mitigate costs and still meet their labor demands.



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List of Free Business Resources

For Your Small Business

Author: Holly Reisem Hanna

If you’re running your business on a tight budget, here is a massive

list of free business resources and tools for entrepreneurs!


Leaving the security of a steady-paying job to launch a new business can be a scary endeavor. Even if you’ve planned and saved six months of living expenses, often it takes months to start generating income from your business.


And guess what? Even if you don’t have money coming in, your business still incurs expenses to run smoothly. But don’t despair; there are tons of free tools, resources, guides, and printables, so you don’t have to break the bank.

Here is a massive list of free resources for small business owners so you can focus on making money instead of spending it.


Here is a List of Free Business Resources and Tools...


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