Hurricane Preparedness For A Small Business

Hurricane Beryl hit Texas in early July, catching many businesses off guard as they usually expect major storms later in the summer. With predictions of an above-average storm season from the National Oceanic and Atmospheric Administration, small businesses need to prepare by reviewing their insurance policies, backing up data, and having an emergency communication plan.

After a hurricane, if your business is in a federally declared disaster area, aid may be available from the Small Business Administration. Details can be found at this SBA link. More information about hurricane preparedness can be found at ready.gov.

Are Small Business Owners More Content Than We Think?

Despite the stress and financial challenges, 91% of small business owners are happy according to a recent survey by Homebase. They enjoy the control and flexibility of running their own businesses, valuing the ability to make their own decisions and manage their own fate. This autonomy and sense of ownership outweigh the difficulties they face, leading to a relatively high level of satisfaction.

Navigating the Psychological Challenges of Entrepreneurship

Women entrepreneurs face unique challenges such as balancing multiple roles, battling sexism, and overcoming financial discrimination, which can intensify stress and mental health issues. To thrive, they should let go of harmful ego traits, embrace an abundance mindset, actively seek support, utilize resources tailored for women, establish healthy boundaries, and prioritize their overall well-being. Read more in this article on “How to Navigate Challenges as a Woman Entrepreneur” from Psychology Today.

Bankruptcy Filings May Become More Challenging for Small Businesses

The expiration of Subchapter V, a type of bankruptcy protection that eased the process for small businesses with less than $3 million in debt, means that small businesses will now face more complex and costly bankruptcy procedures. Initially enacted in 2020 and expanded to cover up to $7.5 million in debt during the pandemic, this provision saw higher success rates for reorganization plans but failed to become permanent, leading to a reversion of the debt limit on June 21. To read more, see this article in AP News.

Fighting First Party Fraud

America’s small businesses face unprecedented opportunities and challenges, particularly in combating a potential 40% increase in “friendly fraud” and “first-party fraud,” where customers dispute legitimate charges despite having received the goods or services. Friendly fraud involves genuine customers falsely claiming disputes on their legitimate purchases, posing a significant financial threat to merchants. To mitigate these risks while ensuring a smooth purchasing experience, businesses must balance effective fraud prevention with customer-friendly policies, emphasizing customer education, robust support, and clear communication about transactions.

To read more about this issue, see this post on PYMNTS, a site that provides data, news and insights on innovation in payments and the platforms powering the connected economy.

Some Cities Offering Discounted Rates to Fill Retail Vacancies

Empty storefront, illustration.

Cities like Seattle and Austin are repurposing vacant retail and office spaces to support small businesses and artisans by offering them at discounted rates, making it easier for them to establish a physical presence. These initiatives aim to revitalize commercial districts and increase economic opportunities for local entrepreneurs who might otherwise be unable to afford traditional long-term leases. To read more about these initiatives, see this piece in Small Business Trends.

SBA Announces Grant Funding for New Women’s Business Centers

The U.S. Small Business Administration (SBA) has announced $30 million in funding opportunities for Women’s Business Centers (WBCs), including a new center in the U.S. Virgin Islands and first-time funding for WBCs specializing in federal contracting and child care businesses. The initiative aims to expand virtual services, support socially and economically disadvantaged women, and enhance the SBA’s reach, especially in underserved communities, through an unprecedented network of 152 WBCs across the U.S. and its territories. Read more in the SBA’s press release on this initiative.

The Story Behind The Company, Baked By Melissa

Melissa Ben-Ishay founded Baked by Melissa after being fired from her ad agency job, leading her to start a cupcake business with her brother. The company grew from Ben-Ishay’s apartment kitchen to a commercial kitchen and multiple locations, leveraging social media to expand its reach, while Ben-Ishay became a successful CEO and cookbook author, overcoming gender-based obstacles in entrepreneurship. To read more about her journey, see this piece posted on CNBC

Why You Might Consider a Shop On Etsy

Etsy, originally an artisanal marketplace, has grown into a major platform for creative entrepreneurs, boasting a $3.5B+ valuation as of 2015. The user-friendly setup and management, along with potential for significant supplemental income, make it an attractive option for those looking to monetize their crafts amid rising living costs. See this piece in Essence for more info.

How Small Businesses Can Leverage Facebook/Meta

A Facebook presence is highly beneficial for small businesses, offering tools to promote services, increase customer support, and boost sales to its 2.91 billion users. With targeted paid campaigns and a Facebook Business Page, businesses can efficiently reach specific audiences, engage customers, and enhance their online visibility while keeping marketing costs low. To read more details about tips and tricks for effectively using Facebook for your small business, check out this article in Business News Daily.