Starting your own business means a lot of work, long hours, and social sacrifices. Most people cannot comprehend the amount of dedication and talent that goes into creating and growing a small business. In recognition of the 28 million small businesses in America, the Small Business Association (SBA), began National Small Business Week. According to the SBA, half of Americans either work for, or own a small business, and this trend is expected to continue. It is estimated that over 60 million citizens will be self-employed. But how will these businesses succeed in a time where so many are having trouble acquiring financial assistance?
Most small businesses have fewer than 50 employees. According to a Bank of America survey on small business, about two-thirds are still recovering from the economic crisis that ended six years ago. Only 21 percent of businesses stated that they have fully recovered. While corporations have highly engineered business and projected growth plans, small businesses have to be more flexible in their strategies – often doing whatever is necessary to survive. If a small business loses even one client it may be detrimental to its survival. After all, they don’t have an entire department to develop new products or to market their services. Small business owners who are successful really know their businesses, push their products, and court their core audience. And many still rely on word of mouth and their reputations to grow and promote their businesses.
Small businesses don’t always have to rely on themselves to stay in business, however. Owners recognize the importance of small business to the American economy. They often communicate with each other to stay apprised of developments that could have an impact on their businesses, especially in small to mid-size communities.
Despite a rebound in the economy, many small businesses still struggle to make ends meet and suffer from bad credit. First American Merchant is an online merchant cash advance company that provides small business cash advances for merchants with bad credit. FAM offers simple, flexible programs that give merchants access to loans in less than 72 hours. No tax returns or financials are required.