TERRE HAUTE —
It is definitely a tough time to be a business owner right now.
Though the bigger companies are slowly bouncing back, it is taking the smaller ones a bit longer to rebound. The main problem is people are still not spending money as they once were.
The National Federation of Independent Business stated that small-business optimism fell for the sixth straight month this past August. The biggest issue that small businesses cited was lack of sales.
Meanwhile, unemployment continues to hover around 10 percent. It is the high unemployment rate that has created unlikely entrepreneurs. Many have started a business in a field they are familiar with only to realize that being their own boss doesn’t result in a high amount of income and the new business owners are forced to settle for a mere fraction of what they used to earn. The odds of a small business succeeding have slimmed down even more since the downturn in the economy. Since 2005, only 47 percent of businesses have survived for five years, compared to 50 percent from 10 years earlier according to the Kauffman Foundation out of Kansas City, Mo.
Despite the odds, businesses are finding ways to hang out and hope for the best. According to the Small Business Administration, companies with fewer than 500 employees created 64 percent of net new jobs in the U.S. from 1992 to 2010, they employ 55 percent of the workforce.
Firms between:
• 1–9 employees account for 13 percent of net new jobs
• 10–49 employees account for 19 percent of net new jobs
• 50–99 employees account for 10 percent of net new jobs
• 110–499 employees account for 22 percent of net new jobs
• 500–999 employees account for 7 percent of net new jobs
• 1,000 or more employees account for 29 percent of net new jobs
The main key to success will be increasing sales. Is your company doing all it can to survive? Have you looked at untapped markets? Festivals, if applicable, for new revenue streams? Grassroots marketing? Although all the above are labor intensive, one or more may prove to be fruitful in attracting and retaining new customers to make your company more sustainable.
Heather Penney is the regional director for Indiana State University’s Indiana Small Business Development Center.
Jobs
BUSINESS CENTS: Despite odds, smaller businesses finding ways to hang on
- Jobs
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Business advice: SCORE provides free counseling services, ‘expert opinions’
Even well-established Terre Haute companies — such as Neoteric Hovercraft — can benefit from the depth of business experience offered by SCORE, the Service Corps of Retired Executives.
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ISU to host financial literacy workshop for teachers
Educators will visit Indiana State University to learn more about financial literacy education for students.
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MORTON MARCUS: Wasted effort, wasted lives cannot be ignored
Somewhere in rural Indiana is a banker who can not see good in any proposal put before him unless he saw it previously. His posture is as rigid as his mind. How can his town expect to move forward with his hand on the money spigot?
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Nothing to fear at socialsecurity.gov
Different people have different fears, and often Halloween seems to be a time to talk about them. Children may be afraid of monsters in the closet or creatures lurking beneath the bed. Teenagers may fear not fitting in with the popular crowd.
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State forest timber sales benefit 2 Valley counties
Sixteen Indiana counties are sharing more than $280,000 that the Department of Natural Resources is distributing from revenues generated by state forest timber sales.
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Franchise Times ranks RE/MAX as top franchisor
For the third year in a row, RE/MAX was ranked as the No. 1 real estate franchisor by Franchise Times magazine. Results from the 2011 Franchise Times Top 200 Survey identify RE/MAX in the 15th position overall, far outpacing other national real estate brands and placing the company among such top franchises as McDonald’s, 7-Eleven and Subway. The rankings were primarily based on worldwide sales volume.
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BUSINESS CENTS: Despite odds, smaller businesses finding ways to hang on
It is definitely a tough time to be a business owner right now.
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Clark Business Expo is Nov. 13
Clark County Business Expo is planned from 1 to 5 p.m. Nov. 13 at Martinsville High School.
- NEWSMAKERS: Oct. 23, 2011
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‘Queen of Free’ to share tips at Rockville library
Join the self proclaimed “Queen of Free,” Cherie Lowe, as she shares her favorite money saving tips and budget strategies to keep the happy in your holidays during a presentation at 6:30 p.m. Nov. 1 at the Rockville Public Library.
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Hospital to break grounds on Cork Center
Union Hospital will break ground on the new Cork Medical Center at 10 a.m. on Wednesday at 410 N. Second St., in Marshall.
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Ryves Neighborhood Association stages grand opening of Common Cents Quarter Store
The small store was packed as it opened for business, and organizers were optimistic their neighbors will see the sense in spending a few cents in the neighborhood.
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Construction set to begin on Channel 10 facility
WTHI-TV Channel 10 is getting set to move from its longtime location at Ninth and Ohio streets to a new facility one block to the west.
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Government transfer programs provide safety net
The wheels of our economic wagon began to wobble in 2007. In 2008 they came off.
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First Financial Bank named one of world’s top 1,000
The Banker, a London-based investment and commercial banking journal, has again named First Financial Bank among the top 200 banks in America and in the top 1,000 banks in the world.
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Report: Employment, wages paid by state nonprofits increased steadily
Buoyed by gains in the health services and education sectors, employment and wages paid by Indiana nonprofit organizations increased steadily in recent years, according to a new report by Indiana University researchers.
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Ivy Tech trustees name new officers
The Ivy Tech Community College State Board of Trustees has named its new officers for 2011-12.
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Newsmaker: August 21, 2011
Ed Pearce of Pearce Funeral Home of Marshall, Ill., was recently installed to the Board of Directors of the International Order of the Golden Rule at the annual conference in Atlanta.
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Chamber remodels website
The Marshall, Ill., Chamber of Commerce has remodeled its website.
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Forbes adds ISU to its list of tops colleges
Indiana State University has been recognized by Forbes magazine as one of the top colleges in the country.
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ISU economist: U.S. can’t escape malaise in Europe
Economic thrashings battering Europe will continue churning the economy of the U.S., which is powerless to affect the situation, said a public policy economist at Indiana State University.
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Have Lunch with a Lawyer on Monday
Senior Education Ministries, Inc. has scheduled Lunch with a Lawyer from 11:30 a.m. to 1 p.m. on Monday at the Wabash Senior Activity Center, at 300 S. Fifth St.
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Mike Pence tax program: Good theater, bad policy
Scene one: Mike Pence, Republican, and his advisors lounge in air conditioning on a hot summer day.
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Author offers money managing tips to couples
Combine the expectation of divorce for new couples hovering around 50 percent with a variety of studies that suggest money is the most divisive topic for couples, and you get a formula for disaster.
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Brown opens east-side veterinarian clinic
Dr. Beth Brown has a new address … this time with her name on the sign.
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Stadler’s barber shop to offer free haircuts
As the new school year gets under way, Stadler’s barber shop on the city’s northside will offer free haircuts Aug. 27 for boys in grades K-12.
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Newsmaker: August 14, 2011
The Indiana State Museum, in collaboration with the Allen County Public Library, have a nationally significant collection of material related to Abraham Lincoln and his times.
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NSWC Crane employees travel to Virginia
New employees, summer interns, and co-ops from Naval Surface Warfare Center, Crane Division traveled to Norfolk Naval Base in Virginia to tour their base facilities on July 25.
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Vectren Energy to report news via Twitter
Vectren Energy Delivery is now providing company news and career opportunities via its Twitter feeds, @VectrenNews and @VectrenCareers.
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