Despite an improving economy and record-setting consumer spending, small businesses are struggling to effectively market their goods and services, with many overwhelmed by marketing and lacking confidence in their current strategies, as revealed by a report from Constant Contact. Factors such as economic worry and time constraints contribute to this marketing anxiety, leading to a cycle of procrastination hindering small businesses from reaching their potential.
The glass ceiling, a metaphor for the barrier hindering women’s advancement in business, remains a persistent challenge despite some individual successes. According to this opinion piece in Entrepreneur, rather than solely fighting against the system, there’s a call for women to unite, support each other, and overcome self-limiting beliefs. Digital entrepreneurship presents an opportunity for women to bypass traditional barriers and achieve success independently. Taking proactive steps, rather than just discussing the issue, is emphasized, with the hope that female empowerment will continue to grow and eventually dismantle the glass ceiling for future generations.
The 2024 Bank of America Business Owner Report shows a positive outlook among small and mid-sized business owners, with an expectation of revenue growth and reduced concerns about recession. While inflation and interest rates are still on their radar, these worries have lessened compared to the previous year. Business expansion plans are in place for the coming year, with a focus on customer engagement and technological advancements to differentiate businesses. Small businesses are cautiously optimistic, with a majority expecting revenue increases, while mid-sized businesses show stronger confidence, with plans for expansion and hiring. Digital tools are being increasingly adopted to streamline operations, with AI implementation on the horizon for many businesses.
The launch of TikTok Shop led to significant sales growth for small and medium-sized businesses, such as Michelle Silva’s Kali Rose Boutique which is mentioned in this CBS News piece. The potential ban of TikTok in the United States poses a threat to these businesses’ revenue streams and could lead to layoffs and economic consequences, prompting concerns among business owners and experts about the impact on the digital ecosystem and economy.
“Show Her The Money” is a documentary that addresses the plight of women entrepreneurs who aren’t getting their share of venture capital. The film follows four visionary founders as they endure uphill battles to turn their ideas into reality. After an award-winning film festival run, the movie has embarked on a 50-city grassroots global tour. To learn more about how to catch a screening, see this link.
Small business confidence reached its lowest point in over 11 years this past March. According to a report from the National Federation of Independent Business, concerns about persistent inflation are weighing heavily on small business owners. Despite some indicators suggesting a decrease in inflation, rising costs, particularly in input and labor, remain a significant issue for small businesses, leading to widespread anticipation of further price hikes and increased compensation.
The Tory Burch Foundation, in collaboration with Bank of America, is intensifying its support for female entrepreneurs by launching a new virtual program offering webinars, business resources, and networking tools, while also celebrating a milestone of deploying over $100 million to more than 5,500 female founders through increased loan access, aiming to address the capital hurdle faced by women in business and emphasizing the economic impact of empowering female entrepreneurs. Read more about the initiative in this article in Inc.
In this brief segment on ASBN.com (America’s Small Business Network), intellectual Property Attorney, Ana Juneja shares that small businesses, especially those producing digital content, artworks, and photographs, need to utilize copyright laws to safeguard their creations, particularly in the digital and e-commerce spaces.
Recent legal adjustments, including simplification of the copyright process and removal of the mandatory use of the copyright symbol (©), indicate a shift towards making it easier for small businesses to claim protection, ensuring legal advantage and potential financial compensation in case of infringement, while also discussing the significance of the Digital Millennium Copyright Act (DMCA) in protecting online and digital content. See this link to learn more.
This article from CNET discusses common mistakes that attract IRS scrutiny and offers tips to avoid them, such as completing your return accurately and reporting income correctly, as failing to do so can lead to audits or delays. It also emphasizes the importance of meticulous record-keeping, especially for self-employed individuals claiming deductions, and being cautious with charitable deductions to avoid raising red flags with the IRS.
Haunted by the stark statistic that women-owned businesses receive less than 2% of venture capital funding, Emma Grede, CEO of Good American, is taking action through her TV show, Side Hustlers. Co-hosted by Ashley Graham, the reality series sheds light on the transformative impact of mentorship, illustrating how the guidance and connections provided by Grede and Graham are essential in empowering female entrepreneurs to navigate challenges and elevate their side hustles into flourishing ventures. Read more about this topic in their interview in Fast Company.