Small Business Owners Struggle in Sagging Economy
As the Government considers injecting more stimulus into the stalled economy, small business owners are struggling to stay afloat…and sometimes forced to take desperate measures to do so. The very nature of the entrepreur is to do whatever it takes to stay in business. Cash and credit are vital for survival, but with banks not lending money and the ole stand-bye friends and family tightening their fists…the small business owner has it tougher than ever. Some are forced to take high interest private loans, whose interest alone could eat away at their profits. But Jeff Blatt with Small Business Development Center of Dallas says…do what you gotta do..but with caution…that includes taking out a private loan to stay in business. Eddie Jones has a small business refurbishing and selling forklift batteries. He’s doing ok, but he says you have to keep working even during the slow times. Maria Minnetta is a professor with SMU’s Cox School of Business. She says bad times can be good times for the entrepreneur. She’s a crisis is good time to tap into areas left vacant by other businesses, and do more market research to find more customers. A sluggish economy could mean more credit tightening, but Jones says you can’t let the negativity get to you. He says keep busy, because idle minds could let it get to you. If you are thinking about starting a business or trying to keep yours afloat, click here for help.