It’s Not Always Sunny in Philadelphia!

Posted on by chrish

Today we’re going to talk: The Gritty Realities of Small Business Ownership!

Yike! I should have turned the volume down on dramatic music.

So, you think starting a small business is all about freedom and flexibility? Well, hold onto your coffee cup because the truth can be a bit more sobering (unless you drink Irish coffee like me). While the dream of being your own boss is alluring (you’ll quickly learn that to succeed your you boss is even more of a tyrant) and the path is often fraught with challenges that can make you question your sanity—or at least your decision-making skills. Which sucks. Did you know that most small businesses fail within the first five years? This is often tossed around, but yeah, it’s like walking a tightrope over shark-infested waters. Even if there weren’t sharks, the falls bad enough.

Financing Woes: The Capital Conundrum (I Owe What?!)

Let’s dive right in (not the water) for one of the major hurdles: financing. Cash flow. Ah yes, money—the lifeblood of any business (and life in general). Without adequate funds, dreams can quickly spiral into nightmares. If you haven’t created a solid financial plan or budget before launching (hello sharks!), you might as well hand over your hard-earned cash to fate and hope for the best! P.S. Fate rarely pays out when you do it this way, it’s sort of like the lottery, but there you can win money, Fate just lets you scrape by.

Many entrepreneurs underestimate how much capital they need to get started (read: it’s a lot) and keep things running smoothly (read: even more) in those early days (and the bad days). Unexpected expenses crop up like gnats on moldy fruit; they always do (really, how do you keep them away)—trust me on this one! Where there’s money, you’ll find flies, or something like that. And then there are those pesky moments when sales slow down unexpectedly. Or screech to a halt. So what do many small business owners do? They turn to loans or credit cards (now you’re the flies), which can lead to a cycle of debt faster than you can say “interest rates.” For some, lack of access to financing feels like a capital punishment sentence. Remember that graveyard we talked about?

Regulatory Headaches: Compliance Isn’t Just for Fun (It’s the Law)

Now let’s not forget about regulations—oh boy! Yeah! Actually these are good! For you, for me, for everyone. You might think compliance issues are just red tape meant to stifle creativity and innovation, but no! Did you know that they used to put shaved bone in chocolate bars and call it coconut? How about radium? They put it everywhere. Still, compliance is more like an intricate dance where one misstep could lead to serious repercussions. For good reason. From zoning laws to health codes, taxes to employment regulations—the list goes on and on. For good reason, I might add once again!

Imagine finally getting through the initial chaos of setting up shop (if it is a shop) only to discover that you’ve inadvertently overlooked some crucial legal requirement. The grand opening might not be so grand after all. Cue panic mode. Suddenly you’re scrambling through mountains of paperwork and legalese (legal speak, it is a language of its own) while trying not to lose sight of why you started this adventure in the first place (was it freedom?). It’s exhausting! Where’s your coffee? At times it feels like climbing Everest while wearing roller skates—impossible you say (probably)!

The Competition Crunch: Giants vs. David (Sure He Could Beat One, but What about a Hundred?)

And after you’ve navigated the choppy seas of finances and regulations, here comes another tidal wave: competition. It comes in the form of larger corporations and online retailers, but also form your local market. I mean really? Are you kidding me? You’ve finally managed to set up your quaint little shop only to find yourself competing against industry giants who have yearly marketing budgets bigger than your entire revenue (for the rest of your life)!

These behemoths benefit from economies of scale that allow them to offer lower prices—a knockout punch for small businesses trying to carve out their niche in an already crowded marketplace. Not only that but online shopping has changed consumer behavior dramatically (look at your own habits for confirmation); convenience often trumps supporting local shops (sad but true). So what do you do? You innovate! Leverage that personal touch, create unique offerings that distinguish you from big-box competitors (maybe go online?)—even if it means learning social media marketing by trial and error (and trust me; there’s plenty of error and opportunity there).

