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The Voice of the Black Community

Business

4 tips for growing a small business
Owners willing to sacrifice for job satisfaction
 
Published Saturday, July 5, 2014
by StatePoint

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.

In fact, 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.

According to the report, women are opening 46 percent of today’s Main Street businesses – from restaurants to daycare centers – far greater than the number of women owning businesses 20 years old.

“I’ve never worked harder in my life or felt more rewarded,” said Molly Beasley, owner of Give a Dog a Bone, a Do-It-Yourself dog washing company in Fairhope, Alabama. “This business is my passion. There’s a lot of satisfaction in knowing you are providing a valuable, affordable service in your community.”

The survey found that, like Beasley, many other microbusiness owners are willing to sacrifice for overall job satisfaction. Other survey highlights include:

• 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.

So 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 more 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.

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