Riding a Wave of Cautious Optimism
Welcome to the Small Business 2022 edition of West Shore Connect, which focuses on the challenges of running a business in an ever-shifting economic landscape. While inflation is high and portions of the supply chain are still experiencing slowdowns and bottlenecks, many other economic indicators are showing signs of robust improvement.
Our article on access to capital explores the difficulties faced by women- and minority-owned businesses when seeking loans or investors. This has led many entrepreneurs to seek alternative forms of financing such as crowdfunding and online lenders. Many financial technology companies (fintech) are offering increasingly sophisticated ways of maximizing both initial investments and ongoing revenue for small businesses.
If you’re still at the starting gate and wondering what type of business structure is best for you, our article on the various ways to set up a business should prove useful. The simplest form of business is the sole proprietorship, and the most complex is a C corp, which comes with complex reporting requirements and a wealth of red tape. It’s such an important decision, however, that it’s worthwhile to dig into the weeds and understand the pros and cons of each.
For those having a hard time planning for the future, our article on the near-term economic picture offers a few guidelines. According to a 2022 JP Morgan Chase survey, 71% of business leaders are optimistic about the future. Most business leaders indicated that they’re planning to expand cautiously and make strategic investments while always keeping an eye on inflation.
Finally, we feature Q&A interviews with two local business leaders. Jillian Breneman owns and operates Massage by Jillian. She shares the challenges she’s faced in growing and maintaining a small business amid challenging times. She says that constantly learning helps her build new skills and stay enthusiastic about her work. Similarly, Mike Moran of MoMo BBQ says that staying nimble and keeping your mind open to new ideas can mean the difference between failure and success.
Please email your comments to me at email@example.com.
Thanks for reading!