MyBusiness Magazine

A new survey about the small-business take on the U.S. economy reveals similar findings to what we've been hearing recently: Things are OK, not bad, not great. According to a survey by Discover Business Card, small-business owners are more optimistic about the overall economy than the general population: 39 percent of business owners rate the economy as "excellent" or "good," compared to 34 percent for the general population. But in looking into their crystal balls, almost 60 percent of small-business owners surveyed feel economic conditions are getting worse.

This recent news is in-line with results from the monthly NFIB Small-Business Economic Trends. While small-business optimism took a dip in May and June, it crept back up again in July signaling that business owners aren't quite sure what to make of the current market. Luckily the Fed is responding by raising interest rates in hopes of slowing demand enough to keep firms from raising prices, thus staving any worries of rising inflation.

In the meantime, small-business owners will keep plugging away--and serving as the most reliable indicators to where the economy is headed.

A new survey about the small-business take on the U.S. economy reveals similar findings to what we've been hearing recently: Things are OK, not bad, not great. According to a survey by Discover Business Card, small-business owners are more optimistic about the overall economy than the general population: 39 percent of business owners rate the economy as "excellent" or "good," compared to 34 percent for the general population. But in looking into their crystal balls, almost 60 percent of small-business owners surveyed feel economic conditions are getting worse.

This recent news is in-line with results from the monthly NFIB Small-Business Economic Trends. While small-business optimism took a dip in May and June, it crept back up again in July signaling that business owners aren't quite sure what to make of the current market. Luckily the Fed is responding by raising interest rates in hopes of slowing demand enough to keep firms from raising prices, thus staving any worries of rising inflation.

In the meantime, small-business owners will keep plugging away--and serving as the most reliable indicators to where the economy is headed.

Posted by Shannon McRae at 11:33 AM | Permalink

Do you know a small-business owner under the age of 25? Oh, I don't know, maybe one of these outstanding young entrepreneurs? (Hint, hint.)

Good, because BusinessWeek is making like NFIB and looking for the best and the brightest young entrepreneurs with the America's Best Entrepreneurs Under 25 contest.

Nominations are due Oct. 5. Once the nomination process is over, BusinessWeek editors will choose 25 finalists and invite readers to vote for America's Best Entrepreneur Under 25. The five top winners will be announced Nov. 16.

Find out more and nominate your young entrepreneur here.

Do you know a small-business owner under the age of 25? Oh, I don't know, maybe one of these outstanding young entrepreneurs? (Hint, hint.)

Good, because BusinessWeek is making like NFIB and looking for the best and the brightest young entrepreneurs with the America's Best Entrepreneurs Under 25 contest.

Nominations are due Oct. 5. Once the nomination process is over, BusinessWeek editors will choose 25 finalists and invite readers to vote for America's Best Entrepreneur Under 25. The five top winners will be announced Nov. 16.

Find out more and nominate your young entrepreneur here.

Posted by Lena Anthony at 12:48 PM | Permalink

Last week, we pointed to a story about business owners who were struggling to survive in New Orleans a year after Hurricane Katrina's devestating blow. Today, a story in the Salt Lake Tribune highlights a different kind of survival: In the weeks following the disaster, these owners packed up their businesses and got out of New Orleans. Though some had plans to return, all of them ended up finding permanent homes for their businesses in new cities.

The panic of the early days is still fresh on their minds. "You think, this can't be happening, when you slip and fall in the grime and you're covered with who knows what, and there's no running water to wash it off with," says Christine MCAtte, owner of Adventures in Adveritising/Insignia Marketing, which is now based in The Woodlands, Texas.

Greg Mangiaracina moved his business, A-Pro Home Inspection Services, to San Antonio, Texas, and hasn't looked back. "I can't put my family through this again," he says.

Relocating wasn't easy, but facing the choice of a city without basic services and sky-high real estate costs, these business owners say they made the only choice they had.

