Whereas already self-employed, Johana C. Dominguez wished to attach along with her neighborhood extra. She opted to get a part-time job at an area nursery, main her to open her small enterprise. Michele Cagan began her firm to have extra management over her time whereas prioritizing her well being and household. Whereas in several industries, each have discovered entrepreneurship as rewarding as it’s difficult.
Cagan and Dominguez signify a small a part of women-owned companies. In line with The 2024 Wells Fargo Impression of Girls-Owned Enterprise Report, women-owned companies signify 39.1 p.c of all U.S. companies, rising by 13.6 p.c between 2019 and 2023.
And the expansion of small companies within the U.S. exhibits no signal of slowing down. Tons of of hundreds of individuals begin new companies each month, with the U.S. Census Bureau’s knowledge exhibiting 432,517 enterprise functions filed in April 2024 alone.
As Could started with Nationwide Small Enterprise Week — and Nationwide Small Enterprise Day is Could 10 — we interviewed Cagan and Dominguez about their companies and a day of their lives to seek out out what it’s wish to run a small enterprise within the U.S.
Bankrate perception
Could can be Asian American, Native Hawaiian and Pacific Islander (AANHPI) Heritage Month. In 2020, it was estimated there have been over 3 million AANHPI-owned companies within the U.S., using over 5 million folks.
A day within the lifetime of two entrepreneurs
There are a lot of the explanation why folks determine to open a small enterprise or enterprise into entrepreneurship. Whereas you’ll find a great deal of info and how-to movies on-line of individuals beginning aspect hustles and companies, it doesn’t at all times replicate the fact of day by day life for many small enterprise homeowners.
To be taught extra about what a day within the life is de facto like, we interviewed two entrepreneurs and requested them to share their experiences. Learn on to see what they needed to say about it and what they need others to know, flippantly edited for readability and brevity.
Michele Cagan
Michele Cagan is a CPA and the writer of “Beginning A Enterprise 101.” Michele goals to assist ladies turn into financially empowered and really feel safe with their funds. She focuses on private and enterprise funds, together with one-on-one teaching, enterprise help companies and taxes.
Michele started her enterprise as a aspect hustle in 2010, and in 2017, she took it full-time.
How did you turn into an entrepreneur?
I began doing it as a aspect gig and commenced to develop. Then when my common job obtained downsized I made a decision to go all in. I knew I may assist lots of people, particularly doing it my method.
What impressed you to start out a small enterprise?
I wished to have extra management over my time, the content material I used to be writing, and the purchasers I used to be working with. I wished the pliability to be there for my household (I’m a single mother). And, actually, I dwell with continual sickness and wished to prioritize myself and my well being every time I wanted to.
What’s a typical day in your life like?
I normally begin working between 9-10 and finish by 3 or 4. I used to work loopy hours, however now construct my work schedule round my life as an alternative of the opposite method round. In a typical week, I spend time immediately interacting with purchasers by teaching and help, engaged on their accounting and taxes, and loads of writing (I’m at present engaged on a guide known as “Taxes 101”). I do staff check-ins most work days — my staff are all totally distant however we keep linked.
Are there any myths about entrepreneurship that you just need to debunk?
It’s tougher and generally lonelier than folks suppose. It takes loads of time and work to construct a sustainably profitable enterprise. And having a profitable enterprise will NOT prevent cash in taxes!
What recommendation would you give somebody who needs to start out their very own enterprise?
Make a plan earlier than you dive in, as a result of nice concepts don’t at all times result in worthwhile companies. Don’t attempt to do every part your self, get assist the place you want it and for belongings you simply don’t need to do.
What’s one factor you want you knew earlier than beginning a enterprise?
To not underprice my companies. It’s tremendous frequent amongst ladies to undervalue the services and products they supply. And in addition to not give away my time and expertise totally free (one other frequent factor new ladies enterprise homeowners do).
Bankrate perception
Fascinated with beginning your individual enterprise? Try our guides on:
Johanna C. Dominguez
Johanna C. Dominguez owns Put a Plant On It, Inc., in Buffalo, NY. Put a Plant on It’s a full-service houseplant store specializing in uncommon and customary crops. Together with promoting crops, a few of the different companies the store presents embody repotting, houseplant hospital, inside adorning and moss and plant wall installations. You can even discover native artists’ work on the market contained in the store.
Johanna started her enterprise on the top of the COVID-19 pandemic, and the shop will have a good time its fourth anniversary in August.
How did you turn into an entrepreneur?
Form of by chance! I used to be already working for myself doing nonprofit consulting, social media content material creation, and pictures. I assumed I wanted to be round folks extra so I began a part-time place at an area nursery. I saved giving recommendations to this nursery and each suggestion was shot down. An excellent pal of mine advised I begin my very own store with my concepts.
What was the inspiration behind beginning your small enterprise?
I actually wished to do one thing that supplied loads to my neighborhood and one thing that was missing. There was a plant retailer throughout the road from my location that closed a number of years in the past. Many individuals have are available and thanked us for all that we convey to the neighborhood. I like being a part of a neighborhood and love serving to folks with points that come up with their crops.
It has actually made me understand the significance of purchasing native and the way it differs from massive field shops.
What’s a typical day in your life like?
Retail, particularly a customer support based mostly retail like ours, requires an enormous vary of abilities that I by no means utilized in any of my different jobs. As somebody who has additionally been identified with ADHD for over 30 yrs, I additionally discover that no job matches me higher. Largely it is because no day is similar.
I normally get up fairly early and begin replying to emails and social media messages and feedback whereas I sip my espresso. Generally I’ll work on and edit a social media graphic (or) video whereas at dwelling.
