You’ve probably heard the phrase before, especially during election cycles. Small businesses are the backbone of America. You might be quick to roll your eyes and dismiss this as an outdated saying, especially with major eCommerce retailers and big-box stores commanding all the headlines. However, small businesses make up over 99% of all US employers and account for 60% of all jobs added annually. Nearly all consumers in America prefer to support small, locally-owned businesses when possible. On average, a greater portion of the money spent locally stays local compared to money spent at a non-local business.
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At least one million businesses in the United States are owned by married couples, Many spouses have found that their relationships have been strengthened by both the highs and lows of co-owning a business. Are you and your significant other thinking about joining their numbers?
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After turning another page of the calendar in 2020, we will celebrate another major holiday in the middle of a pandemic. While our 4th of July celebrations will likely look different than previous years, there is still much to celebrate and be grateful for. Our small business community has been hit especially hard the past few months, and they need our support more than ever to lift them up as they come back online. It's the perfect time to reflect on our country's remarkable history of entrepreneurship and small business success.
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Much attention has been paid to large companies that have thrived throughout the COVID-19 pandemic and the Great Lockdown. A few tech and eCommerce giants may come to mind. There has also been considerable focus on the retail sectors that have been upended, and the thousands of small businesses forced to shut their doors.
COVID-19 isn’t going away anytime soon, but localized reopenings have been underway for almost two months. Several recession-resistant sectors are showing signs of life and are poised to grow post-lockdown. This is an ideal time to consider ways to capitalize as a potential small business owner, or as a current small business owner considering a pivot. All crises end, and new leaders always emerge.
The franchising business model has unique advantages during recessions and in their aftermaths. Unlike starting from square one, you’re investing in a proven system, which lowers risk. The parent organization’s resources provide unmatched support and stability that is often essential in times of uncertainty. And crises provide rare opportunities to see how franchisors perform when the stakes are highest.
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COVID-19 is here for the foreseeable future, and people across the country are adjusting to the new normal. While the future remains uncertain, there are some signs of economic recovery on the horizon. Many experts believe we’ve bottomed out and are poised for a rebound. Per the Department of Labor, unemployment claims are finally starting to dip. Your community has likely begun its first phase of reopening. What does this mean for small business owners?
If you’re among the majority of US small business owners forced to close, you’re probably eager to get back to work, even if it’s not in your usual capacity. It’s critical to reopen safely and responsibly.
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Those of you who have been in franchising for a while probably remember the Great Recession and its aftereffects. Banks were suddenly facing unprecedented scrutiny, and risk tolerance dropped to zero as they were burdened with new regulations and fail-safes. Loans that had previously flowed to brands were suddenly being held up. Banks wanted franchisors to prove that they had “skin in the game.”
The onus to prove viability shifted from the franchisee (borrower) to the franchisor. Item 19 came into full bloom as brands vied to prove their worth. The smarter franchisors were quick to adapt and complete the requirements for the Bank Credit Report and the Franchise Registry. Many changed their FDDs to show that they were willing to back the franchisee with royalty payments that ramped up other investments. Their financial statements became more detailed. This really wasn’t negotiable; if you wanted franchisees funded quickly for a fast ramp-up, you changed.
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Starting a business with your significant other is an exciting venture, and there are a lot of perks. After several weeks of quarantine, you may have even realized, “Hey, we can totally work together!” Still, no matter who you’re partners with, business brings obstacles — especially during a pandemic.
Whether it’s funding needs, personal management style, or company goals, there are a lot of hoops to jump through. And the thing is, you both have to jump through the same hoops, together. To help you gauge your future together in business, here are the top 10 things you should know ahead of time.
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Over the past several weeks, we have faced unprecedented business interruptions in the wake of the coronavirus pandemic. In response, the CARES Act was passed to provide fast and direct economic assistance for American workers and their families, as well as existing small businesses.
As part of the coronavirus debt relief efforts, the SBA announced a loan payment assistance program. If your business already has an SBA loan in place, with the first payment due after March 27th, 2020, OR you are a new borrower and can close your SBA loan and be in regular loan servicing on or before September 27th, 2020, the SBA will make your first six payments.
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As the borrower, you have an important role in the process.
Getting your Small Business Administration (SBA) loan approved is an important first step, but getting your money in hand requires a successful loan closing. The loan closing can take substantial time if you’re not prepared and able to provide what's needed to the lender's closing team in a timely manner.
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Update: See our new Coronavirus related information here.
When you launched your business, who would have guessed you would need to prepare for a global pandemic? Most business owners do not have a contingency budget anywhere close to what they need to mitigate this type of operational impact.