Last week, we pointed to a story about business owners who were struggling to survive in New Orleans a year after Hurricane Katrina's devestating blow. Today, a story in the Salt Lake Tribune highlights a different kind of survival: In the weeks following the disaster, these owners packed up their businesses and got out of New Orleans. Though some had plans to return, all of them ended up finding permanent homes for their businesses in new cities.

The panic of the early days is still fresh on their minds. "You think, this can't be happening, when you slip and fall in the grime and you're covered with who knows what, and there's no running water to wash it off with," says Christine MCAtte, owner of Adventures in Adveritising/Insignia Marketing, which is now based in The Woodlands, Texas.

Greg Mangiaracina moved his business, A-Pro Home Inspection Services, to San Antonio, Texas, and hasn't looked back. "I can't put my family through this again," he says.

Relocating wasn't easy, but facing the choice of a city without basic services and sky-high real estate costs, these business owners say they made the only choice they had.

Posted by Shannon McRae at 03:25 PM | Permalink

Nearly a year after Hurricane Katrina devastated New Orleans, the city's small businesses and independent shops and stores are still fighting to survive, despite losing many of their employees and customers. In a New York Times article (registration required) detailing their plight, New Orleans' small-business owners share their struggle to carry on and talk about starting over again.

Nearly a year after Hurricane Katrina devastated New Orleans, the city's small businesses and independent shops and stores are still fighting to survive, despite losing many of their employees and customers. In a New York Times article (registration required) detailing their plight, New Orleans' small-business owners share their struggle to carry on and talk about starting over again.

While some commercial areas like the French Quarter have bounced back, about 60 percent of businesses within the city limits have not reopened, according to the article. This isn't surprising considering the odds against many business owners who've tried to stay. They've dealt with everything from flooded buildings, ruined merchandise and skyrocketing insurance to constant break-ins, missing employees and disappearing customers and clients. But in the midst of despair, hope remains, as some small-business owners are banding together and helping each other move forward.

"I know I'm here for good," the article quotes toy store owner Elm Wood, Jr., as saying. "It's dispiriting what we've seen in New Orleans, but I'm here to help any way I can."

Posted by Emily McMackin at 07:40 AM | Permalink

I'm not someone who quotes movies a lot. But there is one line from "The Shawshank Redemption" that has always stuck with me: "Get busy living or get busy dying"--or something like that.

A recent post by Small Business CEO blogger Steve Rucinski reminds me a lot of that line. As Rucinski points out: Those in business have two alternatives--get better or get worse. "While the thought of status quo might seem comforting," he writes, "status quo is really decay in sheep’s clothing."

A lot of small-business owners (and their employees) are resistant to change. The familiar is safer, easier. But it's not always innovative. "We are on the threshold of an entirely new way of thinking about change. Soon, there will be a generation that will resist the lack of change. Are we ready to manage people who think that way?"

I'm not someone who quotes movies a lot. But there is one line from "The Shawshank Redemption" that has always stuck with me: "Get busy living or get busy dying"--or something like that.

A recent post by Small Business CEO blogger Steve Rucinski reminds me a lot of that line. As Rucinski points out: Those in business have two alternatives--get better or get worse. "While the thought of status quo might seem comforting," he writes, "status quo is really decay in sheep’s clothing."

A lot of small-business owners (and their employees) are resistant to change. The familiar is safer, easier. But it's not always innovative. "We are on the threshold of an entirely new way of thinking about change. Soon, there will be a generation that will resist the lack of change. Are we ready to manage people who think that way?"

Posted by Shannon McRae at 09:51 AM | Permalink

It's 2 p.m. on a Tuesday. Look around your office. Does everyone look wide awake? Probably not. That's because American workers aren't getting their sleep in—and it could be affecting your business' bottom line.

According to this USA Today article, because of studies that show a drop in restful sleep among American adults, employers are becoming increasingly aware of the effects sleep deprivation can have on their workers—and their bottom line.

Chris Winfield is one of those employers. The owner of New York-based 10e20 makes sure his employees have what they need each day to get their work done: Starbucks coffee in the morning and Red Bull energy drinks in the afternoon.

