Five Common Ways To Fund A Small Business Beyond Personal Savings

Laveta Brigham

One of the most cliched statements in starting a small business is that “it takes money to make money”… but it is often true. Many businesses need an infusion of cash to buy essential components of their operations. For a pizzeria, that could be an industrial oven, and for a yard care business, that could be a commercial lawn mower.

A common funding practice many new business owners take is to use personal savings and start small by reinvesting profits into the business. This approach, known as bootstrapping, seems rooted in common sense, but can be restrictive to your business’ growth and personal finances. If your business needs a large infusion of capital, you don’t necessarily have to go it alone and shouldn’t if it jeopardizes your financial security.

There are a number of funding sources available to new and established businesses beyond your personal savings.

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How small businesses are recovering during the pandemic

KNOXVILLE, Tenn. (WVLT) -It’s a well known fact that locally owned businesses help to boost local economy and provide stable jobs for employment.

Since reopening back in July, Dean’s Restaurant in Oak Ridge is slowly bouncing back from being shut down due to the pandemic.

Some changes restaurant owner, Dean Russell has had to make include letting go of staff members and providing curbside pickup.

Russell says despite the challenges things are slowly looking up.

“On a positive note we’re a little slower so it gives me an opportunity to train some of the new staff. On the bad side we’re a little slower. We’re a small business but we have a big reach in the community. We feed 300-600 people a day when we’re rolling,” said Dean Russell.

Another small business having to make adjustments, Fitness Studio 111 in downtown Knoxville.

The studio provides personal training by appointment only.

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Square Survey Finds 76% of Small Business Owners Plan to Give Their Employees Time Off to Vote this Election Day

Laveta Brigham

The MarketWatch News Department was not involved in the creation of this content.

According to a new survey conducted by Square and Wakefield Research, 75% of U.S. small business owners think voting in the upcoming presidential election has become more important since pre-pandemic and 96% plan to vote themselves. But nearly 3 in 4 are concerned that COVID-19 will impact their employees’ abilities to vote in the upcoming Presidential Election and here’s how they plan to address those concerns:

  • More than three-quarters (76%) of small business owners will give employees time off to vote in the upcoming presidential election.

  • Among small business owners giving employees time off to vote, 83% plan to give paid time off.

  • 26% of small business owners would be willing to make Election Day a company-wide holiday to encourage voting in the presidential election.

Beyond concern that COVID-19 will impact their employees’ abilities to vote in

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Square is positioned to be a winner by helping small businesses digitize post-pandemic: Oppenheimer

Laveta Brigham

TipRanks

3 ‘Strong Buy’ Stocks With Over 7% Dividend Yield

Markets are volatile, there can be no doubt. So far this month, the S&P 500 has fallen 9% from its peak. The tech-heavy NASDAQ, which had led the gainers all summer, is now leading the on the fall, having lost 11% since September 2. The three-week tumble has investors worried that we may be on the brink of another bear market.The headwinds are strong. The usual September swoon, the upcoming election, doubts about another round of economic stimulus – all are putting downward pressure on the stock markets.Which doesn’t mean that there are no opportunities. As the old saw goes, “Bulls and bears can both make money, while the pigs get slaughtered.” A falling market may worry investors, but a smart strategy can prevent the portfolio from losing too much long-term value while maintaining a steady income. Dividend stocks, which

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This Small Business Owner Found Success by Helping Customers Feel Safe: It’s ‘a Beautiful Thing’

Laveta Brigham

courtesy Danielle Cullen Jermaine Owens

Jermaine Owens is the owner of North Fork Seafood and Shelter Island Seafood Market, a Long Island-based seafood company that sells fish to commercial customers and restaurants. After getting his start in the industry at a young age, Owens, 43, worked three decades as a professional fish cutter prior to opening North Fork Seafood in February — right before the coronavirus pandemic hit the U.S. While other businesses were struggling, Owens saw his thrive — in part due to his home delivery service — and it became so successful that he opened a second seafood market and restaurant in July. Here, Owens talks to PEOPLE about operating two businesses in the midst of a pandemic, why he believes they’ve done so well and what he’s learned along the way.

