This article posted to NASDAQ.com encourages entrepreneurs to pursue a debt-free approach to building their businesses by exploring alternative funding options. The piece introduces various funding alternatives, including crowdfunding, grants, bootstrapping techniques, strategic partnerships, pre-selling strategies, invoice financing, and angel investors. Case studies highlight successful businesses that thrived without accumulating debt. The article also provides a comparative analysis of funding sources, advising entrepreneurs to choose based on their business stage and needs. It emphasizes the importance of financial forecasting, diversifying income streams, and adapting to emerging trends for building a sustainable and debt-free future.
If you are a busy entrepreneur, you may think that dumping all your earnings and expenses into an existing account will save you time and hassle. According to this article from CNBC, for smoother tax filing and better money management, it’s smart for small business owners to keep personal and business finances separate by having different checking accounts. This not only makes tax time easier but also comes with perks like a business debit card, loan and grant opportunities, and extra benefits from business checking accounts, making it a good move for businesses of any size. See the link for more details!
Many entrepreneurs, especially women, face challenges in paying themselves fair salaries, contributing to a gender pay gap in entrepreneurship. Despite efforts to address this issue, a survey reveals that female entrepreneurs, on average, earn 28% less than their male counterparts, emphasizing the need for business owners to ensure profitability and strategic financial planning to afford fair compensation for their work.
To read more about this, see this post by Abigail Ingram, executive director of the Polsky Exchange, a 34,000-square-foot incubator space that leads the University of Chicago’s Polsky Center engagement with the South Side community through programs and initiatives that support local business owners and entrepreneurs.
New business owners often yearn for the wisdom gleaned from seasoned business owners to steer clear of potential pitfalls. This post from Motley Fool shares five important tips including: welcoming the skill of delegation, embracing adaptable processes, acknowledging the demanding time commitments, mastering cash flow management, and actively cultivating a loyal customer base. See the article to read more.
In 2023, the U.S. economy surpassed expectations, avoiding a predicted recession, with a notable increase in new business openings. Yelp reported that diverse entrepreneurs, particularly women, LGBTQ-owned, Latinx-owned, and Black-owned businesses, played a significant role in this growth, with home services experiencing the highest increase, signaling a post-COVID era of recovery. To read more details, please see this report released by Yelp.
FemTech is a rapidly growing sector encompassing technology-enabled solutions for women’s health which usually includes maternal health, menstrual health, pelvic and sexual health, fertility, menopause, and contraception, as well as a number of general health conditions that affect women disproportionately or differently (such as osteoporosis or cardiovascular disease). The article posted by McKinsey explores FemTech’s recent growth, market opportunities, and potential to address unmet needs. With over 70% of FemTech companies having female founders, the field is seen as a disruptive force in healthcare, offering innovative solutions to improve care delivery, enable self-care, enhance diagnoses, and address stigmatized areas, with the potential to catalyze positive social changes.
This article posted on Business Insider outlines retirement plan options for small business owners, including SEP IRA, Solo 401(k), SIMPLE IRA, Traditional IRA, and Roth IRA. Each plan caters to different business sizes and preferences, offering varying contribution limits, tax benefits, and accessibility features. Check out the article for more information about what individual financial and business goals should be considered before making a decision.
According to this post on CNBC, the landscape for female entrepreneurs is evolving positively, with women accounting for nearly half of new business owners in recent years. Despite progress, a funding gap still exists, with only 2.1% of venture capital investments in the U.S. going to businesses founded solely by women in 2022. While the funding rate for women-owned businesses rose to 41% in 2022, challenges persist, including stereotypes and misconceptions. Founders emphasize the importance of confidence, saying no to opportunities that may have long-term costs, and valuing long-term goals over short-term gains. See the link to read more!
Each month, we send an email blast to students enrolled in the program with a list of funding opportunities and business resources. In between the monthly email blasts, we keep this spreadsheet updated daily with new opportunities that we find (the last column indicates the date when the item was added to the spreadsheet): https://docs.google.com/spreadsheets/d/1zU5SUCYBopz64FM4q_nqp2wvILmcdItq_PRWQRXFUB4/edit?usp=sharing
According to this piece posted by the US Chamber of Commerce, small businesses are expected to undergo significant changes in 2024. The adoption of artificial intelligence (AI) is anticipated to grow rapidly, with applications in marketing, HR, customer service, and logistics, providing efficiency and productivity gains.
Augmented reality (AR) and virtual reality (VR) are predicted to be leveraged by businesses, especially in retail, real estate, and hospitality, to create immersive customer experiences.
Remote operations are expected to become the norm for many small businesses, allowing access to a global talent pool and reducing overhead costs.
Finally, customers are expected to take greater control of their journeys, requiring businesses to provide more personalized and educational experiences. Check out the link above to read more!