Chicago-based ComPsych, an employee assistance provider, even conducts seminars and workshops on sleep problems and how they affect the workplace.

"Lack of sleep is a huge problem for employers and employees," ComPsych's CEO Richard Chaifetz told USA Today. "Employers understand that sleep is a huge part of living life in a healthy fashion. Employers are putting more programs in place."

It's 2 p.m. on a Tuesday. Look around your office. Does everyone look wide awake? Probably not. That's because American workers aren't getting their sleep in—and it could be affecting your business' bottom line.

According to this USA Today article, because of studies that show a drop in restful sleep among American adults, employers are becoming increasingly aware of the effects sleep deprivation can have on their workers—and their bottom line.

Chris Winfield is one of those employers. The owner of New York-based 10e20 makes sure his employees have what they need each day to get their work done: Starbucks coffee in the morning and Red Bull energy drinks in the afternoon.

Chicago-based ComPsych, an employee assistance provider, even conducts seminars and workshops on sleep problems and how they affect the workplace.

"Lack of sleep is a huge problem for employers and employees," ComPsych's CEO Richard Chaifetz told USA Today. "Employers understand that sleep is a huge part of living life in a healthy fashion. Employers are putting more programs in place."

Posted by Lena Anthony at 12:51 PM | Permalink

Finding and retaining good employess is a common challenge among business owners, especially in this age of skyrocketing health-care costs. If double-digit increases in your insurance premiums have forced you to drop coverage, you may be left wondering what other perks you can use to attract and keep star workers.

Retirement plans are one option for many owners. Employees enjoy the security of getting help with their saving. This USA Today post points to J.W. Hall Steak and Seafood Inn in Aliquippa, Pa., whose owner Joe Hall, has been offering IRAs since 1988. "I have many long-term employees and it was a way to reward their loyalty, and of course give them even more incentive to stay with us," Hall says.

A recent issue of MyBusiness covered another good retirement alternative for business owners and their employees: the new Roth 401(k) plans.

Finding and retaining good employess is a common challenge among business owners, especially in this age of skyrocketing health-care costs. If double-digit increases in your insurance premiums have forced you to drop coverage, you may be left wondering what other perks you can use to attract and keep star workers.

Retirement plans are one option for many owners. Employees enjoy the security of getting help with their saving. This USA Today post points to J.W. Hall Steak and Seafood Inn in Aliquippa, Pa., whose owner Joe Hall, has been offering IRAs since 1988. "I have many long-term employees and it was a way to reward their loyalty, and of course give them even more incentive to stay with us," Hall says.

A recent issue of MyBusiness covered another good retirement alternative for business owners and their employees: the new Roth 401(k) plans.

Posted by Shannon McRae at 12:55 PM | Permalink

Do you ever regret not getting that MBA that you always wanted or sleeping through your business courses in college? Do you ever wish you could go back to school and glean more knowledge about how to run your business better? It's not too late.

Do you ever regret not getting that MBA you always wanted or sleeping through your business courses in college? Ever wish you could go back to school and glean more knowledge about how to run your business? It's not too late. While balancing coursework with running a company takes a lot of hard work and sacrifice, many business owners who are back in school to pursue graduate degrees say it's worth the effort, according to an Associated Press article in the Chicago Tribune (registration required).

Many note that going back to class has not only given them the skills they need to manage their companies better, it has also provided them with networking opportunities they would have never had otherwise. Many business schools offer programs tailored specifically for entrepreneurs and their busy schedules. Some schools have weekend classes; others have accelerated programs for law or accounting. If you don't live near a business school, you can find plenty of academic programs online that will allow you to pursue your degree from home.

Don't have the money for tuition right now? Many colleges and universities house Small Business Development Centers, sponsored by the Small Business Administration. These offer business owners a chance to take a few courses to ground themselves in areas such as marketing or management. For a list of SBDCs across the country, visit www.sba.gov/sbdc.