All through the day we water crops and ensure all are trying their greatest. This may increasingly contain leaf-shining them, eradicating useless leaves, downpotting or uppotting. Prospects are required to make an appointment with a purpose to make the most of our companies and so they do that immediately on our web site. We’ve common purchasers that we service commonly and we care for their crops.
There are only a few instances that now we have downtime. Our inventory is all principally alive and it entails loads of work to ensure all of it seems their greatest. Work doesn’t finish as soon as we shut up although. I don’t count on my coworkers to be “on name” after enterprise hours, however I’m. So my evenings are sometimes spent replying to messages and emails that are available after hours.
What’s a fantasy about entrepreneurship you need to debunk?
That being an entrepreneur provides you freedom. Positive it does to some extent nevertheless it isn’t a 9-5. You’re working 24/7. Or a minimum of needs to be working across the clock. It’s important to suppose twice about going away or not being accessible to your coworkers by happening trip or out of cell service.
I’d additionally wish to debunk that every one entrepreneurs are motivated by cash. That could be true for some, however it isn’t true for all.
What recommendation would you give somebody who needs to start out their very own enterprise?
I want to inform them to consider their enterprise concept and write out a marketing strategy. This was extraordinarily useful once I was beginning my enterprise. I additionally visited and talked with different enterprise homeowners within the space that had comparable companies.
Bankrate perception
Financial institution of America’s 2023 Small Enterprise Proprietor Report discovered that 91 p.c of enterprise homeowners say they’ve a marketing strategy, and most assess and modify that plan a minimum of annually. Of those that have a marketing strategy, 46 p.c assessment it as soon as 1 / 4.
I’d additionally advocate becoming a member of some on-line communities which are within the area of interest that you just need to open what you are promoting. I used to be in numerous houseplant communities — each native and nationwide and even worldwide. I listened to what others have been in search of and wanting. Listening is essential. I additionally suppose I want to stress the significance of being versatile. You should not have to observe your plan 100%. There’s been loads of issues that we’ve added or not applied from the unique plan.
Key insights about small companies
- In 2020, there have been 32.9 million employer and nonemployer companies within the U.S. (U.S. Census Bureau)
- Small companies embody 99.9 p.c of all U.S. companies (U.S. Small Enterprise Administration)
- In 2021, it was estimated that 21% of U.S. companies have been minority-owned, and 5.2% have been veteran-owned. (U.S. Census Bureau)
- Small companies make use of 45.9% of U.S. staff (U.S. Census Bureau)
- Girls-owned companies employed 12.2 million folks and generated $2.7 trillion in 2023. (Wells Fargo)
- The highest challenges small enterprise homeowners confronted in Q1 2024 have been inflation prices, income challenges and rates of interest rising (Small Enterprise Index)
What’s Nationwide Small Enterprise Week?
For over 60 years, the U.S. Small Enterprise Administration (SBA) and the President of america have honored small companies within the U.S. by Nationwide Small Enterprise Week. The week is devoted to celebrating small companies and their influence on the native and nationwide economic system, the laborious work and resilience it takes to run a small enterprise and the innovation and alter entrepreneurs drive.
Many small enterprise organizations maintain occasions in honor of Nationwide Small Enterprise Week. For instance, the SBA has a Digital Summit that’s free to attend, which incorporates academic webinars, enterprise assets and networking alternatives. Previously, the U.S. Census Bureau and the IRS have additionally supplied extra free assets for small enterprise homeowners to assist develop and maintain their companies.
There’s additionally an award introduced by the SBA and given to small companies in each state, Washington, D.C., Guam and Puerto Rico, highlighting companies, entrepreneurs, lenders, buyers and advisors devoted to impacting native communities and their dedication to small companies.
Bankrate perception
Together with academic applications and small enterprise assets, the SBA presents a number of sorts of enterprise loans. Whereas SBA loans can have strict eligibility necessities, there are set rate of interest maximums and decrease charges, making them extra accessible to companies which will have been rejected for different sorts of financing.
When is Nationwide Small Enterprise Week?
Historically, Nationwide Small Enterprise Week is held the final week of April. Nationwide Small Enterprise Week 2024 is from April 28 to Could 4.
Learn how to help small companies
Whereas Nationwide Small Enterprise Week, Nationwide Small Enterprise Day and Small Enterprise Saturday are three designated instances to help small companies, it’s important that small companies obtain help year-round.
American Specific’s Store Small map is a good place to start out if you wish to help small companies regionally. You may search by location to seek out small companies in your space. Another choice is to test your metropolis’s tourism web site or native enterprise associations. Most often, you’ll discover a listing of native companies, together with different useful info associated to your neighborhood.
For a wider attain, contemplate buying from Etsy. Not solely can you discover native companies, however it’s also possible to make purchases from small companies throughout the nation.
By supporting small companies, you’re not solely serving to an entrepreneur succeed, you’re additionally positively impacting your neighborhood. Small companies usually tend to give again to their communities, assist create a extra resilient native economic system and drive native job creation.
From 2013 to 2023, small companies have contributed 55 p.c to the entire web job creation, in accordance with the U.S. Bureau of Labor Statistics. American Specific’s 2022 Small Enterprise Financial Impression Research additionally discovered that 68 cents of each greenback spent at a small enterprise within the U.S. stays in the area people.
Together with supporting the native economic system, SCORE states small companies donate 250 p.c greater than bigger companies to native nonprofits and neighborhood causes, with 75 p.c of small companies donating a median of 6 p.c of their income to charity.
Bankrate perception
Girls- and minority-owned companies usually tend to help their communities and provides again. If you wish to be taught extra about minority-owned companies and learn how to help them, try these pages:
Though it may be simpler to buy at big-box shops, purchasing small in the end impacts extra People. It’s estimated that small companies make up 99.9 p.c of all U.S. companies, and purchasing small on-line and in-store can change native and nationwide economies for the higher.