The Silver Linings Amidst the Storm

Okay okay—I know this post sounds overwhelmingly grim at times (not exactly sunshine and rainbows, so much for Philly), but hold on! There’s more! Many brave souls rise above these challenges with sheer determination (they are the ones that push the number to five years)—and sometimes even a little luck sprinkled in there too (luck is okay, Fate, not so much).

Small businesses foster community spirit—they’re often run by passionate individuals who care deeply about what they do and the places where they live. Despite all the hurdles mentioned above—finances, regulations, competition—the resilience shown by these proprietors is nothing short of inspiring. I guess Philadelphia is sunny after all.

So if you’re thinking about taking the plunge into entrepreneurship or know someone who is (support them)—all I can say is buckle up! It won’t always be easy sailing (even when the water is calm there might be an undertow); there will always be storms along this journey—but every challenge faced also brings valuable lessons learned and potentially opportunities.

I’ll leave you with these words: Small businesses may navigate treacherous waters filled with financing woes, regulatory headaches, and fierce competition—but they’re also vital parts of our communities that enrich our lives in countless ways. If you want to be part of that—good for you! Here’s hoping we’ll see more independent shops thrive alongside those giants because let’s face it—we need them now more than ever!

What challenges have you seen firsthand in your businesses? Or maybe you’re an entrepreneur yourself facing these storms right now? Please share your thoughts—I’d love to hear from you! Till next time.

Small But Not So Small After All!

Posted on by chrish

You might not think twice when you pass by that quaint little bakery on the corner (okay, maybe you think about picking up a bear claw, delicious) or the family-owned hardware store down the street that your dad frequented when he was renovating the house. But here’s a thought: small businesses are anything but small (in the grande scope of things) when you really stop and consider their impact. Not just on you, me, the community, but the national economy. In fact, they’re often referred to as the backbone of our economy, and for good reason, they keep us straight and on course. Today I thought that it would be fun to look at why why these enterprises deserve more than just a passing glance.

First off, let’s talk job creation. You’ve got one, I’ve got had one. Did you know that small businesses account for nearly 65% of all new jobs created in the U.S.? Shocking. I thought everyone was in Silicone Valley, too. Sarcasm aside. That’s huge! When a new café opens up (oh, yeah) or a local artist starts selling handmade goods (I made candles), it doesn’t just provide a cozy spot for coffee lovers or art enthusiasts; it creates jobs for baristas, waitstaff, countless other people in those supporting roles. That’s something to think about next time you’re enjoying a latte made by your neighbor’s kid—why—because you’re directly supporting community employment!

It’s the flow up method of economy. Small business provide the support for midsize ones, and so on.

Now, onto innovation. Before you try and tell me that you don’t find it on the ground level, think again. Small businesses are often at the forefront of creative ideas and fresh perspectives. They’re the movers and shakers, you just don’t feel it as much. They tend to be more agile than larger corporations—able to pivot quickly when they sense a trend or identify a gap in the market. (A side note: you really need to be agile when you start a small business, otherwise complacency will make you somebody else’s gap.) Ever seen a quirky gadget online from some startup? Yeah, they’re most likely two people in an office somewhere. Or maybe you’ve stumbled upon an app developed by a local entrepreneur? Probably just a one man band. More often than not, these innovations stem from small business owners eager to fill specific needs, your needs, the needs of their community, needs that larger companies might overlook. It’s like having a laboratory of creativity right in your neighborhood!

And then there’s competition. Healthy competition is essential. Why? It keeps prices fair and quality high. No competition = poor quality at a high price. When small businesses thrive, they push larger companies to innovate too—forcing them to consider customer preferences more seriously. Remember how every major coffee chain suddenly started offering plant-based milk options some years back? Yep, those indie cafés were way ahead of that curve! My local café offered it in 1999 (at least it says so on their door now). By choosing to shop small, you’re contributing to this ecosystem of competition that ultimately benefits everybody.

But let’s not forget about their impact on local communities and economies. Your home base. Small businesses keep money circulating within your community (which is healthy)—often referred to as “local multiplier effect.” When you buy from them rather than big box stores (<-boo), you’re supporting not just their owners but also their employees, countless families, who live nearby and spend their earnings at other local establishments (maybe yours), these include: restaurants, gyms, schools…you name it! The ripple effect can be astounding—it fosters growth in neighborhoods and strengthens community ties.