Posted by Emily McMackin at 08:24 AM | Permalink

Most small-business owners spend about $10,000 to start their own companies, according to results from a Wells Fargo/Gallup survey announced this week. The poll of 600 business owners found that 73% funded their business with personal savings, while the rest got loans and lines of credit.

Most small-business owners spend about $10,000 to start their own companies, according to results from a Wells Fargo/Gallup survey announced this week. The poll of 600 business owners found that 73% funded their business with personal savings, while the rest got loans and lines of credit.

Sometimes going into debt to start a business can make sense. For tips on how to know when it's smart to borrow start-up money, check out this recent MyBusiness story.

Posted by Jamie Roberts at 04:03 PM | Permalink

Looking for another way to reach out to new customers? Improve your business' listing in online search engine results.

According to this article in the Startup Journal, a few steps is all you need to take to increase the relevance of your business' Web site to search engines—a practice often referred to as search engine optimization. Start climbing the ranks with these quick tips:

• Add keywords: Identify keywords that searchers use to find sites like yours and add them to your site. Three to five percent of the words on each page should be comprised of keywords.
• Get linked: The more links you have to your site, the more important you look to search engines. Besides directly asking Webmasters to link to your site, you can also get links by visiting and participating in the discussions on popular blogs.
• Be patient: The age of your site, the age of your content and the number of years your domain has been registered are all criteria used by search engines when ranking your site.

Looking for another way to reach out to new customers? Improve your business' listing in online search engine results.

According to this article in the Startup Journal, a few steps is all you need to take to increase the relevance of your business' Web site to search engines—a practice often referred to as search engine optimization. Start climbing the ranks with these quick tips:

• Add keywords: Identify keywords that searchers use to find sites like yours and add them to your site. Three to five percent of the words on each page should be comprised of keywords.
• Get linked: The more links you have to your site, the more important you look to search engines. Besides directly asking Webmasters to link to your site, you can also get links by visiting and participating in the discussions on popular blogs.
• Be patient: The age of your site, the age of your content and the number of years your domain has been registered are all criteria used by search engines when ranking your site.

Posted by Lena Anthony at 11:52 AM | Permalink

Seeing the latest Gallup poll survey made me think of a hit country song by the legendary Alan Jackson (I can't help it, MyBusiness is published in Nashville). In the ballad, "I'd Love You All Over Again," Jackson promises his wife that if he had it to do all over, he would still choose to spend his life with her. The Gallup poll finds small-business owners are crooning the same tune. A whopping 83 percent would still choose to become a small-business owner, despite the high stress and long hours. That's because business owners know all that hard work eventually pays off--nine in 10 say they feel successful, and 47 percent feel "extremely successful" or "very successful."

Seeing the latest Gallup poll survey made me think of a hit country song by the legendary Alan Jackson (I can't help it, MyBusiness is published in Nashville). In the ballad, "I'd Love You All Over Again," Jackson promises his wife that if he had it to all over, he would still choose to spend his life with her. The Gallup poll finds small-business owners are crooning the same tune. A whopping 83 percent would still choose to become a small-business owner, despite the high stress and long hours. That's because business owners know all that hard work eventually pays off--nine in 10 say they feel successful, and 47 percent feel "extremeley successful" or "very successful."

Posted by Shannon McRae at 10:31 AM | Permalink

Are you still resisting setting up a Web site or marketing your products or services online? You shouldn't be. The Internet can be a beautiful thing for your business—if you know how to tap into it.

Are you still resisting setting up a Web site or marketing your products or services online? You shouldn't be. The Internet can be a beautiful thing for your business—if you know how to tap into it. Establishing an online presence not only provides you with another channel through which to reach customers, it also allows you to customize your messages to them and solicit instant feedback from them.