I was about eight years old when I got my start in the fish business. My

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When Covid Upends Your Small Business

Laveta Brigham

(Bloomberg Opinion) — On March 16, Lisa Eskenazi Boyer was working up a sweat with her students one last time at her bustling Queens, New York, fitness studio. Covid-19 lockdown orders were about to take effect, and Simply Fit Astoria — along with all other local gyms — would have to close its doors later that night. She never expected it to be for good.

When Eskenazi, 37, first started Simply Fit, “boutique gyms” weren’t yet part of New York City lingo. It was 2009, the height of a different crisis. It took a costly renovation, which Eskenazi describes as “the price of a house,” to convert a Byzantine woodworking factory into a sleek studio outfitted with spin bikes, lockers and other equipment for its heart-pumping classes.

New York Governor Andrew Cuomo allowed upstate gyms to reopen this week; gyms in New York City are expected to follow in early

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Small businesses in college towns struggle without students

Laveta Brigham

pandemic sent his best customers — University of Michigan students — back home in mid-March.” data-reactid=”32″ANN ARBOR, Mich. (AP) — Perry Porikos sat in the street outside one of his five businesses, in a makeshift patio area that didn’t exist before the COVID-19 pandemic sent his best customers — University of Michigan students — back home in mid-March.

The Greek immigrant arrived here more than four decades ago as a 20-year-old soccer player for the Wolverines and part-time dishwasher at The Brown Jug Restaurant, which he now owns. He nonchalantly dropped names of sports stars like Tom Brady and Michael Phelps, two of the many former Michigan students he counts as friends, and recalled hustling enough to own more than 10 businesses at one time.

“Living the dream that people talk about, especially if you live in Europe and you come here,” Porikos said, “I am the dream.”

Lately,

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Many small businesses rely on the US Postal Service to compete, stay afloat

Laveta Brigham

An attack on the U.S. Postal Service is an attack on America’s small businesses.

While media attention on cuts made to the agency by President Donald Trump-appointee Postmaster General Louis DeJoy has focused on potential effects on the upcoming election, it’s important to note the effect these reductions will have on the health of our country’s small businesses.

Small businesses overwhelmingly depend on the Postal Service for their shipping, and in a world of online shopping, intensified by the pandemic, the USPS is even more important for small businesses. Indeed, many small businesses would go out of business if it weren’t for USPS.

“About the time Amazon got popular, I noticed my shipping rates with UPS and FedEx skyrocketed,” said Janice Slater, owner of the promotional advertising company Concepts in Advertising in Jacksonville, Oregon, “Then they added a charge for residential delivery, and there’s still an extra fuel surcharge even

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Many small business rely on the US Postal Service to compete, stay afloat

Laveta Brigham

An attack on the U.S. Postal Service is an attack on America’s small businesses.

While media attention on cuts made to the agency by President Donald Trump-appointee Postmaster General Louis DeJoy has focused on potential effects on the upcoming election, it’s important to note the effect these reductions will have on the health of our country’s small businesses.

Small businesses overwhelmingly depend on the Postal Service for their shipping, and in a world of online shopping, intensified by the pandemic, the USPS is even more important for small businesses. Indeed, many small businesses would go out of business if it weren’t for USPS.

“About the time Amazon got popular, I noticed my shipping rates with UPS and FedEx skyrocketed,” said Janice Slater, owner of the promotional advertising company Concepts in Advertising in Jacksonville, Oregon, “Then they added a charge for residential delivery, and there’s still an extra fuel surcharge even

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Pesky forwards aside, WhatsApp is now a lifeline for many small businesses in India

Laveta Brigham

In March when coronavirus started spreading in India, Abhishek Sayam was forced to close his two Books By Kilo stores on the outskirts of Mumbai. The company, which sells books by weight and not by printed cost, also had to stop holding exhibitions to avoid putting customers and teammates at risk. “Due to (the) uncertain nature of lockdowns and curfews we can not confirm the date of delivery,” reads a popup on Books By Kilo’s website.

This situation could have led Sayam’s two-year-old venture to collapse. But like for many other entrepreneurs, technology came to his rescue.

Books By Kilo has seen a 40% increase in sales and customer interactions since March thanks to WhatsApp Business, a free-to-download mobile app that acts as a storefront for small businesses on the world’s largest instant messaging app. Sayam has been using the app since 2018, but during the lockdown, the app was

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