Whereas already self-employed, Johana C. Dominguez needed to attach together with her neighborhood extra. She opted to get a part-time job at a neighborhood 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 numerous industries, each have discovered entrepreneurship as rewarding as it’s difficult.
Cagan and Dominguez characterize a small a part of women-owned companies. Based on The 2024 Wells Fargo Impression of Girls-Owned Enterprise Report, women-owned companies characterize 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. A whole bunch of hundreds of individuals begin new companies each month, with the U.S. Census Bureau’s information exhibiting 432,517 enterprise purposes 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 prefer 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 individuals.
A day within the lifetime of two entrepreneurs
There are lots of explanation why individuals resolve to open a small enterprise or enterprise into entrepreneurship. Whereas you will discover a great deal of data and how-to movies on-line of individuals beginning facet hustles and companies, it doesn’t all the time replicate the fact of each day life for many small enterprise homeowners.
To study extra about what a day within the life is actually 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, frivolously 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 out to be financially empowered and really feel safe with their funds. She focuses on private and enterprise funds, together with one-on-one teaching, enterprise assist providers and taxes.
Michele started her enterprise as a facet hustle in 2010, and in 2017, she took it full-time.
How did you turn out to be an entrepreneur?
I began doing it as a facet gig and started to develop. Then when my common job received downsized I made a decision to go all in. I knew I may assist lots of people, particularly doing it my manner.
What impressed you to begin a small enterprise?
I needed 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 needed the flexibleness to be there for my household (I’m a single mother). And, truthfully, I dwell with continual sickness and needed to prioritize myself and my well being at any time when I wanted to.
What’s a typical day in your life like?
I often 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 a substitute of the opposite manner round. In a typical week, I spend time instantly interacting with purchasers via teaching and assist, engaged on their accounting and taxes, and a variety of writing (I’m presently engaged on a ebook known as “Taxes 101”). I do workforce check-ins most work days — my workers are all absolutely distant however we keep linked.
Are there any myths about entrepreneurship that you just wish to debunk?
It’s more durable and typically lonelier than individuals assume. It takes a variety 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 desires to begin their very own enterprise?
Make a plan earlier than you dive in, as a result of nice concepts don’t all the time result in worthwhile companies. Don’t attempt to do every little thing your self, get assist the place you want it and for belongings you simply don’t wish to do.
What’s one factor you want you knew earlier than beginning a enterprise?
To not underprice my providers. It’s tremendous widespread amongst ladies to undervalue the services and products they supply. And likewise to not give away my time and expertise free of charge (one other widespread factor new ladies enterprise homeowners do).
Bankrate perception
All for beginning your individual enterprise? Take a look at 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 number of the different providers the store provides embrace repotting, houseplant hospital, inside adorning and moss and plant wall installations. You too can 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 out to be an entrepreneur?
Type of accidentally! I used to be already working for myself doing nonprofit consulting, social media content material creation, and pictures. I believed I wanted to be round individuals extra so I began a part-time place at a neighborhood nursery. I stored giving ideas to this nursery and each suggestion was shot down. buddy of mine recommended I begin my very own store with my concepts.
What was the inspiration behind beginning your small enterprise?
I actually needed to do one thing that provided 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 in and thanked us for all that we convey to the neighborhood. I like being a part of a neighborhood and love serving to individuals with points that come up with their crops.
It has actually made me understand the significance of procuring native and the way it differs from huge 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 expertise that I by no means utilized in any of my different jobs. As somebody who has additionally been recognized with ADHD for over 30 yrs, I additionally discover that no job suits me higher. Largely it is because no day is similar.
I often get up fairly early and begin replying to emails and social media messages and feedback whereas I sip my espresso. Typically 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 wanting their greatest. This will contain leaf-shining them, eradicating lifeless leaves, downpotting or uppotting. Clients are required to make an appointment as a way to make the most of our providers they usually do that instantly on our web site. We’ve got common purchasers that we service frequently and we care for their crops.
There are only a few instances that we have now downtime. Our inventory is all largely alive and it entails a variety of work to verify all of it seems to be 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 in after hours.
What’s a fable about entrepreneurship you wish to debunk?
That being an entrepreneur offers you freedom. Certain it does to some extent nevertheless it isn’t a 9-5. You might be working 24/7. Or no less than must be working across the clock. It’s a must to assume twice about going away or not being accessible to your coworkers by occurring trip or out of cell service.
I’d additionally prefer 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 desires to begin their very own enterprise?
I wish 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 no less than annually. Of those that have a marketing strategy, 46 p.c evaluate 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 wish to open your corporation. I used to be in varied houseplant communities — each native and nationwide and even worldwide. I listened to what others had been in search of and wanting. Listening is essential. I additionally assume I wish to stress the significance of being versatile. You shouldn’t have to observe your plan 100%. There’s been loads of issues that we’ve added or not carried out 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 had been minority-owned, and 5.2% had been veteran-owned. (U.S. Census Bureau)
- Small companies make use of 45.9% of U.S. workers (U.S. Census Bureau)
- Girls-owned companies employed 12.2 million individuals and generated $2.7 trillion in 2023. (Wells Fargo)
- The highest challenges small enterprise homeowners confronted in Q1 2024 had 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. via Nationwide Small Enterprise Week. The week is devoted to celebrating small companies and their impression on the native and nationwide financial system, the exhausting 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 sources and networking alternatives. Previously, the U.S. Census Bureau and the IRS have additionally supplied further free sources 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, traders and advisors devoted to impacting native communities and their dedication to small companies.
Bankrate perception
Together with academic packages and small enterprise sources, the SBA provides a number of forms 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 that will have been rejected for different forms 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.
The way to assist small companies
Whereas Nationwide Small Enterprise Week, Nationwide Small Enterprise Day and Small Enterprise Saturday are three designated instances to assist small companies, it’s important that small companies obtain assist year-round.
American Specific’s Store Small map is a superb place to begin if you wish to assist small companies domestically. 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. Normally, you’ll discover a listing of native companies, together with different useful data associated to your neighborhood.
For a wider attain, take into account buying from Etsy. Not solely can you discover native companies, however you may also 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 financial system and drive native job creation.
From 2013 to 2023, small companies have contributed 55 p.c to the entire internet 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 financial 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 mean of 6 p.c of their income to charity.
Bankrate perception
Girls- and minority-owned companies usually tend to assist their communities and provides again. If you wish to study extra about minority-owned companies and the right way to assist them, take a look at these pages:
Though it may be simpler to buy at big-box shops, procuring small finally impacts extra Individuals. It’s estimated that small companies make up 99.9 p.c of all U.S. companies, and procuring small on-line and in-store can change native and nationwide economies for the higher.