A SmartBiz.com article explores how online technology has changed small-business marketing and advertising. According to the article, small businesses like yours can use the Internet to:
•Create the perception of being much larger and more prestigious than you actually are
•Establish a multitude of storefronts in different online venues, expanding your base of potential clients
•Reach out to your targeted marketplace for little or no cost through e-mail, blogs, podcasting, online community forums and co-op advertising

If you're new to the world of online marketing, the article offers a primer of sorts with suggestions for how you can use the Web to boost your business. If you already have a Web site, read our August/September Manual article, "Cast a World Wide Web," to find out how to lure new customers and clients to your home page.

Posted by Emily McMackin at 07:59 AM | Permalink

With unemployment at a low level, you're probably noticing how hard it is to find skilled and qualified workers. For a small business, hiring a new employee is a huge step. Not only does the person need to fit the job description, she also has to fit into your office. But how do you determine whether a candidate is a good choice? Everyone is on his best behavior during interview.

Small Business Trends blogger Anita Campbell recommends the best questions to ask to dig deeper into the person in your interview chair. If you're bored with the typical "tell me about yourself..." responses, try some of her tips.

With unemployment at a low level, you're probably noticing how hard it is to find skilled and qualified workers. For a small business, hiring a new employee is a huge step. Not only does the person need to fit the job description, she also has to fit into your office. But how do you determine whether a candidate is a good choice? Everyone is on his best behavior during interview.

Small Business Trends blogger Anita Campbell recommends the best questions to ask to dig deeper into the person in your interview chair. If you're bored with the typical "tell me about yourself..." responses, try some of her tips.

Posted by Shannon McRae at 01:47 PM | Permalink

Many small businesses experience a slowdown in the summertime, says this article from the Associated Press. It makes perfect sense—summer is the time for vacation. But instead of waiting for the phone to ring, take advantage of the slowdown and catch up on some of the tasks you've let fall by the wayside: marketing, data entry, spring cleaning, office renovations, holiday planning, the list goes on.

Just look at Decon Environmental. Until fall comes, the Fort Lauderdale, Fla.-based mold clean-up business is focused on marketing. "I'm contacting all my prospects and clients, sending e-mails, updating my database and making sure all the information is correct," Decon's Tami Muller told the AP.

Another small-business owner, Rick Keating, president of Florham, N.J.-based Keating & Co uses his summer to look at the public relations firm big picture. "Sometimes it's good to stop, hit 'refresh' and ask: 'How are we doing?' " he told the AP.

So what are you waiting for? You should get busy on all the things you've been too busy to do, too.

Many small businesses experience a slowdown in the summertime, says this article from the Associated Press. It makes perfect sense—summer is the time for vacation. But instead of waiting for the phone to ring, take advantage of the slowdown and catch up on some of the tasks you've let fall by the wayside: marketing, data entry, spring cleaning, office renovations, holiday planning, the list goes on.

Just look at Decon Environmental. Until fall comes, the Fort Lauderdale, Fla.-based mold clean-up business is focused on marketing. "I'm contacting all my prospects and clients, sending e-mails, updating my database and making sure all the information is correct," Decon's Tami Muller told the AP.

Another small-business owner, Rick Keating, president of Florham, N.J.-based Keating & Co uses his summer to look at the public relations firm big picture. "Sometimes it's good to stop, hit 'refresh' and ask: 'How are we doing?' " he told the AP.

So what are you waiting for? You should get busy on all the things you've been too busy to do, too.

Posted by Lena Anthony at 12:18 PM | Permalink

Is the other 25 percent really telling the truth? That's the first thing I thought when I saw this new Gallup poll that found 75 percent of American workers say they'd be happier if they made more money--exactly $33,000 more, according to the study. So what about the other 25 percent? Are there really employees out there who would say they wouldn't be just the slightest bit pleased with more money?

One of the study's more comforting finds for small-business owners: Though they might want more money, 63 percent of employees don't think they'd be happier in a different job. A more positive way to look at that stat? Employees are pretty satisfied. NFIB.com's Business Toolbox has an entire section on how to motivate and inspire employees. Check out the articles for ideas on how to maintain a happy (and productive) staff. And if the survey offers any insight into your workers, might as well browse the Business Toolbox category on employee compensation too.