Lastly (and this one hits home), local businesses have character—they reflect their communities’ values and quirks! Ever chatted with an owner who knows what kind of coffee you prefer without asking? That personal touch creates connections that transcend transactions; because in the end it’s about building relationships within your community (lasting ones).

So next time you’re out shopping, maybe grabbing food, remember that each purchase is like planting a seed in your local economy’s garden (a community garden). Each dollar spent at a small business helps nurture job creation… fuels innovation… and strengthens community ties.

And hey like always—I’d love to hear your thoughts! What are some of your favorite local spots? How do they contribute uniquely to our economy? Join the conversation; let’s celebrate these unsung heroes together!

Diving Into the Deep End Where the Waters Cold

Posted on by chrish

I have been thinking a lot about what it means to start a small business. Do you feel familiar with the moment when you stand at the edge of the pool and look into the water? Some people are uncertain and may try cautiously at first. Are there any more people? They are very committed and ready to plunge into the new completely. Many of us are surprised by how cold the water is when we jump in.

Let’s tell the truth. I thought positively when I decided to start my own business. Bright lights and exciting days full of passion and creativity! Is this really true? Sometimes it was difficult to find money for bills, even as a self-employed person.

Before you jump in the water, you don’t know what the day will bring. Every day has new difficulties. It feels like you wake up every day on a difficult obstacle course that is unfairly designed. Sometimes you work on advertising plans, then you struggle with complicated accounting software that is difficult to understand.

We want to briefly discuss some of the ideas I wrote down at the beginning.

Learning is more difficult than I thought. It’s like climbing a very high mountain. One day you’re talking about search engine optimization, the next you’re talking about difficult customer service issues that confuse you.

It’s important to manage your time well. I thought I had enough time because I’m self-employed. Laughing. There may be more distractions when you work from home than you think.

Networking is a bit like speed dating. You attend events to make contacts. However, it often ends with awkward conversations in which people don’t understand what you do or even think they know, even though they’re wrong.

Sometimes we feel great, other days we doubt our decisions, even if they were good at the beginning. It’s sorta like aroller coaster of emotion.

Don’t worry, it’s not all sad and hopeless! Feels like it at times. But no. Sometimes something exciting happens: you feel inspired when things go well or a customer is really happy with your work. Cold showers aren’t so bad when you feel great afterwards.

Every jump feels different, depending on the situation and your attitude. Do you jump without help or with the help of others? Have you saved money or do you trust that everything will be fine? Various things affect how well you swim when you are underwater.

When we are on this adventure together, it’s okay not to be prepared all the time. It can also be positive. Sometimes you find opportunities unexpectedly when you are active and take risks, rather than staying passive.

Regarding preparation or lack thereof, I have a personal confession to make: I didn’t know how to make a budget. In the beginning, I tried a lot and made mistakes. I searched through spreadsheets aimlessly until I found my own way. This was an important experience that I learned during many late nights. I looked at numbers that made me sad.

And finally, have you ever started or considered starting your own small business? What was it like for you? Was it like jumping off the board or rather gently pushing off from the side?

Let’s share our experiences with each other! Together we can learn from each other as we plunge into the cold waters ahead of us. Sometimes the journey is daunting.

So I made the commitment today

Posted on by chrish

I’ve been thinking about my current job and the time I invest into it, and of course what I get out. And instead of talking around the subject I might as well just say that I have been putting some thought into starting a small crafty style of business to use as additional income, or replace the current one.

I put my ideas together in a small business page to try and put a concrete set of notes down. I would be pleased if you would look them over and give me some feedback on it.

My main motivation is for some additional money, but this doesn’t necessarily fit with my available time. Which with everything I’ve read means “no, don’t do it.”

This is another reason why I put it together, maybe somebody else will be able to use the resources I’ve collected together even if I can’t.