Is the other 25 percent really telling the truth? That's the first thing I thought when I saw this new Gallup poll that found 75 percent of American workers say they'd be happier if they made more money--exactly $33,000 more, according to the study. So what about the other 25 percent? Are there really employees out there who would say they wouldn't be just the slightest bit pleased with more money?

One of the study's more comforting finds for small-business owners: Though they might want more money, 63 percent of employees don't think they'd be happier in a different job. A more positive way to look at that stat? Employees are pretty satisfied. NFIB.com's Business Toolbox has an entire section on how to motivate and inspire employees. Check out the articles for ideas on how to maintain a happy (and productive) staff. And if the survey offers any insight into your workers, might as well browse the Business Toolbox category on employee compensation too.

Posted by Shannon McRae at 11:02 AM | Permalink

Pete Luetkenhaus, owner of Pete's Drive-In in Wentzville, Missouri, knows the secret ingredient for a long-lasting business: It is loyal customers.

Pete Luetkenhaus, owner of Pete's Drive-In in Wentzville, Missouri, knows the secret ingredient for a long-lasting business: It is loyal customers.

This week, Luetkenhaus was featured in the St. Louis Dispatch for celebrating his 40th year in business. His restaurant, which started out as a root-beer stand and is now known for its country-style breakfasts and fried chicken, has become a landmark off of Highway 61 in Wentzville. Thanks to the patronage of repeat customers, it has managed to stay afloat, despite all the fast-food restaurants down the road.

"It's a gathering place," says Luetkenhaus, who still works six days a week and makes time to chat with locals who frequent the Drive-In.

Want to learn more about building a loyal customer base? Discover what another small-business owner, Scott Kremp of Kremp's Florist in the Philadelphia area, is doing to find and keep customers in our "Simply the Best" feature in the August/September Manual.

Posted by Emily McMackin at 07:41 AM | Permalink

Having a tough time coming up with a catchy, unique name for your new baby, er, business? At WorkingSolo, consultant Terri Lonier has a few helpful ideas. She advises small-business owners to choose a name that they can grow with (limiting yourself to VCR repair is a bad idea, for instance)

Having a tough time coming up with a catchy, unique name for your new baby, er, business? At WorkingSolo, consultant Terri Lonier has a few helpful ideas. She advises small-business owners to choose a name that they can grow with (limiting yourself to VCR repair is a bad idea, for instance), try out the name with friends and family, and experiment to see if it works in print. And take it from the Z list: Why not consider a name that comes earlier in the alphabet?

California entrepreneur Jay Saber, who provides companies with rooftop advertising near airports, apparently heeded Lonier's second tip: Make sure the name is easy to understand and pronounce. Learn more about Saber's sky-high business, RoofAds, in MyBusiness' August/September 2006 Uncommon Enterprise.

Posted by Jamie Roberts at 11:16 AM | Permalink

Chances are, if you're reading this, you've already decided that you have what it takes to be a small-business owner, but it never hurts to be reminded of the traits you and your fellow American entrepreneurs possess. In USA Today "Starting a Business: What It Takes", Jim Hopkins discusses the experiences, traits and skills needed to run a small business successfully that he hears most when talking with the people who know best—small-business owners.

Among the traits are pragmatism, strong ethics, tech ease and tenacity. Do you have these traits? If not, consider working on them. Because according to the small-business owners Hopkins talked to, they're ingredients in the recipe for a successful small business.

Chances are, if you're reading this, you've already decided that you have what it takes to be a small-business owner, but it never hurts to be reminded of the traits you and your fellow American entrepreneurs possess. In USA Today "Starting a Business: What It Takes", Jim Hopkins discusses the experiences, traits and skills needed to run a small business successfully that he hears most when talking with the people who know best—small-business owners.

Among the traits are pragmatism, strong ethics, tech ease and tenacity. Do you have these traits? If not, consider working on them. Because according to the small-business owners Hopkins talked to, they're all important ingredients in the recipe for a successful small business.

Posted by Lena Anthony at 02:38 PM | Permalink